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Doha – Mark Carney, former governor of both the Bank of Canada and Bank of England, has been elected leader of Canada’s Liberal Party with 85.9% of the vote, positioning him to become the country’s next prime minister in the coming days.
The 59-year-old economist will succeed Justin Trudeau, who announced his resignation in January after nearly a decade in power.
Carney’s ascension comes at a critical moment as Canada faces mounting trade tensions with the United States and the threat of steep tariffs imposed by President Donald Trump.
Carney won decisively against his closest rival, former Finance Minister Chrystia Freeland, who received just 8% of the vote.
Over 150,000 party members participated in the leadership contest, with some 1,600 Liberal supporters gathering in Ottawa for the announcement.
“We didn’t ask for this fight. But Canadians are always ready when someone else drops the gloves,” Carney declared in his victory speech on Sunday. “The Americans should make no mistake, in trade, as in hockey, Canada will win.”
From banking to politics
Born in Fort Smith, a remote town of 2,500 inhabitants in the Northwest Territories near the Arctic, to teacher parents, Carney brings an unusual background to the prime minister’s office.
He will be the first Canadian leader to assume the role without prior experience as a member of parliament or in government.
Raised in Edmonton, Alberta, he played hockey as a goalie in his youth before pursuing his education at Harvard University and later earning his doctorate in economics from Oxford University.
His professional career began at Goldman Sachs, where he worked for 13 years across offices in London, Tokyo, New York, and Toronto.
In 2003, he joined the Bank of Canada as deputy governor, later becoming governor in 2008 during the global financial crisis.
His success in helping Canada weather that crisis led to his historic appointment as governor of the Bank of England in 2013, becoming the first non-British person to hold the position since the bank’s founding in 1694.
Former British Finance Minister George Osborne described him as the “best central banker of his generation.”
After leaving the Bank of England in 2020, Carney served as the UN Special Envoy for Climate Action and Finance.
He also advised Justin Trudeau on Canada’s economic recovery from the Covid-19 pandemic, marking his first significant involvement in Canadian politics.
Immediate challenges
Carney inherits leadership at a crucial moment in Canadian history. The United States recently imposed 25% tariffs on Canadian products, though some have been temporarily suspended for a month.
The trade dispute has ignited a surge in Canadian nationalism, with citizens boycotting American products and booing the US national anthem at sporting events.
“These are dark days, dark days brought on by a country we can no longer trust,” Carney said, addressing the US-Canada tensions. “The Americans want our resources, our water, our land, our country. Think about it. If they succeed they would destroy our way of life.”
He pointed out the fundamental differences between the two nations, stating, “In America health care is big business. In Canada it is a right… America is a melting pot. Canada is a mosaic.”
Political landscape
The upcoming federal election, which must be held by October 20, will likely center on who can best handle relations with the United States.
Recent polls show a remarkable political reversal: the Liberals have narrowed what was once a 26-point deficit behind the Conservative Party, with some surveys showing the parties statistically tied.
According to an Angus Reid Institute poll, 43% of Canadians trust Carney to handle Trump, compared to 34% who prefer Conservative leader Pierre Poilievre.
Charles-Etienne Beaudy, a political science professor at the University of Ottawa, told CNN, “He’s very competent in economics, so with these tariffs, this economic war, a lot of people are supporting him.”
Carney has promised to maintain retaliatory tariffs against the US “until the Americans show us respect.” He plans to reduce the size of the federal cabinet from Trudeau’s 37 ministers to between 15 and 20, signaling his intention to limit government expansion that grew 40% under his predecessor.
Policy priorities
The new Liberal leader has outlined an ambitious agenda focused on economic recovery and environmental protection.
His plan includes advancing major energy projects, increasing housing investment, diversifying Canada’s trading partners, and implementing a temporary cap on immigration.
As the former chair of Brookfield Asset Management, he led the company’s “transition investing” initiative, promoting investments aligned with global climate goals.
“I know how to manage crises. I know how to build strong economies,” Carney stated during the leadership campaign. “I have a plan that puts more money back in your pockets, a plan that makes our companies more competitive.”
His climate strategy puts private sector leadership at the forefront in achieving net-zero emissions, drawing from his experience launching the Glasgow Financial Alliance for Net Zero at COP26 in 2021.
The Conservative opposition, led by Pierre Poilievre, has mounted aggressive criticism, labeling Carney “Carbon Tax Carney” and questioning his role in Brookfield Asset Management’s headquarters relocation from Toronto to New York.
They’ve portrayed him as an elite technocrat disconnected from ordinary Canadians’ concerns about affordability and rising living costs.
The father of four is expected to be sworn in as prime minister within days. Political analysts suggest he may quickly call an election to capitalize on the surge in nationalist sentiment and improved Liberal polling numbers, though he will need to overcome what Daniel Beland of McGill University calls “incumbent fatigue” after a decade of Liberal governance.
Read also: Is a Trade War Inevitable? Trump Slaps Tariffs on Mexico, Canada, and China
