Mark Carney, former Governor of the Bank of Canada and the Bank of England, has been elected as Canada's 24th Prime Minister following the Liberal Party's victory in the federal election held on April 28, 2025. The Liberals secured 169 of the 343 seats in Parliament, falling short of a majority and necessitating collaboration with smaller parties to pass legislation.

Carney's election marks a significant shift in Canadian politics, driven by escalating tensions with the United States under President Donald Trump. Trump's aggressive policies, including tariffs and annexation threats, galvanized Canadian voters and led to a surge in nationalism. In his victory speech, Carney emphasized the end of Canada's traditional cooperative relationship with the U.S., stating, "The era of open global trade led by the U.S. is over."

Born on March 16, 1965, in Fort Smith, Northwest Territories, Carney was raised in Edmonton, Alberta. He earned a bachelor's degree in economics from Harvard University in 1988 and completed master's and doctoral degrees in economics at Oxford University. Carney began his career at Goldman Sachs, working in London, Tokyo, New York, and Toronto over 13 years. In 2003, he was appointed Deputy Governor of the Bank of Canada and became Governor in 2008, navigating the country through the global financial crisis. In 2013, he became the first non-British citizen to serve as Governor of the Bank of England, a position he held until 2020. That year, he was appointed the United Nations' Special Envoy for Climate Action and Finance.

The election also saw Conservative leader Pierre Poilievre suffer a major defeat, losing both his bid for prime minister and his parliamentary seat. Poilievre's alignment with Trump-like rhetoric, including vows to put "Canada First," was perceived as too aggressive by many Canadians, contributing to his loss.

Carney's leadership is expected to focus on safeguarding Canadian sovereignty and navigating economic challenges amid ongoing tensions with the U.S. The election also saw a record early voter turnout and the highest participation since 1993, indicating heightened public engagement.

Leading a minority government, Carney faces the challenge of building coalitions with smaller parties, such as the New Democratic Party (NDP) or the Bloc Québécois, to pass legislation. He must also address strained U.S.-Canada relations, domestic economic concerns like the cost-of-living crisis, middle-class tax cuts, immigration reform, and public media funding.

Carney's election signifies a new era in diplomatic and trade relations between Canada and the U.S., with a focus on economic nationalism and diversification of trade partnerships. His leadership will be crucial in navigating the complexities of a minority government and addressing the challenges posed by strained international relations and domestic economic concerns.