Carney Favored to Lead Canada's Liberal Party After Trudeau's Departure

Carney, who previously served as governor of the Bank of Canada and the Bank of England, is widely expected to be named Liberal leader when the results are announced later Sunday. His main challenger is Chrystia Freeland, Trudeau's former deputy prime minister, who has held various senior cabinet positions since the Liberals came to power in 2015.

The winner of the leadership race will assume the role of prime minister but will face an imminent election, with the Conservative Party currently leading in the polls. Carney has garnered significant support, including endorsements from much of Trudeau's cabinet and over half of the Liberal MPs in parliament.

While a Freeland victory is still possible, it would surprise many observers as the party gears up for an election that must occur by October, though it could happen sooner.

Both Carney and Freeland have positioned themselves as the best candidates to defend Canada against Trump’s aggressive rhetoric and policies. Trump has repeatedly threatened to annex Canada and has created instability in bilateral trade relations with unpredictable tariffs since taking office.

At a campaign rally on Friday, Carney emphasized that his experience leading central banks through global crises, including the 2008 financial collapse and the Brexit turmoil, makes him uniquely qualified to tackle the challenges posed by Trump's attacks. “We are facing the most serious crisis in our lifetime,” he said. "Everything in my life has prepared me for this moment."

According to a recent Angus Reid poll, Canadians trust Carney more than Conservative leader Pierre Poilievre to handle Trump, with 43% backing him compared to 34% for Poilievre.

Carney, a former investment banker at Goldman Sachs, has no prior experience in elected office. His critics argue that his lack of political experience could be a liability, especially as the Conservatives target him with attack ads questioning his political positions.

Despite being a political outsider, Carney has positioned himself as a fresh voice unconnected to Trudeau’s leadership. "Canadians want change," he said on Friday, humorously adding that he might soon have to start calling himself a politician after two months of campaigning.

In the days ahead, Carney or Freeland will meet with Canada's Governor General Mary Simon, who will formally task the new leader with forming a government.