Mark Carney is the new Liberal leader, replacing Justin Trudeau

Mark Carney, former governor of the Bank of Canada and the Bank of England, has been elected as the new leader of the Liberal Party of Canada, set to replace Justin Trudeau as prime minister once sworn in.

At the convention in Ottawa, where attendees waved mini Canadian flags, Carney outlined his governance principles of fiscal responsibility, social justice, and international leadership, while also thanking Trudeau for his leadership during difficult times.

With Trudeau describing Canada's current challenges due to the U.S. trade war as an "existential crisis," all eyes are now on when Carney will call a federal election, as the House of Commons is set to return on March 24.