Justin Trudeau said last week that the exact date of his departure as prime minister would be agreed upon between him and the new leader of the party.

Mark Carney has won the Liberal Party leadership race and will soon become Canada’s prime minister after Justin Trudeau leaves office. Carney, a former central bank governor, won a landslide victory in the March 9 election, taking 85.9% of the nearly 152,000 votes cast.

Former Deputy Prime Minister and Finance Minister Chrystia Freeland came in second with 8.0% of the vote. Former minister Karina Gould came in third with 3.2%, and former Liberal MP Frank Baylis came in fourth with 3.0%.

Trudeau announced his resignation on January 6, saying he would step down as prime minister and leader of the Liberal Party once the party selects a new leader.

2025 Election: Carney’s First Big Test

With Canada set to hold a federal election this year, Carney’s leadership will be put to the test immediately. He will be leading the Liberal Party into the race against leaders of other parties.

In his victory speech, Carney promised to work “day and night” to build “a strong Canada for everyone.”

Who is Mark Carney?

“I feel like my whole life has prepared me for this moment,” Carney said at a Liberal Party event in Ottawa. He also expressed gratitude to Trudeau, calling him “a man who combines strength and compassion every day to fight for Canada.”

As he has done throughout his two-month campaign, Carney focused on U.S. tariffs and former U.S. President Donald Trump’s insistence that Canada should be part of the United States. He also took a swipe at his main rival, Conservative Party leader Pierre Poiliev.

Carney said he heard Canadians express concerns during the campaign about the cost of living, housing, and Canada’s future amid Trump’s threats.

He accused Trump of imposing “unfair tariffs” on Canada and “attacking Canadian families, workers, and businesses.” Carney said he supported the Trudeau government and provincial governments in retaliating.

“My government will keep our tariffs in place until the American people respect Canada,” he said. “The American people want our resources, our water, our land, our country. Think about it: If they succeed, they will destroy our way of life.”

Trump, for his part, has argued that Canada is taking advantage of its trade relations with the United States and is not doing enough to combat illegal immigration and the smuggling of fentanyl across the border.

Carney's New Economic Pledges

In contrast to Trudeau's policies, Carney said his government would repeal the "divisive" carbon tax on consumers and halt the increase in the capital gains tax, both of which were introduced by the Liberal government.

He also took a swipe at Poiliev, saying the Conservative leader, along with Trump, would "weaken" the economy. Carney stressed that his policies were aimed at combating climate change, while Poiliev would "let the planet burn." He also accused his opponent of wanting to cut funding for the CBC and called him a "politician for life."

"I care about the economy not because I'm an economist, I care about people," Carney said.

Rivals React

The Conservatives held their own event in Ottawa the same day Poiliev lambasted Carney.

“As Trudeau’s economic adviser, Carney made Canada weaker and poorer,” the Conservative leader said. “And as an adviser to himself, he made America stronger and richer.”

The Conservatives also drew on Carney’s past, criticizing his support for a carbon tax and his role as an adviser to Trudeau. They also pointed to his work at Brookfield Asset Management when the company moved its headquarters from Canada to the United States.

NDP Leader Jagmeet Singh congratulated Carney on his victory, noting that Canadians want their leaders to “fight for them in these difficult times.”

“We will disagree on many issues, but we must always stand together to protect our country from the threat posed by Donald Trump,” Singh said.

Bloc Québécois Blanchet also congratulated Carney, but with a subtle hint.

“I congratulate the new Liberal leader and illegitimately elected Prime Minister Mark Carney, whose mandate is as clear as the questions raised by the complex political context,” Blanchet said.

When is the election?

Canada’s next federal election is scheduled no later than October 2025. However, opposition parties have already said they intend to hold a no-confidence vote against the Liberal minority government to force an early election.

However, NDP Leader Singh said last week that he would not vote to dismiss the government until the House of Commons approves support for Canadians hurt by U.S. tariffs.

Carney, for his part, said during campaign that he could call an early election himself to gain a “strong mandate” to govern.

A Rare Case in Canadian History

Mark Carney will become prime minister without a seat in Parliament, a rare occurrence in Canadian politics. In 1984, a similar situation occurred when John Turner became prime minister after Pierre Trudeau stepped down without a seat in Parliament.

Even more remarkable, Carney will be the first prime minister in Canadian history to have never held elected office.

Experience and Policy Program

Carney served as governor of the Bank of Canada from 2008 to 2013, and was then appointed governor of the Bank of England, where he served until 2020. He later worked in the private sector, holding senior positions at financial services firms and leading environmental initiatives at the United Nations.

As prime minister, he promises to focus on the economy, cutting taxes for the middle class, and reducing government spending.

One of his key priorities is combating climate change. He has said he will replace the carbon tax with a system of incentives and shift the cost of emissions to large businesses.

Carney also intends to eliminate interprovincial trade barriers and apply mirror measures to U.S. tariffs, while working to diversify Canada's export markets.

Carney also announced that he has begun the process of renouncing his British and Irish citizenship.

The End of the Trudeau Era

Carney's formal appointment as prime minister will mark the end of Justin Trudeau's nine-plus-year reign, which began with the Liberal Party's landslide victory in 2015.