Mark Carney has been sworn in as Canada’s new Prime Minister, succeeding Justin Trudeau, as the country navigates political and economic uncertainty. His leadership began amid tensions with the United States and a trade dispute with its largest trading partner.
A former governor of the Bank of Canada and the Bank of England, Carney brings decades of financial expertise but has never held public office. Now, he faces the challenge of leading the Liberal Party into an upcoming election while addressing economic concerns and foreign relations.
Trudeau’s resignation and the Liberal Party’s changing fortunes
Trudeau announced his resignation in January as polls indicated the Liberal Party was headed for defeat. However, shifting public opinion—partly driven by growing Canadian opposition to U.S. President Donald Trump’s policies—has recently boosted the party’s standing.
Welcoming Mark Carney, Canada’s 24th Prime Minister. pic.twitter.com/SOVEN6eYlg
— Prime Minister of Canada (@CanadianPM) March 14, 2025
In a farewell message posted on X, Trudeau thanked Canadians for their trust and support. He wrote, “Thank you, Canada — for trusting in me, for challenging me, and for granting me the privilege to serve the best country, and the best people, on earth.”
Trudeau, who held office for nearly a decade, formally stepped down on Friday before Carney’s swearing-in.
A long-awaited move into politics
The Liberal Party had courted Carney for over a decade. He previously advised Trudeau on economic recovery efforts following the COVID-19 pandemic but remained outside the political sphere. His official entrance into politics came in January, after Trudeau’s resignation. On March 9, he won the Liberal leadership in a landslide.
@cbcnews Mark Carney is officially Canada’s 24th prime minister and is expected to call an election in the coming days. And Justin Trudeau stepped down from the position, after nearly a decade in power. #MarkCarney #PrimeMinister #Canada #CdnPoli #CBCNews #Carney
♬ original sound – CBC News
Unlike his predecessors, Carney assumes office without ever holding a seat in Parliament. His rise to prime minister marks a rare occurrence in Canadian politics, where leaders typically come from elected positions.
While his background in finance and global economic policy is extensive, his ability to navigate the legislative process and party politics remains untested.
New cabinet appointments
Carney’s appointment brings key changes to the government. Former Finance Minister Chrystia Freeland, who ran against him for party leadership, will now serve as Transport Minister. The cabinet reshuffle reflects Carney’s efforts to balance experience with new leadership as the Liberals prepare for an election later this year.
With Canada facing trade tensions, economic pressures, and shifting political dynamics, Carney’s leadership will be closely watched.
His ability to transition from banking to governing will likely shape his tenure and the future of the Liberal Party in the upcoming election.
With no parliamentary experience, Carney must quickly adapt to political leadership while addressing Canada’s economic stability, foreign relations, and domestic challenges.