Banker Mark Carney Wins Race to Lead Liberal Party, and Canada
S E E D E D C O N T E N T
Amid a generational crisis in Canada’s relationship with the United States, the Liberal Party of Canada on Sunday chose an unelected technocrat with deep experience in financial markets to replace Justin Trudeau as party leader and the country’s prime minister, and to take on President Trump.
Mark Carney, 59, who steered the Bank of Canada through the 2008 global financial crisis and the Bank of England through Brexit, but who has never been elected to office, won a leadership race on Sunday against his friend and former finance minister, Chrystia Freeland.
He won a stunning 85.9 percent of the votes cast by Liberal Party members. More than 150,000 people voted, according to the party’s leaders.
“America is not Canada. And Canada never, ever, will be part of America in any way, shape or form,” Mr. Carney said in his acceptance speech on Sunday evening to an electric crowd of party faithful, directly addressing Mr. Trump’s constant threat that he wants to make Canada the 51st state. “We didn’t ask for this fight, but Canadians are always ready when someone else drops the gloves.’’
“So Americans should make no mistake,’’ Mr. Carney added. “In trade, as in hockey, Canada will win.”
He is expected to be sworn in as prime minister quickly, early this week, officially ending the Trudeau era. His first and most pressing challenge will be to manage the threat from Mr. Trump to Canada’s economy and sovereignty.
But, because Mr. Carney does not hold a seat in Parliament, he is expected to call federal elections soon after being sworn in as prime minister. In those elections, he will face off with Pierre Poilievre, the leader of the Conservative Party.
It’s a crucial moment to be taking the wheel in Canada, a member of NATO and the Group of 7 industrialized nations and the world’s second-largest country by land mass.
Mr. Trudeau summarized the mood within his own party, and much of Canadian society, speaking at the Liberal Party convention to an adoring crowd in Ottawa just before his successor was announced.
“This is a nation-defining moment. Democracy is not a given. Freedom is not a given,” Mr. Trudeau said. “Even Canada is not a given.”
Mr. Carney said he supported the retaliatory tariffs Canada has adopted. “My government will keep our tariffs on until the Americans show us respect,” he said.
Canadian voters have suggested to opinion researchers that who might best stand up to Mr. Trump has been a key question guiding the choice of Mr. Carney and future decisions in the federal election.
Federal elections must be held by October in line with Canada’s rules. The Conservative Party, led by Mr. Poilievre , had long maintained a 20-plus point lead over the Liberals in polls, but the gap has been closing since Mr. Trudeau announced his resignation and Mr. Trump started making moves against Canada.
The latest polling suggests that most respondents would choose Mr. Carney over Mr. Poilievre if he led the Liberal Party into the elections. Polling also shows that Canadians would prefer Mr. Carney to negotiate with Mr. Trump over Mr. Poilievre. Mr. Poilievre has suffered a serious setback in polls, as some voters see him as too close ideologically to Mr. Trump.
And on Sunday night, Mr. Carney quickly pivoted to federal election campaign rhetoric to attack Mr. Poilievre, casting him as devoid of real-world experience and too admiring of Mr. Trump to challenge him.
“Donald Trump thinks he can weaken us with his plan to divide and conquer. Pierre Poilievre’s plan will leave us divided and ready to be conquered,” he said. “Because a person who worships at the altar of Donald Trump will kneel before him, not stand up to him.”
The Liberal Party establishment rallied around Mr. Carney’s campaign against Ms. Freeland, a former top lieutenant of Mr. Trudeau’s, whose resignation in December triggered Mr. Trudeau’s own decision to step down.
And it has been clear that the Conservative Party also sees Mr. Carney as the bigger threat: It has been running negative ads against him, focusing on his personal wealth and investing decisions.
A key question will be whether Mr. Carney can sufficiently differentiate himself from Mr. Trudeau, whom he advised and was friendly with. Canadians want change after a decade of Mr. Trudeau, and the Conservative Party has been highlighting the personal and ideological links between the two men.
But broader, more existential problems about how Canada is run are pressing, too. One is how to use Canada’s vast natural resources, including oil, gas and coal, as well as the vital fertilizer ingredient potash, rare minerals and uranium needed for nuclear energy.
Mr. Carney, in the years after his monetary policymaking career, emerged as a global evangelist for green investment, and he will need to decide how to make use of Canada’s tremendous natural endowments.
Immigration has been another key issue for Canadians. The country has historically been open both to economic migrants and to refugees, but, after the pandemic, Mr. Trudeau oversaw a rapid growth of temporary migration into Canada to help fill a labor shortage.
That has set off a backlash, with migrants accused of further straining a dysfunctional housing market and health-care system.
In his acceptance speech, Mr. Carney also sought to brandish his Liberal credentials and convince people that, despite having made a fortune in finance, he is still a progressive, attuned to the party’s DNA.
“I know that markets don’t have values, people do,” he said. “When markets are governed well, they deliver great jobs and strong growth better than anything. But markets are also indifferent to human suffering and are blind to our greatest needs,” he added.
Matina Stevis-Gridneff is the Canada bureau chief for The Times, leading coverage of the country. More about Matina Stevis-Gridneff
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Thank you again Donnie for the unintended consequences ...
New PM Carney seems to be a man for coming seasons ... part liberal, part conservative, part libertarian and part human.
As to the event ... it was Canadian mime sparring with even a now fondly remembered Chretien shadow boxing the Ogre of Mar-a-Lago.
No one bitched and Justin exited to polite cheers.
I may change my long-time political support.
Canadians may be blessed economically with another Paul Martin.
I think my comment may have been equivocal. The last Liberal I voted for in both the Provincial and Federal elections was Justin's father, who IMO was the best PM Canada ever had, notwithstanding he hit on my daughter after Margaret left him - it showed he had good taste.
I've got the feeling Mark Carney has what it takes to steer Canada through the unnecessary, uncalled-for, unjustified economic war Trump has started.
Hey, stick a guy into a canoe on a misty morning, snap a pic and presto you have the avatar for your regular Kannuk.