Mark Carney: Canada’s New PM Who Challenges Trump and Rejects U.S. Dependence

At the Conference Center in Canada’s capital, Ottawa, flags were raised under red lights—the color of the Liberal Party, which had won the general election under Mark Carney’s leadership. It was March 10, 2025, the day Carney secured his victory.

That same day, tensions flared between Carney and Donald Trump. The U.S. president sparked controversy by declaring in an interview, “I think Canada would be much better off being the 51st state.”

In his first speech after winning, Carney warned, “The Americans want our resources, our water, our land, our country [...] If they succeed, they will destroy our way of life,” stressing that Trump cannot be allowed to prevail. 

He emphasized the need for Canada to build a new economy and establish fresh trade relationships.

“We will never, ever, in any way, shape or form, be part of the United States,” the prime minister said. “America is not Canada.”

Who is Mark Carney? How did he rise to power? And what domestic and international challenges does he face in these turbulent times?

The Edmonton Native

Mark Joseph Carney was born on March 16, 1965, in Fort Smith, Northwest Territories, to a family of Irish descent.

His father, a high school principal, moved the family to Edmonton, the capital of Alberta, when Carney was six years old.

Carney inherited his father's interest in politics. In 1980, his father ran as a Liberal Party candidate in Edmonton South during Canada’s federal elections, finishing in second place.

For high school, Carney attended St. Francis Xavier High School, a faith-based institution operated by Edmonton Catholic Schools.

He later enrolled at Harvard University with partial financial aid. During his time there, he was a backup goalie for the university’s ice hockey team—a role that later shaped his frequent comparisons between Canada’s economic battles with the U.S. and the sport in which Canada excels.

In 1988, Carney graduated from Harvard with high honors in economics. He then pursued graduate studies at the University of Oxford, earning a Master of Philosophy and later a doctorate in economics from St. Peter’s College and Nuffield College in 1993 and 1995, respectively.

Carney began his career at Goldman Sachs, where he spent 13 years working in its offices in Boston, London, New York, Tokyo, and Toronto. He held several senior roles, including co-head of sovereign risk, executive director of emerging capital markets, and managing director of investment banking.

He was also involved in international financial projects, such as South Africa’s bond markets after the end of apartheid and Goldman Sachs’ response to Russia’s 1998 financial crisis.

In 2003, Carney left Goldman Sachs to join the Bank of Canada as Deputy Governor. A year later, he was appointed Senior Associate Deputy Minister of Finance.

From November 2004 to October 2007, he served as Canada’s G7 Deputy at the Finance Ministry, where he oversaw the controversial government plan to tax income trusts at the source.

During this time, he also led the federal government’s sale of its 19% stake in Petro-Canada—the largest stock offering in Canadian history at the time.

The Economic Savior

Carney’s extensive experience led to his appointment as Governor of the Bank of Canada on February 1, 2008. His tenure began at a critical moment—the onset of the global financial crisis—making him the youngest central bank governor among the G8 and G20 nations at the time.

Despite the challenges, Carney’s monetary policies played a crucial role in shielding Canada from the worst effects of the crisis.

Just a month into the job, he cut the overnight interest rate by 50 basis points in March 2008. In contrast, the European Central Bank raised interest rates in July 2008—a move Carney believed would fail to contain the ripple effects of the leveraged loan crisis, which ultimately proved correct.

By April 2009, with Canadian interest rates at their lower limit, Carney deployed an unconventional monetary tool known as “conditional commitment,” pledging to keep rates unchanged for at least a year. This measure bolstered domestic credit conditions and market confidence.

Thanks to his strategy, Canada’s GDP and employment levels began recovering by mid-2009, aided in part by monetary stimulus. The country outperformed its G7 peers during the crisis and became the first among them to see both GDP and currency values return to pre-crisis levels.

Carney’s leadership during the financial crisis earned him numerous accolades. The Financial Times named him one of the Fifty who will frame the way forward, while TIME included him in its 2009 list of the world’s 100 most influential people. In May 2011, Reader’s Digest named him Editor's Choice for Most Trusted Canadian.

His growing global reputation led to his appointment as Chairman of the Committee on the Global Financial System at the Bank for International Settlements and, in 2011, as head of the Financial Stability Board in Switzerland.

Following these achievements, Queen Elizabeth II appointed him Governor of the Bank of England on November 26, 2013, making him the first non-British citizen to hold the post.

In the UK, he maintained his forward guidance policy, giving financial markets advance notice of the central bank’s plans. He assured investors that interest rates would remain low until unemployment fell below 7%.

In 2014, Carney warned that an independent Scotland might have to cede financial powers to the UK if it wished to continue using the British pound.

He also played a key role in responding to the economic turbulence triggered by Britain’s 2016 vote to leave the EU (Brexit)—a move he had previously cautioned against, warning that it could spark a recession.

After serving his term at the Bank of England in 2020, Carney became the UN Special Envoy for Climate Action and Finance, advocating for financial sector investments to curb carbon emissions. In 2021, he co-chaired the Global Coalition for Climate Action.

The Road to Power

Despite his long and distinguished career in finance and economics, Mark Carney entered politics relatively late. In 2021, he joined the ruling Liberal Party.

By 2024, he was leading the party’s Economic Growth Task Force, reporting directly to Prime Minister Justin Trudeau while also serving as his economic advisor.

In January 2025, Carney officially launched his campaign to replace Trudeau, declaring, “I’m not a politician [..] This is no time for politics as usual.”

He asserted that he had the “necessary ability” to guide Canada through uncertainty, pointing to threats from Donald Trump’s proposed tariffs, sluggish economic growth, and inflation that had surged under Trudeau’s tenure.

However, former UK Prime Minister Liz Truss warned against supporting Carney, stating that his net-zero policies were disastrous for Britain, and they will be disastrous for Canada.

Carney remained unfazed and conveyed to his supporters at his campaign launch that the prime minister and his team had often allowed themselves to drift away from the economy, emphasizing that he would not lose focus.

He also criticized Conservative opposition leader Pierre Poilievre, calling him the “Worst” candidate to negotiate with Trump, arguing that Poilievre would seek the approval of Trump and Elon Musk rather than prioritizing Canada's interests.

His Stance on Palestine

Carney has also weighed in on Middle Eastern affairs, particularly the Israeli assault on Gaza. On February 5, 2025, he posted on X rejecting Trump’s proposal to forcibly displace Palestinians from Gaza, calling it deeply concerning.

He stated that the plan violated Palestinian rights, and international law, and undermined efforts to promote peace and security for all in the region.

Carney reaffirmed his commitment to a two-state solution, advocating for a free and viable Palestinian state that lives side by side in peace and security with Israel."

He also urged prioritizing the first phase of a ceasefire and providing comprehensive support for Palestinian families in Gaza to help them rebuild their homes and lives.

However, Carney faced criticism over his appointment of former Minister of Public Safety Marco Mendicino as Chief of Staff, due to Mendicino's strong support for “Israel.”

On March 12, 2025, Canada's CBC News reported on Carney's decision to appoint Mendicino, noting that over 48,000 Palestinians were killed in Israeli “military operations” in Gaza, and despite this, Marco Mendicino chose to stand with Netanyahu.

The National Council of Canadian Muslims, one of the largest political advocacy groups representing Muslims in Canada, also criticized the appointment.

The council urged its supporters to send emails to Carney, demanding an explanation for appointing Mendicino, who had backed “Israel” and the genocide it is committing against the Palestinian people.