Mark Carney, elected on Sunday to succeed Justin Trudeau as Canada’s prime minister, is a former Goldman Sachs banker who served as the central bank governor for Canada and the U.K., taking control of the country at a key moment as President Donald Trump—whom Carney dubbed a “bully”—looks to impose steep tariffs on Canada.
TOPSHOT – Canada’s Liberal Leader and Prime Minister-elect Mark Carney speaks after being elected as … [+] the new Liberal Party leader, in Ottawa on March 9, 2025. Canada’s Liberal Party overwhelmingly elected Mark Carney as its new leader and the country’s next prime minister on March 9, 2025, tasking the former central banker with helming Ottawa’s response to threats from US President Donald Trump. (Photo by Dave Chan / AFP) (Photo by DAVE CHAN/AFP via Getty Images)
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Key Facts
Carney, 59, won the Canadian Liberal Party’s leadership vote to succeed Trudeau after nearly 86% of the center-left party’s roughly 152,000 registered members voted for him.
Carney was born in Fort Smith, Northwest Territories, in 1965 and was raised in Edmonton, Alberta, according to his campaign website, before he received a bachelor’s degree in economics from Harvard University in 1988 and a master’s degree and doctorate from Oxford University.
He worked with Goldman Sachs for 13 years in London, Tokyo, New York and Toronto before he was appointed deputy governor of the Bank of Canada—the country’s central bank, in charge of monetary policy—in 2003, though he left the position to become Canada’s Senior Associate Deputy Minister of Finance in 2004.
Carney was appointed governor of the Bank of Canada in February 2008, and he was reportedly praised for maintaining Canada’s economy during the financial crisis after cutting Canada’s interest rates to a then record-low of 1%.
Carney—who warned about the financial risks of Brexit—became the first non-British person to be named governor of the Bank of England when he was appointed in July 2013, according to the BBC.
He left the Bank of England in 2019 to become the United Nation’s Special Envoy on Climate Action and Finance, and later announced his bid to replace Trudeau as the Canadian Liberal Party’s leader on Jan. 16, 2025.
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Surprising Fact
Carney, who also holds passports from Canada and Ireland, became a British citizen in 2018. He said earlier this month he would renounce both his Irish and British citizenships.
What Has Mark Carney Said About Trump?
Shortly after Trump announced the U.S. would levy 25% tariffs on Canada in January, Carney told the BBC that Trump “probably thinks Canada will cave in,” adding, “But we are going to stand up to a bully, we’re not going to back down.” In his victory speech, Carney called Trump “someone who is trying to weaken [Canada’s] economy” with “unjustified tariffs,” as Canada faced the “greatest crisis of our lifetime.” Responding to Trump’s suggestions that Canada join the United States, Carney said, “America is not Canada, and Canada will never, ever … be part of America in any way, shape or form,” later saying Americans “should make no mistake, in trade as in hockey, Canada will win.” The 25% tariffs went into effect last week after a one-month delay, but Trump later partly reversed course and exempted many goods subject to a 2018 trade deal.
When Will Carney Replace Trudeau As Canada’s Prime Minister?
Trudeau said he expects Carney to replace him “in the coming days or week” in the lead-up to Canada’s next federal election. Carney is expected to call an early federal election, according to the Canadian Broadcasting Corporation, though a December poll indicated Conservatives held a 25-point lead over the Liberals.
Chief Critic
Pierre Poilievre, leader of Canada’s Conservative Party, accused the Liberal Party of “trying to trick Canadians into electing them for a fourth term” by choosing Carney. Poilievre also claimed Carney “personally profited from moving billions of dollars and thousands of jobs out of Canada to the United States.” The Conservative Party has accused Carney—who suggested he was uninvolved—of advising the investment firm Brookfield Asset Management to move its headquarters from Toronto to New York after Trump’s tariff threats.
Key Background
Trudeau announced on Jan. 6, he would step down as Canada’s prime minister amid growing calls for his resignation. Trudeau said it had “become obvious to me” that he could no longer hold his position as he faced “internal battles” with his party, which reportedly reached a majority consensus in December that Trudeau should resign. His deputy prime minister and finance chief, Chrystia Freeland, resigned in December after citing a feud with Trudeau over how Canada should deal with Trump’s threat to impose a 25% tariff on the country. Freeland warned Canada was “facing a grave challenge” with Trump’s tariffs and accused Trudeau of “costly political gimmicks” after he announced a two-month sales tax holiday. Trump mocked Trudeau as “Justin Trudeau of the Great State of Canada” for his handling of the threats, adding to Trump’s push for Canada to become the 51st state. Billionaire Elon Musk also attacked Trudeau and backed Poilievre, calling Trudeau an “insufferable tool.”
