Former central banker favored to replace Trudeau as Canada PM

Canada's Liberal Party looked set Sunday to choose a former central banker and political novice as its next leader, replacing Prime Minister Justin Trudeau as it confronts threats from US President Donald Trump.

Mark Carney, who served as the governor of the Bank of Canada and the Bank of England, is widely expected to be named the new Liberal leader when results from a vote of around 400,000 party members are announced later Sunday.

The other main challenger is Trudeau's former deputy prime minister, Chrystia Freeland, who held several senior cabinet positions in the Liberal government that was first elected in 2015.

Whoever wins the vote will take over from Trudeau as prime minister, but will soon face a general election that polls currently show the rival Conservative Party as slight favorites to win.

Carney has racked up endorsements, including from much of Trudeau's cabinet, and a Freeland win would be a shock for the Liberals as they head towards a general election.

Despite dramatically breaking with the prime minister in December, analysts say voters still tie Freeland to Trudeau's unpopular record.

Carney and Freeland have both maintained that they are the best candidate to defend Canada against Trump's attacks.

The US president has repeatedly spoken about annexing Canada and thrown bilateral trade, the lifeblood of the Canadian economy, into chaos with dizzying tariff actions that have veered in various directions since he took office.

- 'Most serious crisis' -

Carney has argued that he is a seasoned economic manager, reminding voters that he led the Bank of Canada through the 2008-2009 financial crisis and steered the Bank of England through the turbulence that followed the 2016 Brexit vote.

Trump "is attacking what we build. He is attacking what we sell. He is attacking how we earn our living," Carney told supporters at a closing campaign rally near Toronto on Friday.

"We are facing the most serious crisis in our lifetime," he added. "Everything in my life has prepared me for this moment."

Data released from the Angus Reid polling firm on Wednesday shows Canadians see Carney as the favorite choice to face off against Trump, a trait that could offer the Liberals a boost over the opposition Conservatives.

Forty-three percent of respondents said they trusted Carney the most to deal with Trump, with 34 percent backing Tory leader Pierre Poilievre.

Most polls, however, still list the Tories as the current favorites to win the election, which must be held by October but could come within weeks.

- Not a politician? -

Carney made a fortune as an investment banker at Goldman Sachs before entering the Canadian civil service.

Since leaving the Bank of England in 2020, he has served as a United Nations envoy working to get the private sector to invest in climate-friendly technology and has held private sector roles.

He has never served in parliament or held an elected public office.

Analysts say his untested campaign skills could prove a liability against a Conservative Party already running attack ads accusing Carney of shifting positions and misrepresenting his experience.

The 59-year-old has positioned himself as a new voice untainted by Trudeau, who he has said did not devote enough attention to building Canada's economy.

On Friday, Carney said Canadians "from coast to coast" wanted change, and referred to himself as a political outsider.

"It's getting to the point where after two months I may have to start calling myself a politician," he joked.

Trudeau has said he would agree on a transition of power once the new Liberal leader is in place, declining to give an exact date.

When ready, the pair will visit Canada's Governor General Mary Simon -- King Charles III's official representative in Canada -- who will task the new Liberal chief with forming a government.

The new prime minister may only hold the position for several weeks, depending on the timing and outcome of the looming election.