Mark Carney will succeed Trudeau as Canada's new PM

Mark Carney won the race to become Canada's next prime minister, putting the former central banker in charge of the country just as US President Donald Trump's administration threatens its economic future.

- Bloomberg

The ex-Bank of Canada and Bank of England governor won the contest to lead the Liberal Party of Canada with nearly 86% of the vote. The transfer of power from Justin Trudeau to Carney is expected to take place within days and it's possible he will call a national election soon after.

Carney, 59, takes the reins at a time when the White House is creating upheaval in the global economy—and with US trading partners—with increasingly chaotic tariff announcements.

In the span of three days in the past week, Trump imposed 25% levies on most Canadian and Mexican goods, then promised a one-month delay on those that comply with the North American trade agreement, then threatened major new tariffs against Canadian lumber and dairy. Howard Lutnick, the US commerce secretary, signalled on Sunday that he expects 25% tariffs on US imports of steel and aluminum to go ahead on 12 March.