Mark Carney has been elected as the new leader of the governing Liberal Party, succeeding Justin Trudeau amid heightened tensions and concerns over a potential trade war with the United States. An economist and former central banker, Carney is set to be sworn in as prime minister in the coming days.
A relative newcomer to politics, Carney brings decades of experience in finance, where he guided governments through major global crises and periods of upheaval—expertise he now hopes to leverage in his new role.
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“I will work day and night with one purpose, which is to build a stronger Canada for everyone,” Carney said in his victory speech on Sunday evening after securing 85.9 percent of the vote on the first ballot.
A central banker
Born in Fort Smith, the Northwest Territories, and raised in Edmonton, Alberta. His parents were both teachers.
He then headed to the United States for a degree in economics at Harvard University, before pursuing a master’s degree and doctorate in economics from Oxford University.
Carney spent 13 years at Goldman Sachs, working across the firm’s offices in London, Tokyo, New York, and Toronto before joining the Bank of Canada in 2003, according to its official profile.
He has presented himself as a political outsider who can steer Canada through a period of economic turmoil and uncertainty.
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The country has been shaken by U.S. President Donald Trump’s steep tariffs on Canadian products, which took effect on March 4. Growing recession fears have sparked a call for stable leadership in Ottawa.
By 2008, Carney had taken on the role of governor of Canada’s central bank, sduring his campaign for the Liberal Party leadership, he highlighted this period as proof of his crisis management skills, stating on his website that he had helped safeguard jobs and stabilize the Canadian economy.
His performance was strong enough that, upon completing his five-year term, he was appointed governor of the Bank of England—becoming the first non-British person to hold the position. (Canada is a member of the British Commonwealth.)
“When I became governor of the Bank of England, which oversees the insurance industry, I saw that the number of extreme weather events had tripled and the cost of those events had gone up five times in a quarter century,” he said in an interview on the UN website.
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In 2013, Carney left to take the helm of the Bank of England, where he remained until 2020 – the year the United Kingdom formally left the European Union. There, he was recognised as having minimised the effects of Brexit – though his assessment that a break with the EU posed a risk to the British economy drew the ire of conservatives who were in favour of leaving the bloc.
More recently, he served as the chair of Brookfield Asset Management, where he also led the company’s “transition investing” – an effort to promote investments that align with global climate goals.
But it is his banking experience in times of crisis that Carney and his supporters say best demonstrates his ability to help Canada weather the Trump storm.
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Lacks Political experience
The 59 year old has never run for political office before. He spent much of the Liberal leadership campaign introducing himself to Canadians, he previously served as an economic adviser to Trudeau.
Carney has laid out broad promises since he launched his campaign, including reining in government spending, investing more in housing, diversifying Canada’s trading partners and putting a temporary cap on immigration.
“I know how to manage crises. I know how to build strong economies,” he said during a debate against the other Liberal leadership hopefuls last month.
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“I have a plan, a plan that puts more money back in your pockets, a plan that makes our companies more competitive, a plan that builds a strong economy that works for you.” he said.
Canada- Trump factor
Canadians are currently less concerned about domestic issues than by the uncertainty surrounding the Canada-US relationship and Trump’s tariffs.
Since the 25 percent US tariffs on Canada were announced last month, Carney has been an outspoken proponent of dollar-for-dollar retaliatory tariffs.
He addressed the issue on Sunday in his first remarks after the vote, slamming the Trump administration’s plans.
Trump is “attacking Canadian families, workers and businesses, and we cannot let him succeed and we won’t,” he said. “In trade as in hockey, Canada will win.”
With Carney now taking the reins of the party, it remains to be seen if the Liberals can maintain their recent momentum.
He is married to British economist Diana Fox Carney, and together they have four children.
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