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In a pivotal moment for Canadian politics, the nation has crowned its new leader as it braces for ongoing trade tensions with its neighbor to the south, the United States. On Tuesday morning, CBC News projected that the Liberal Party will be the party to form the next government, paving the way for Prime Minister Mark Carney to secure a full term in office. However, it remains uncertain whether the Liberal Party will achieve a majority in the House of Commons, which requires 172 seats, or if they will need to enter into a governing coalition. As of 4:15 a.m. ET, the Elections Canada real-time tracker indicated that the Liberal Party had successfully secured 168 seats.

Carney, who previously held prominent roles as a banker at Goldman Sachs and served as the governor of both the Bank of Canada and the Bank of England, triumphed over notable opponents, including Pierre Poilievre of the Conservative Party, Jagmeet Singh from the New Democratic Party, and Yves-Franois Blanchet of the Bloc Qubcois. Following his projected victory, Carney delivered a speech in Ottawa where he extended congratulations to Poilievre for running a hard-fought, fair, good campaign.

Trade Disputes: A Defining Issue

The ongoing trade dispute with the United States, particularly under the administration of former President Donald Trump, emerged as a significant theme during the election campaign and played a crucial role in Carneys political success. While the Conservative Party focused on domestic issues, including immigration and the rising cost of living, they initially maintained a solid lead in the polls. However, as tariffs and trade relations became top-of-mind for Canadian voters, support began to shift back toward the Liberal Party.

Mark Carney has been at the helm of the Liberal Party since March, taking over from Justin Trudeau, who served as Prime Minister from 2015 until 2025. During his victory speech, Carney highlighted the growing national pride in Canada amid the challenges posed by U.S. tariffs and President Trumps provocative threats to annex Canada as the 51st state. As I've been warning for months, America wants our land, our resources, our water, our country. Never, Carney declared to enthusiastic applause from his supporters. He further emphasized, But these are not idle threats. President Trump is trying to break us so that America can own us. That will never, that will never, ever happen, reinforcing his commitment to Canadas sovereignty.

Earlier this year, in a passionate speech, Carney addressed the dark political climate stemming from the United States, stating, I know that these are dark days. Dark days brought on by a country we can no longer trust. Since Carney assumed leadership, Trump has imposed a series of tariffs, including a 25% tax on Canadian cars, aluminum, and steel, with another 25% tariff on car parts anticipated to take effect shortly. Additionally, the U.S. has enacted a 25% tariff on Canadian goods that do not fall under the exemptions provided by the United States-Mexico-Canada Agreement (USMCA).

In response, Canada has retaliated with its own 25% tariffs on American goods, including steel, aluminum products, and vehicles. This escalating trade conflict has sparked a movement among some Canadians to boycott American products and reduce travel to the U.S. Reports indicate a notable decline in Canadian visitors heading south, with airlines and travel companies feeling the impact. The tariffs have also ignited a "buy Canadian" initiative, underscoring a nationwide effort to support domestic industries.

Prior to these developments, Poilievre was widely expected to take the reins as Canadas next prime minister, but Trump's controversial trade policy proved to be a game-changer, steering public sentiment back towards the Liberal Party, which had previously governed under Trudeaus leadership. Poilievre, who has been compared to Trump for his populist rhetoric, has been leading the Conservative Party since 2022 and has served in the Canadian parliament since 2004.

Mark Carney's Impressive Background

Mark Carneys impressive career background includes an extensive tenure at Goldman Sachs, where he worked for 13 years across major global cities such as London, Tokyo, New York, and Toronto. His expertise in finance and economics has been recognized worldwide. After departing Goldman Sachs in 2003, Carney became the deputy governor of the Bank of Canada. He ascended to the role of governor in 2008, steering the bank through the turbulent times of the global financial crisis. Later, he served as the governor of the Bank of England from 2013 until 2020, where he directed the banks strategy in response to the complexities brought on by Brexit.

Since concluding his term at the Bank of England, Carney has taken on various commercial and international roles. In 2020, he was appointed vice-chair of Brookfield Asset Management, later becoming chair when the division was spun off into a new entity in 2022. In 2021, he joined the board of the digital payments company Stripe and was named chair of Bloombergs board in 2023. Notably, in January of this year, Carney announced his resignation from all commercial and international roles as he embarked on his leadership bid for the Liberal Party.