, the Canadian economist who helped steer two countries through major financial upheaval as the governor of their central banks, was elected leader of Canada’s ruling Liberal Party on Sunday. The 59-year-old is expected to formally replace Justin Trudeau as prime minister next week.
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Here’s what to know about Canada’s next prime minister.
1. He has vowed to fight Trump’s tariffs.
, Carney said the threat posed by the Trump administration was the most significant faced by Canadians in their lifetime, pitching himself as a direct foil to the U.S. president. “If they succeed, they would destroy our way of life,” Carney said.
To cheers in the Ottawa crowd, Carney outlined plans to maintain the reciprocal tariffs levied by Canada on U.S. goods until Canada is shown respect by its southern neighbor. He also addressed Trump’s threat to turn the nation into a 51st U.S. state: “Canada never, ever will be part of America in any way,” Carney stated. “Americans should make no mistake: In trade, as in hockey, Canada will win.”
Drawing on his record as a monetary policy expert, Carney said that while some variables were beyond Canada’s control — such as the occupant of the White House — Canada was still master of its own destiny. “I’ve learned a few things from long experience in crises. The first is that ‘plan beats no plan,’” he said, outlining a vision to build millions of homes, make Canada an energy superpower and build new trade corridors “with reliable partners.”
2. He is a political novice.
As an elected politician, Carney is a newcomer — with his two highest-ranking appointments to date being to nonpolitical roles, preceded by a career in investment banking.
— into an advantage, presenting himself as a fresh start with real-world experience. On Sunday, he decried the Conservative Party leader Pierre Poilievre as a “lifelong politician” who has never made a payroll.
to lead a Liberal Party task force on economic growth.
from 2004 as Canada’s senior associate deputy minister of finance.
in Canada’s parliament, which poses practical challenges, given that the prime minister governs by commanding a majority in Canada’s legislature.
, when government ministers are challenged by lawmakers. By custom, he is expected to seek a seat promptly.
3. He is an economist who led the central banks of two countries.
Carney led two of the world’s largest central banks during particularly difficult times — earning him a reputation as “fixer” that he has wrapped into his pitch to Canadian voters.
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he hadn’t wanted the job, but agreed to take it on because it was “challenge.”
a label that stuck in media coverage.
Carney told the Guardian in 2021 that he was proud of “what was accomplished.”
last month, Carney referenced his experience leading the Bank of Canada through the aftershocks of the 2008 financial crisis.
“Right now … Canada faces one of the most serious crises in our history,” he said. “To get through it we will need to build a strong economy and that requires big changes. … I can bring that change. I know how to manage crises. I know how to build strong economies.”
In 2020, Carney became United Nations special envoy for climate action and finance.
4. He was an investment banker with degrees from Harvard and Oxford.
. The couple has four children.
Carney had a 13-year career in investment banking at Goldman Sachs that began in 1988, when he joined the bank as an analyst in London and later in Tokyo. After Oxford, he rejoined Goldman Sachs and worked there until 2003 in various roles, including executive director for debt capital markets and vice president for corporate finance in the New York office. He eventually moved to the bank’s Toronto office, where he was appointed managing director in 2002.
