Mark Carney will be the next PM of Canada, will replace Trudeau, what is the big challenge?
#News Bureau March 10,2025
Former central bank chief of the United Kingdom and Canada, Mark Carney, has won the leadership race of Canada’s Liberal Party. He is set to become the country’s next Prime Minister. 59-year-old Carney will replace current Prime Minister Justin Trudeau, who resigned from his post in January.
Carney is going to take this post at a time when Canada is facing a trade war with its closest ally and biggest trading partner, the United States. US President Donald Trump recently announced to impose a 25% tariff on Canadian goods. However, the automobile and energy sectors have been exempted from this.
Big victory in the election
In the election for the leadership of the Liberal Party and the next Prime Minister of Canada, Mark Carney got 131,674 votes, which is 85.9% of the total votes. His rivals Chrystia Freeland got 11,134 votes (8%), Karina Gould got 4,785 votes (3.2%), and Frank Bellis got 4,038 votes (3%). Carney’s victory reflects his popularity and strong support within the party.
Carney’s first address: In his initial speech after winning the election, Carney said, “We are strong. This is a symbol of Canada’s strength. Who is ready to stand with me for Canada? Yes, Canada, the Liberal Party is united and strong and ready to fight to build a better country.” His speech has been quoted in the BBC report.
Trudeau’s resignation and new leadership
Canada’s outgoing Prime Minister Justin Trudeau announced his resignation from his post in January. He held the post for nine years, a record, but had to step down due to growing pressure within his party. Now Carney, who single-handedly won the party leadership race, will lead the Liberal Party into the next general election. This election is mandatory to be held by 20 October 2025.
The biggest challenge: The biggest challenge before Carney will be to handle trade tensions with the US. The Trump administration’s tariffs and pressure on Canada have complicated relations between the two countries. Carney, who has previously led the central banks of Canada and the UK, is known for his economic expertise and crisis management skills. Now it remains to be seen how he takes Canada forward in this challenging time.
Who is Mark Carney, know
59-year-old Mark Carney was born on 16 March 1965 in Fort Smith, Northwest Territories, Canada. His father was a high school principal, and his childhood was spent in a simple environment. Carney’s educational background and professional achievements make him an exceptional leader.
Carney earned a bachelor’s degree in economics from Harvard University, where he also participated as a backup goalie in ice hockey. Subsequently, he earned a master’s and doctorate in economics from the University of Oxford. Early in his career, Carney worked for 13 years at Goldman Sachs, where he gained deep experience of financial markets in cities such as London, Tokyo, New York and Toronto.
Carney became the deputy governor of the Bank of Canada in 2003 and took over as governor in 2008. During the 2008 global recession, he played a key role in stabilizing the Canadian economy, for which he received international praise. In 2013, he became the governor of the Bank of England, the first time a non-British citizen was given this responsibility since its inception in 1694. He also handled the British economy during crises like Brexit.
Climate change and leadership: Carney has also been vocal on the issue of climate change. In 2020, he began serving as the UN Special Envoy for Climate Action and Finance. He believes climate change is a threat to financial stability, and has advocated incorporating it into policies. He has also called for removing the carbon tax and introducing an incentive system for green alternatives.
Political journey
Although Carney has never held elected office, the Liberal Party elected him as its leader with 85.9% of the vote. He has been an advisor to Justin Trudeau and will now be responsible for dealing with crises such as the trade war with the US and Donald Trump’s 25% tariff. Carney has said, “Canada will not become part of America, and we will win in trade as well, just like we win in hockey.”
Way forward
Carney is expected to be sworn in as Prime Minister soon. But he may have to contest elections soon due to not having a seat in Parliament. His first challenge will be to handle relations with Trump and maintain Canada’s sovereignty. His technical expertise and “street smart” approach make him a strong contender for this role.
