Who is Mark Carney, the new prime minister of Canada?

OTTOWA, Canada - Mark Carney, the new prime minister of Canada who will replace Justin Trudeau, has helped run two Group of Seven economies in crisis before. He’ll now try to steer Canada through a looming trade war brought by U.S. President Donald Trump, a threat of annexation and an expected federal election.

The 59-year-old former central banker will become prime minister after the governing Liberal Party elected him its leader on Sunday in a landslide vote with 85.9% support.

Trudeau announced his resignation in January but remains prime minister until his successor is sworn-in in the coming days. 

FILE - Liberal leadership candidate Mark Carney steps onto the stage during election night shortly before the results were announced at Rogers Centre, in Ottawa, Ontario, Canada, on March 9, 2025. (Photo by Stringer/Anadolu via Getty Images)

Who is Mark Carney? 

The backstory:

Carney navigated crises when he was the head of the Bank of Canada and when, in 2013, he became the first noncitizen to run the Bank of England since it was founded in 1694. His appointment won bipartisan praise in the U.K. after Canada recovered from the 2008 financial crisis faster than many other countries. He also helped manage the worst impacts of Brexit in the U.K.

Carney is a highly-educated economist with Wall Street experience who has long been interested in entering politics and becoming prime minister, but he lacks political experience.

In 2020, he began serving as the United Nations’ special envoy for climate action and finance.

Carney is also a former Goldman Sachs executive. He worked for 13 years in London, Tokyo, New York and Toronto, before being appointed deputy governor of the Bank of Canada in 2003.

Carney picked up one endorsement after another from Cabinet ministers and members of Parliament since declaring his candidacy in January.

What they're saying:

"We didn’t ask for this fight. But Canadians are always ready when someone else drops the gloves," Carney said on Sunday. "The Americans, they should make no mistake, in trade, as in hockey, Canada will win."

Carney said Canada will keep its initial retaliatory tariffs in place until "the Americans show us respect."

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Big picture view:

Trump has postponed 25% tariffs on many goods from Canada and Mexico for a month, amid widespread fears of a broader trade war. But he has threatened other tariffs on steel, aluminum, dairy and other products.

The looming trade war and Trump’s talk of making Canada the 51st U.S. state have infuriated Canadians, who are booing the American anthem at NHL and NBA games. Some are canceling trips south of the border, and many are avoiding buying American goods when they can.

The other side:

The opposition Conservatives hoped to make the election about Trudeau, whose popularity declined as food and housing prices rose and immigration surged. But the surge in Canadian nationalism has bolstered the Liberal Party’s chances in a parliamentary election expected within days or weeks, and Liberal showings have been improving steadily in opinion polls.