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Mark Carney, who served as governor of the Bank of Canada from 2008 to 2013 and governor of the Bank of England from 2013 to 2020, has succeeded Justin Trudeau as Prime Minister of Canada.

Members of Canada’s governing Liberal Party elected Carney this evening on the first ballot. According to the New York Times, Carney won 85.9% of the votes cast from more than 150,000 people voted. He will assume the role as Canada’s 24th prime minister at a date to be announced. Carney makes history as the first Canadian prime minister to have never served in prior elected office.

Trudeau stepped down from the leadership role he held since 2013 amid concerns of how he was addressing the nation’s economic challenges, particularly its housing crisis. Under Canadian law, federal elections must be held by October.

In taking the leadership role, Carney pushed back at comments by President Trump about absorbing Canada into the United States and the threat of a new trade war between the countries.

“America is not Canada. And Canada never, ever, will be part of America in any way, shape or form,” Mr. Carney said in his acceptance speech. “We didn’t ask for this fight, but Canadians are always ready when someone else drops the gloves.’’

Photo: Policy Exchange / Flickr Creative Commons