Bank of Canada and Bank of England Governor Mark Kearney says members of the Canadian Liberal Party will gather.
Blair Gable | Reuters
Former central banker Mark Carney wins the race to become the leader of Canada’s ruling liberal party and replaces Justin Trudeau as prime minister, official results showed on Sunday.
Kearney will take over during the turbulent times of Canada. Canada is in the midst of a trade war with longtime US allies and must hold a general election soon.
Carney, 59, won 86% of the votes cast to beat former finance minister Christia Freeland in a contest voted by less than 152,000 party members.
Trudeau announced in January that he would step down after more than nine years of power after his approval rating plummeted, forcing the ruling Liberal Party to run a simple contest to replace him.
“Don’t make mistakes. This is the moment that defines a nation. No democracy is given. No freedom is given. No even in Canada,” Trudeau said.
“As Canadians face now, from our neighbors, an existential challenge, an economic crisis, Canadians are showing exactly what we are making.”
A political novice, Carney argued that he was perfect for overseeing trade negotiations with US President Donald Trump, who is reviving the party and threatening additional tariffs that could undermine Canada’s export-dependent economy.
Kearney was a top runner, gaining the most support from party members and the most money raised among the four liberal candidates.
Kearney’s victory is the first time an outsider with no real political background has become Canadian prime minister. He had his experience as the first serving as governor of two G7 central banks, Canada and the UK, meaning he was the perfect candidate to deal with Trump.
During the campaign, Carney said he supported a coordinated strategy to promote retaliation of the dollar against the US and investment. He repeatedly complained that Canada’s growth under Trudeau was not sufficient.
The prospect of a fresh start for the liberal party under Carney, coupled with Trump’s tariffs and his repeated provocations to the Annex to Canada as the 51st state in the United States, led to a prominent revival of liberal fate.
Rally Around Moment
In early 2025, the party tracked over 20 points, but is now statistically linked to the official opposition Conservative Party, led by career politician Pierre Poliereb in several polls.
Dozens of Canadians embraced signs of protesting Trump, referring to domestic politics, in protest outside a Canadian parliament building in Ottawa on Sunday.
“There’s a Rally Around the Flag moment that I wouldn’t have predicted a year ago,” said Richard Johnston, a political professor at the University of British Columbia. “I think it’s probably true because the liberals talk about how they’ve been saved from forgetting.”
According to two liberal sources, Carney said he will call for elections in the coming weeks.
However, polls show that neither the Liberals nor the Conservatives can form a majority government. The election must be held by October 20th.
Carney was able to legally serve as a prime minister without a seat in the House, but tradition has directed that he should try to win as soon as possible.
In 1984, John Turner was not a lawmaker when he became prime minister after winning a liberal leadership race.
Liberals have tried to compare conservative leader Pierre Polyable to Trump in a recent ad. Poiriebre strengthened his attack on Kearney on Sunday.
The liberals “we’re going to draw a secret trick tonight,” Polyeble told a campaign rally. “They intend to be selected for the fourth term by replacing Justin Trudeau with economic adviser Mark Carney.
Carney plays every role in advising Trudeau, noting that many of his global duties left him a little time. Carney resigned from all commercial posts after he began bidding for leadership in January.
