Mark Carney, former head of the Bank of Canada and the Bank of England, is set to become Canada’s next prime minister after the governing Liberals elected him as party leader on Sunday.

The 59-year-old politician replaces Justin Trudeau, who announced his resignation in January, but will remain prime minister until his successor is sworn in in the coming days. Carney won with 85.9 percent of the vote, AP reported.

The exact date when Carney will take over as head of government remains uncertain; he and Trudeau will determine when the transition will take place. Carney will replace his predecessor until a general election is held. Canada’s next parliamentary elections are scheduled for 20 October, but, as expected, Carney could announce early elections as early as spring. On 24 March, the Canadian Parliament will resume its work and will have to give a vote of confidence to the new prime minister.

Building a stronger Canada for all

In his first speech as leader of the Liberal Party, he thanked his predecessor for his service, adding that the outgoing prime minister «combined strength and compassion every day as a fighter for Canada».

He also pledged to «work day and night with a single purpose, which is to build a stronger Canada for all». «We will have to do things we never imagined before, at speeds we never thought possible,» he said. «We will do it for the common good, so that all Canadians benefit. I care about the economy, not because I’m an economist, but because I care about people,» he stressed.

The new Liberal leader, stressing his character as a «pragmatist», said his government would «immediately eliminate the divisive consumer carbon tax», which burdens families and farmers as well as small and medium-sized businesses.

The transition comes amid a trade war with Washington, Ottawa’s closest ally. In this context, Carney declared that «someone is trying to weaken» the Canadian economy.

Donald Trump, as we know, has put unjustified tariffs on what we build, what we sell and how we make a living. He is attacking Canadian families, workers and businesses and we cannot and will not let him succeed,» he said, stressing that his country will maintain retaliatory measures until «the Americans show us respect».