The Liberal Party has retained power in Canada under the leadership of Mark Carney, a former head of two G7 central banks and a political newcomer. He promises to reimagine Canada's place in the world in the face of Donald Trump's aggressive trade policies. Politico, The Economist and the BBC have covered his plans and experience in UK banking.
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On April 28, early elections to the parliament – the House of Commons – were held in Canada. The Liberal Party, led by Prime Minister Mark Carney, 60, won, according to preliminary vote counts, writes the BBC. But to form a majority in the government, the Liberals needed to win 172 of 343 seats, writes The Economist. They currently have 168 seats. Their opponent – the Conservative Party – will remain in opposition as the second largest party in parliament, having received 144 seats, reports the BBC.
Mark Carney has already given a speech in Ottawa, declaring “the end of the era of close integration with the United States, the end of the old world trading system,” calling it a tragedy and a new reality for Canada. “Canada’s old relationship with the United States, based on steadily deepening integration, is over. The open world trading system, founded on the United States and on which Canada has relied since World War II, a system that, while not perfect, helped ensure our country’s prosperity for decades, is over,” he said.
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“America wants our land, our resources, our water, and our country. Never!” Carney said in his victory speech. “These are not empty threats. US President Donald Trump is trying to break us so that America can take us over. This will never happen.”
The Canadian election took place against the backdrop of a trade war between the United States and the world. The Trump administration imposed 25% tariffs on a number of Canadian goods, including cars and auto parts, in direct violation of the principles of the USMCA agreement. This hit the Canadian economy and put thousands of jobs at risk. That is why the main message of the Liberals in this campaign was to resist American pressure and demonstrate their ability to defend their own sovereignty.
Carney positioned himself as a “crisis manager” who would protect Canada’s economy and culture from Trump’s tariff policies and expansionist ambitions, writes Politico. During the election campaign, Carney promised to “protect Canada from Trump” and unite the country, where patriotism levels have risen after Trump’s statements about wanting to annex Canada as the 51st state of the United States.
Crisis banker and leader of a new era
Carney studied at Harvard and Oxford, where he earned a PhD in economics. His dissertation was on the impact of domestic competition on economic competitiveness – an issue that is now central to negotiations with the US, writes the BBC.
Carney began his public sector career in 2003 as deputy governor of the Bank of Canada, later serving as senior deputy minister of finance. He was appointed governor of the Bank of Canada in 2007, just months before the global financial crisis began. His actions, including keeping interest rates low and being open to business, helped avert a deeper recession.
He later became the first non-British to head the Bank of England in its more than 300-year history. He holds Canadian and Irish citizenship, and in 2018 he also became a British citizen. Carney recently announced that he would renounce his British and Irish citizenship, as he believes that a prime minister should be a citizen of Canada only.
Carney was also one of the few central bankers to actively engage in media and public statements ahead of key political events, such as the 2014 Scottish independence referendum and the 2016 Brexit referendum. He warned of the economic risks of Britain leaving the EU and coordinated the bank's crisis response following the collapse of the pound and the resignation of Prime Minister David Cameron. His term ended at the start of the COVID-19 pandemic in March 2020, when the bank cut rates again and ramped up its quantitative easing programme .
Mark Carney during his time as head of the Bank of England and the Financial Stability Board, 2014 Photo Getty Images
Confrontation with Trump
From 2011 to 2018, Carney chaired the Financial Stability Board, which coordinated the work of regulators around the world, giving him a key role in the global response to the policies of the first Trump administration. He regularly attended G20 summits, having the opportunity to observe Trump's actions on the international stage at close range.
After Trump returned to the White House, Carney stopped holding back his assessments. He reacted sharply to his statements about the possible accession of Canada as the 51st state, calling them “Voldemort-like.” “I won’t even repeat them, but you already know what I’m talking about,” he explained.
Carney has also publicly stated that Canada will retaliate with mirror tariffs unless the US shows respect and gives clear assurances about fair trade. This has become one of the key lines of argument in his election campaign, the BBC adds.
British Prime Minister Keir Starmer speaks with Canadian Prime Minister Mark Carney during a bilateral meeting in London, March 17, 2025. Photo Getty Images
A new course for pragmatism
Despite years of offers to join the Liberal Party, Carney has long avoided politics. In 2012, he even joked to reporters that he would rather be a “circus clown” than a politician, writes the BBC. The situation changed after the resignation of Justin Trudeau, which was caused by a political crisis within the party. Initially, Trudeau planned to offer Carney the post of finance minister after the resignation of Chrystia Freeland, but in the end Carney himself led the party, defeating even Freeland in internal elections.
Carney has been repeatedly criticized by the opposition in Canada for his work at investment firm Brookfield Asset Management . Conservatives have accused him of hiding information about the company's relocation of its headquarters from Toronto to New York, but Carney insists the decision was made after he left the board. He has also placed his assets in a “blind trust” and has assured that he is acting in full compliance with conflict of interest rules.
In domestic policy, Carney advocates repealing the carbon tax, maintaining a pragmatic approach to energy development, accelerating approval of major infrastructure projects, and limiting the rate of immigration growth so as not to overload the housing and healthcare systems.
Carney is also an active supporter of Ukraine. At a meeting with British Prime Minister Keir Starmer, he said that it is necessary to “provide Ukraine with the best conditions for achieving a just and lasting peace,” The Guardian writes.
In his election platform, he promised to make Canada a leader in clean and conventional energy, as well as to simplify the approval process for major infrastructure projects. At the same time, Carney calls himself a “pragmatist”, recognizing the complexity of balancing energy needs with environmental obligations. Carney considers his main mission to maintain Canada's economic growth even in the face of slowing trade with the United States.
