Canada determines Trudeau's successor as Prime Minister

The 59-year-old Carney surpassed former Finance Minister Chrystia Freeland, who took second place in the vote, according to the official results.

A little over 150,000 party members participated in the vote.

Trudeau's resignation and the election of his successor

On January 6, Trudeau announced he would resign after more than 9 years in office as Canada's Prime Minister.

Amid his declining approval ratings, the ruling Liberal Party was forced to hold a swift leadership contest.

Carney is considered a newcomer to politics. He previously stated that he was best suited to revive the party and oversee trade negotiations with US President Donald Trump, who had threatened additional tariffs.

Mark Carney (photo: flickr.com/photos/policyexchange)

Carney was considered the favorite in the contest to succeed Trudeau – he received the most support from party members and raised the largest amount of money among the four liberal candidates.

As Western media report, Carney's victory marks the first time a Canadian prime minister has been an outsider with no real political background.

Carney's statements on economic policy regarding US tariffs

During the election campaign, Carney stated that he supported appropriate tariffs against the US based on a dollar-for-dollar principle, as well as a coordinated strategy to stimulate investments.

In addition, Carney repeatedly complained that Canada's economic growth during Trudeau's tenure had been insufficient.

Western analysts also note that the prospect of a fresh start for the Liberal Party under Carney's leadership, combined with Trump's tariffs and his repeated mockery of annexing Canada as the 51st state, has led to a significant revival of the Liberals' standing in Canada.

Carney had previously stated that he intended to fully focus on getting our economy back on track.

"I've helped manage multiple crises, and I've helped save two economies. I know how business works, and I know how to make it work for you," he said during his speech in January.

At the same time, according to conservatives, there is not much of a difference between Carney and Trudeau. The former head of the Bank of Canada has close ties with Trudeau, who appointed him head of the Economic Growth Working Group in September of last year.

What is known about Mark Carney

Carney worked at Goldman Sachs before joining Canada's Ministry of Finance in 2004. In 2007, he was appointed as the Governor of the Bank of Canada, and he quickly had to deal with the aftermath of the 2008 global financial crisis.

Mark Carney (photo: flickr.com/photos/policyexchange)

In 2013, Carney became the Governor of the Bank of England, making him the first person to lead two major central banks.

After leaving the Bank of England in 2020, Carney was appointed as the UN Special Envoy for Climate Action and Finance. He also held a top managerial position at Brookfield Asset Management and served on the boards of companies including bond investor PIMCO and fintech giant Stripe.

For more details on why Trudeau is stepping down as Prime Minister of Canada and what this change will mean for Ukraine, read the article by RBC-Ukraine.