Mark Carney, the former Governor of the Bank of Canada, has been elected as the leader of the Liberal Party, winning a decisive 86% of the votes in the first round of the leadership election.

Carney is poised to take over as Prime Minister at a time when Canada is grappling with a trade conflict with its closest ally, the United States.

Carney's victory came as expected, easily surpassing three other competitors in the race.

Former Finance Minister Chrystia Freeland finished second, garnering 8% of the votes, while Karina Gould, the Speaker of the House of Commons, placed third with 3.2%.

Frank Baylis, a former Liberal MP, received 3% of the votes.

In the lead-up to the election, Carney garnered significant support from liberal factions and raised substantial funds, with his campaign reportedly collecting nearly CAD 5 million over a two-month period.

The bulk of these donations came in amounts of less than CAD 100.

In his victory speech, Carney expressed gratitude, stating, "Everything in my life has brought me to this moment."

Outgoing Prime Minister Justin Trudeau indicated that the transition to a new leader should occur swiftly, with Carney set to be sworn in as Prime Minister.

Analysts are anticipating the formation of one of the smallest cabinets in Canadian history in the coming days.

Carney has signaled his readiness to confront U.S. President Donald Trump, who has threatened to impose additional tariffs on various imported goods such as steel and aluminum, in an effort to undermine the Canadian economy and sovereignty.

Carney described the situation as "the most significant crisis of our generation," stating that while Canadians prefer not to engage in confrontation, they are always prepared to defend themselves.

He remarked, "Americans should not make mistakes, whether in trade or in the game of hockey, because Canada will win," referring to Canada's recent victories in international hockey competitions.

He also directed attention to Conservative Party leader Pierre Poilievre, whom he is expected to face in upcoming general elections, labeling him as a politician who has spent his life in politics, reminiscent of similar figures he has encountered globally.

Carney has pledged to maintain some of Trudeau's core policies, stating, "I am a realist, so when I see something that is not working, I change it." He committed to repealing the carbon tax on families, farmers, and small to medium-sized enterprises, as well as halting increases in capital gains tax, arguing for incentives to support construction companies.

Around 2,000 Liberal supporters gathered in a conference center in downtown Ottawa donned in red and white attire, marking a rally held by Poilievre three weeks prior, titled "Canada First," in response to the tariff threats and Trump's rhetoric.

Former Prime Minister Jean Chrétien, 91, conveyed a message to Trump, urging him to stop the "nonsense" and affirming that Canada would not join the United States.

Chrétien humorously suggested that Trump's actions had unintentionally united Canadians more than ever.

He even remarked that he might propose Trump for a Canadian honor, saying, "Of course, I’m joking."

Carney faces the decision of whether to call for early elections before Parliament reconvenes on March 24. All political parties are reportedly preparing for potential early elections that could occur as soon as this week or next.

Liberal MP Mona Fortier mentioned that she and a group of volunteers are working on an electoral platform to support the new leader, ensuring they build upon the existing groundwork.

In his final speech as Prime Minister, Trudeau received applause from the crowd as he recounted his government’s achievements, asserting that despite not leading his party in the next campaign, the Liberals should not be underestimated in future elections.

His daughter, Ella-Grace Trudeau, expressed hopes for more family time with her father, stating, "We are excited to have him home more and online less," emphasizing the personal impact of his political commitments in recent years.