Ottawa/IBNS: Former Bank of Canada chief Mark Carney is set to succeed Justin Trudeau as the Canadian Prime Minister, media reports said.

Carney, who won the Liberal Party leadership race to become the 24th Prime Minister of the country, is a former Bank of Canada chief.

Carney won the leadership race with 85.9% of the total votes. He was followed by Chrystia Freeland who bagged only 8 percent of the total votes.

Karina Gould received 3.2% of the total votes while Frank Baylis bagged mere 3 percent of the total ballots.

Earlier in January, Trudeau announced his decision to step down as the Prime Minister amid rising pressure from partymates bringing down curtains on his nine-year-long tenure.

Justin Trudeau had lost the support of his key ally leading to a vote of no-confidence against the Prime Minister in Parliament.

Trudeau somehow survived with the support of other small parties to form a coalition but came under increased pressure after his Finance Minister quit in December 2024 over a policy clash.

'Canada will win trade war with the US'

Carney will take charge at a time Canada is locked in a trade war with the United States following Donald Trump's return to the White House.

In his victory speech, Carney seemed confident that Canada would emerge victorious in the trade war.

"Donald Trump, as we know, has put unjustified tariffs on what we build, on what we sell and how we make a living.

"He's attacking Canadian families, workers and businesses and we cannot let him succeed and we won't," he told the crowd as quoted by Sky News.

"Americans should make no mistake," Carney said and added as quoted by BBC News, "In trade, as in hockey, Canada will win."

(Reporting by Suman Das/IBNS)