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As Canada’s Liberal Party prepared to announce its new leader, Mark Carney, the former central bank governor, emerged as the frontrunner to succeed Prime Minister Justin Trudeau. The party’s 400,000 members cast their votes, with Carney facing competition from Chrystia Freeland, Trudeau’s former deputy prime minister.

The leadership transition comes at a crucial time as Canada grapples with challenges from U.S. President Donald Trump. Both candidates have emphasized their ability to protect Canadian interests against Trump’s aggressive stance, which has included discussions of annexation and disruptive tariff policies that have destabilized bilateral trade relations.

Carney’s campaign has gained substantial momentum, securing endorsements from numerous cabinet members. His background as the former governor of both the Bank of Canada and the Bank of England has bolstered his credentials as an economic leader. At a campaign rally near Toronto, Carney emphasized the gravity of the situation, stating, “Trump is attacking what we build. He is attacking what we sell. He is attacking how we earn our living,” and added, “We are facing the most serious crisis in our lifetime. Everything in my life has prepared me for this moment.”

Recent polling data from Angus Reid shows public confidence in Carney’s ability to handle Trump, with 43 percent of respondents favoring him over Conservative leader Pierre Poilievre’s 34 percent. Despite this advantage, overall polls suggest the Conservative Party maintains a slight edge in the upcoming general election.

Carney’s unusual path to politics, transitioning from a lucrative career at Goldman Sachs to central banking and later serving as a UN climate envoy, sets him apart from traditional politicians. His lack of electoral experience, however, has drawn criticism from opponents, with the Conservative Party launching attack ads questioning his credentials and consistency.

Positioning himself as an outsider, the 59-year-old has distanced himself from Trudeau’s leadership, criticizing the current administration’s economic focus. At his Friday rally, Carney humorously acknowledged his political evolution, remarking, “It’s getting to the point where after two months I may have to start calling myself a politician.”

The leadership change will involve a formal transition when Trudeau and his successor meet with Governor General Mary Simon, King Charles III’s representative in Canada. However, the new prime minister’s tenure might be brief, as a general election looms within weeks to months.