Carney, who won the Liberal Party leadership race to become the 24th Prime Minister of the country, is a former Bank of Canada chief.

Carney won the leadership race with 85.9% of the total votes. He was followed by Chrystia Freeland who bagged only 8 percent of the total votes.

Karina Gould received 3.2% of the total votes while Frank Baylis bagged mere 3 percent of the total ballots.

Earlier in January, Trudeau announced his decision to step down as the Prime Minister amid rising pressure from partymates bringing down curtains on his nine-year-long tenure.

Justin Trudeau had lost the support of his key ally leading to a vote of no-confidence against the Prime Minister in Parliament.

Trudeau somehow survived with the support of other small parties to form a coalition but came under increased pressure after his Finance Minister quit in December 2024 over a policy clash.

'Canada will win trade war with the US'

Carney will take charge at a time Canada is locked in a trade war with the United States following Donald Trump's return to the White House.

In his victory speech, Carney seemed confident that Canada would emerge victorious in the trade war.

"Donald Trump, as we know, has put unjustified tariffs on what we build, on what we sell and how we make a living.

"He's attacking Canadian families, workers and businesses and we cannot let him succeed and we won't," he told the crowd as quoted by Sky News.

"Americans should make no mistake," Carney said and added as quoted by BBC News, "In trade, as in hockey, Canada will win."

Who is Mark Carney?

Mark Carney, who has recently become the leader of Canada's Liberal Party, has an impressive background in economics and finance, having served as the Governor of the Bank of Canada from 2008 to 2013 and the Governor of the Bank of England from 2013 to 2020.

During his tenure, he played a key role in navigating financial crises, including the 2008 global financial crisis and the economic challenges posed by Brexit1.

Carney, who was born on March 16, 1965, in Fort Smith, Northwest Territories, Canada, is also known for his work on climate action, having served as the United Nations Special Envoy for Climate Action and Finance.

His leadership is expected to focus on strengthening Canada's economy and addressing international trade challenges.

Mark Carney is married to Diana Fox, a British economist with a focus on developing nations. The couple met while studying at the University of Oxford and got married in 1994. Together, they have four daughters. The family has lived in various places, including Toronto, Ottawa, and London, due to Carney's professional commitments. They currently reside in Ottawa, Canada.

(Reporting by Suman Das/IBNS)