Who is Mark Carney, former central banker to succeed Justin Trudeau as Canada PM amid trade war with US?

Former central banker Mark Carney will succeed Canadian Prime Minister Justin Trudeau after he won the race to lead the ruling Liberal Party amid economic and geopolitical turbulence.

Carney, 59, secured 86% of the vote, defeating former Finance Minister Chrystia Freeland in a contest that saw just under 152,000 party members participate. His victory comes as Canada faces a trade war with the United States under President Donald Trump and prepares for a general election in the coming weeks.

“There’s someone who’s trying to weaken our economy,” Carney said of Trump, drawing boos from the audience at the party gathering. “Donald Trump, as we know, has put unjustified tariffs on what we build, on what we sell and how we make a living. He’s attacking Canadian families, workers, and businesses. We cannot let him succeed — and we won’t.”

Carney vowed to maintain retaliatory tariffs until the US government treats Canada with “respect.”

“We didn’t ask for this fight. But Canadians are always ready when someone else drops the gloves,” he said. “The Americans should make no mistake: in trade, as in hockey, Canada will win.”

Trudeau announced in January that he would step down after more than nine years in power as his approval ratings plummeted, leading the Liberals to organise a leadership contest.

The opposition Conservatives have sought to frame the election around Trudeau’s tenure, citing rising food and housing costs and increased immigration as sources of voter dissatisfaction.

Carney argued that his economic expertise makes him best suited to lead the country and navigate tense trade negotiations with Trump.

“These are dark days, brought on by a country we can no longer trust,” Carney said. “We are getting over the shock, but let us never forget the lessons. We have to look after ourselves and look out for each other. We need to pull together in the tough days ahead.”

Who is Mark Carney?

A highly educated economist with Wall Street experience, Carney has long been interested in politics but has never held elected office. He served as governor of the Bank of Canada from 2008 to 2013 and led the Bank of England from 2013 to 2020, becoming the first non-Brit to hold the post since its founding in 1694. In 2020, he was appointed as the United Nations’ special envoy for climate action and finance.

A former Goldman Sachs executive, Carney spent 13 years working in London, Tokyo, New York, and Toronto before joining the Bank of Canada as deputy governor in 2003. He holds a bachelor’s degree in economics from Harvard University and earned master’s and doctoral degrees in economics from Oxford University. Carney holds Canadian, UK, and Irish citizenship but has stated his intention to retain solely Canadian citizenship.

He is married to British-born Diana Carney and they have four daughters.