Mark Carney, who previously served as the governor of both the Bank of Canada and the Bank of England, has been elected as the leader of Canada’s Liberal Party, positioning him to potentially succeed Justin Trudeau as prime minister of the country.

Carney garnered 85.9% of the votes, easily outpacing former Finance Minister Chrystia Freeland, who received 8%.

This leadership transition comes amid escalating trade tensions with the United States, where President Donald Trump has enacted 25% tariffs on Canadian products.

In retaliation, Canada has imposed reciprocal tariffs amounting to 30 billion Canadian dollars.

Carney has committed to uphold these tariffs until the U.S. reinstitutes free trade agreements.

The ongoing trade dispute has prompted a considerable boycott of American goods and travel by Canadians.

In spite of these hurdles, Carney's leadership has rejuvenated the Liberal Party's position, with recent polls showing a virtual tie with the Conservative opposition.

With an election required by October 20, Carney is anticipated to pursue a parliamentary seat without delay.

His vast background in global finance is expected to be instrumental in addressing Canada's economic and diplomatic issues.