Mark Carney has won the leadership of the Liberal Party of Canada with 131,674 votes compared to 11,134 for Chrystia Freeland, making him the next Prime Minister of Canada.

In his first speech, Carney affirmed that “new challenges require new ideas” and pledged to build a stronger economy, create new trade relationships, and enhance border security.

Former Prime Minister Jean Chrétien welcomed Carney's victory, while Justin Trudeau concluded his final speech as party leader by expressing pride in his accomplishments.

The governing party in Canada elected Mark Carney as its new leader and the next head of government on Sunday, replacing Justin Trudeau at a time when the country faces historic tensions with the United States under Donald Trump.

Liberal Party President Sachi Mehra announced that 59-year-old former banker Carney, a newcomer to political work, won with 85.9% of the votes.

Carney defeated former Finance Minister Chrystia Freeland, who came in second in a leadership race with more than 150,000 party members voting.

In his victory speech delivered in Ottawa on Sunday, Carney warned that “the Americans want our country.”

He added, “We cannot allow Trump to win,” stating that Canada needs to “build a new economy and establish new trade relations.”

In his farewell speech on Sunday before party supporters, Trudeau emphasized that Canada is facing an “existential challenge” due to threats from its neighbor under Trump.

Trudeau told a crowd gathered in Ottawa in preparation for the announcement of the new Liberal Party leader that “Canadians are facing an existential and economic challenge from their neighbor.”

Trudeau announced last January that he would step down from the position he held for nearly a decade, a move made as he faced significant pressures, from declining party popularity to the impending general elections.

It is expected that the transition between Trudeau and his successor will take place within days with the formation of the new government.

Carney, a former governor of the Bank of Canada and the Bank of England, outperformed his competitors in terms of public support and campaign funding.

Trump has initiated a trade war by imposing tariffs on imports from Canada, reiterating his desire for Canada to become “the 51st American state.”

The popularity of the Liberals has significantly declined, with Canadians blaming them for several problems, particularly rising inflation and the housing crisis.

However, after being 20% behind in voting intentions last January, polls have put the Liberal Party nearly even with the Conservatives.