Mark Carney has won the Liberal leadership race, and will soon become Canada’s next prime minister once Justin Trudeau steps down from the role.
Carney, a former central banker, won the leadership race on March 9 on the first ballot with 85.9 percent of the nearly 152,000 votes.
Coming in second was former Deputy Prime Minister and Minister of Finance Chrystia Freeland with 8.0 percent of the votes, followed by former cabinet minister Karina Gould with 3.2 percent of the votes, and former Liberal MP Frank Baylis with 3.0 percent.
Trudeau announced his plan to resign on Jan. 6, saying he would step down as prime minister and Liberal leader once a new leader has been selected by the party.
He said last week that the exact date he would leave the top role will be decided between him and the new leader.
Victory Speech
In his victory speech, Carney said he will work “day and night” to build a “stronger Canada for everyone.”
“I feel like everything in my life has helped prepare me for this moment,” he said at the Liberal leadership event in Ottawa. He also thanked Trudeau, saying he has “combined strength and compassion every day as a fighter for Canada.”
Similar to the two-month leadership campaign, his speech was heavily focused on U.S. tariffs and President Donald Trump’s comments that he wants Canada to be a part of the United States. He also focused heavily on criticizing rival Conservative Party Leader Pierre Poilievre.
Carney said that during the campaign, he heard from Canadians that they are concerned about cost-of-living and housing issues, as well as the “future of Canada in the face of President Trump’s threats.”
Carney said Trump has imposed “unjustified tariffs” on Canada, and that he’s “attacking Canadian families, workers, and businesses.” He said he supports the Trudeau government’s and the provinces’ retaliatory measures.
“My government will keep our tariffs on until the Americans show us respect,” Carney said. “Americans want our resources, our water, our land, our country. Think about it, if they succeeded, they would destroy our way of life.”
Trump has said Canada is taking advantage of trade relations with the United States, and also is not doing enough to stop the flow of illegal immigrants and fentanyl into the United States through its border, saying the tariffs are meant to address these concerns.
Speaking about his own policies, Carney said his government will remove the “divisive” consumer-facing carbon tax and stop the hike in capital gains tax, which were both introduced by the Trudeau government. Carney said he wants to bring change that “puts more money in people’s pockets.”
Turning his focus to rival Poilievre, Carney said besides Trump, the Tory leader will also “weaken” the economy. Emphasizing his own focus on climate change policies, he said Poilievre would “let our planet burn,” and criticized him for wanting to defund the CBC and being a “lifelong” politician.
“I do care about the economy, but it’s not because I’m an economist, it’s because I care about people,” Carney said.
The Conservatives held their own event in Ottawa on the same day, with Poilievre targeting Carney during his speech.
Carney had said he had left the company by the time the move happened, but the Conservatives released a letter that showed he was still chair when he advised shareholders of the move. Carney said in response that he should have been “more precise” in his comments about the issue.
“We will disagree on many ideas, priorities and policies—but we should always stand united in protecting our country from the threat posed by Donald Trump,” Singh said.
Bloc Québécois Leader Yves-François Blanchet also congratulated Carney with notable wording.
2025 Election
The next federal election must take place by October.Opposition parties have said they intend to vote non-confidence in the minority Liberal government to trigger an election sooner.
Past Roles
Carney will become a prime minister who doesn’t currently hold a seat in the legislature, a rare occurrence. In 1984, Liberal Prime Minister John Turner also took the top job after winning the Liberal leadership race following the resignation of Pierre Trudeau, without holding a seat in the legislature at the time.Even more unusual, Carney will be the first prime minister who has never held an elected public role in Canada’s history.
Carney served as the governor of the Bank of Canada from 2008 to 2013, after which he became the governor of the Bank of England until 2020.
He became active in the private sector after leaving his roles with central banks, serving on a number of boards and holding executive roles in financial companies. As well, he became the U.N. Special Envoy on Climate Action and Finance. He said he resigned from all these roles in January when he launched his leadership bid.
Carney has said he'll have a focus on the economy as prime minister, and said he plans to cut taxes for the middle class and reduce government spending.
One of Carney’s major focuses is climate change policies. He has said he‘ll remove the unpopular consumer-facing carbon tax and replace it with an incentive model, and that he’ll put the costs for emissions on major businesses.
He has also said he'll work to remove interprovincial trade barriers and respond to U.S. tariffs dollar-for-dollar, while working to diversify Canada’s export markets.
Carney, who holds British and Irish citizenship, has said he has begun the process of renouncing both citizenships.
Carney informally advised the Canadian government on the economic response during the pandemic, and was formally named as an economic advisor to the Liberal Party in September 2024.
Trudeau’s Speech
Once Carney becomes prime minister, it will end Trudeau’s nine-plus years of heading the federal government.
Trudeau took the Liberals from third place to a majority government in 2015, and won two subsequent elections in 2019 and 2021, although his government was reduced to a minority.
He announced his resignation in January following widespread public calls from within caucus amid declining poll numbers and a weak showing for the Liberals in byelections.
The leadership selection event included a tribute to Trudeau, with his daughter Ella-Grace introducing him onstage.
“As your leader, as your prime minister, I have done my level-best each and every single day to help build a country that stays worthy of all Canadians,” Trudeau said in an emotional speech.
Trudeau said he looks forward to spending more time with his family, and that he’s proud of what his party has accomplished while in power.
Trudeau said that his government focused on helping the middle class and “people working hard to join it,” and that it refused to believe the “false choice between a strong economy and a healthy environment.” He also talked about his party’s focus on diversity and reconciliation with indigenous peoples.
“We’re a country that embraces reconciliation and indigenous peoples as true partners,” he said. “We’re a country that will always defend a woman’s right to choose.”
He also took indirect jabs at the Americans, saying his Liberal Party knows about “fighting with grit.”
“We’re a country that will be diplomatic when we can, but fight when we must elbow up,” he said.
Trudeau also took shots at Poilievre, who has said under the Liberals, “it feels like everything is broken in this country right now,” referring to inflation, shortage of housing, crime rates, and drug addiction.
Trudeau said his party is dedicated to improving Canada, “not because we think it’s broken, but because we have an opportunity, and therefore a responsibility to ensure that Canada stays the best country on earth.”
The event also featured a speech by former Liberal Prime Minister Jean Chrétien, who paid tribute to Trudeau.
“I want to pay tribute to him for taking the Liberal Party from third place to government and three successful election victories,” Chrétien said. “I want to pay tribute to what he and his team have accomplished.”
