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Mark Carney, a former central banker with a strong international reputation, has become Canada's Prime Minister, stepping into the role vacated by Justin Trudeau at a critical moment for the country. The appointment comes as Canada faces heightened economic tensions with the United States, including a trade war and challenges to its sovereignty from President Donald Trump, and prepares for elections later this year, putting Carney in the leadership of the Liberal Party.
Carney was sworn in after Trudeau stepped down earlier Friday after nearly a decade in power. Trudeau announced his resignation in January as polls showed his Liberal Party would likely face defeat in an upcoming election. But the party’s fortunes have since improved amid growing Canadian antipathy toward Trump and his policies.
In a farewell message posted on X on Friday, Trudeau said: “Thank you, Canada – for trusting in me, for challenging me, and for granting me the privilege to serve the best country, and the best people, on earth.”
The former governor of the Bank of Canada and the Bank of England was elected Liberal Party leader in a landslide on March 9. During his decades-long career in finance, Carney steered governments through major global crises and periods of upheaval — experience he’s hoping to now leverage as he prepares to take over from Trudeau.
The Liberals have been courting Carney for more than a decade, and he advised Trudeau on Canada’s economic recovery from Covid-19. But the banker-turned-politician did not make his official entrance until Trudeau announced his resignation in January. All of his competitors were sitting politicians: Carney is in the unusual situation of becoming Canada’s prime minister without holding a seat in parliament.
Among Carney’s new cabinet, Chrystia Freeland – Canada’s former finance minister who had also ran for Liberal Party leadership against Carney – will become transport minister.
