Introduction
On January 6th, 2025, Justin Trudeau announced his resignation as Leader of the Liberal Party and Prime Minister of Canada.
“As you all know, I’m a fighter. Every bone in my body has always told me to fight because I care deeply about Canadians. I care deeply about this country, and I will always be motivated by what is in the best interest of Canadians.” -Justin Trudeau
Trudeau’s resignation was widely supported across Canada, as his and the Liberal party’s unpopularity has increased over the last decade. After January 6th, the race to elect the new Liberal leader began.
On March 9th, Mark Carney was officially announced as the party’s new leader, winning the debate by a landslide 86%, against opponents like Chrystia Freeland, former finance minister and Karina Gould, former house leader.
Mark Carney’s History
Education
Mark Carney was born in Fort Smith, a small town in the Northwest Territories, but was raised in Edmonton, Alberta. Carney’s history is majorly economic-centric. In 1988, he graduated from Harvard University with a Bachelor’s Degree in economics. Later, he studied at Oxford University, where he earned his Master’s and Doctorate in 1993 and 1995, respectively. While attending Harvard University, Carney was the school’s goalie for their varsity Ice Hockey team. During his acceptance speech, Carney mentioned his past with hockey, rallying Canadians after American President Trump’s tariff sanctions.
“We didn’t ask for this fight, but Canadians are always ready when someone else drops the gloves, so the Americans, they should make no mistake: In trade, as in hockey, Canada will win,”- Mark Carney
Financial Career
After his doctorate, Carney worked at Goldman and Sach’s for 13 years. Carney would later leave the company and eventually, in 2007, be appointed as Governor of the Bank of Canada. The year 2007 also marked the beginning of the global economic downturn that would lead to the Great Recession in America. Prior to his campaign in 2025, many people considered Carney as a major factor to why Canada did not feel as much of the impacts of the recession in comparison to Americans because of the policies he enacted as Governor of the Bank of Canada. However, now politicians, such as Stephen Harper, former Prime Minister of Canada, stated that Carney’s role during the Recession was greatly overestimated.
In 2013, Carney became the first non-Briton to be appointed as Governor of the Bank of England. He would remain this position until 2020, advising the country up until the beginning of the Pandemic.
Political Advisory
From 2020 onwards, Carney acted as one of Former Prime Minister Justin Trudeau’s informal advisors. Carney assisted him with Canada’s economic response during the Covid-19 Pandemic. On January 16th 2025, Mark Carney would announce his decision to run for leadership of the Liberal Party.
What Now?
Since Trudeau’s resignation, recently re-elected American President Donald Trump announced his decision to impose tariffs on trade between Canada and the USA. Immediately, Trump faced backlash, as Canada and the USA have been close allies for generations. Trudeau has since made many speeches rallying Canadians and urging Trump and Americans who voted for the republican leader to rethink their decisions. He has also decided to fight back by imposing more tariffs and shutting off Canadian resources to America. Ontario Premier Doug Ford recently introduced a 25% surcharge on energy exported from the province to American states such as New York, Michigan and Minnesota.
In the last week, the Federal Government’s plan against the Trade War with America has been unveiled. They plan to implement a “work sharing program” funded by employment insurance benefits. This means companies can cut hours for their employers equally without have to lay off employees during this time when business is halted. The main objective of this plan is to mediate unemployment. Additionally, trade between provinces and territories has been emphasized.
Since January, Parliament has been suspended so the Liberal Party could decide on a new leader. Canada is due for a federal election in October of 2025, but many leaders of other political parties, such as Jagmeet Singh of the NDP and Pierre Poilievre of the opposing Conservative Party, have expressed their interest in calling for an early election.
Resources