07:22 PM EDT, 03/09/2025 (MT Newswires) -- Former Bank of Canada and Bank of England Governor, Mark Carney, was on Sunday night elected as the new leader of the Liberal Party of Canada. Within days he will become the Prime Minister and he is then expected to quickly call a federal election.

Carney clinched victory easily on the first ballot, to end a party leadership race set in motion earlier this year by outgoing PM Justin Trudeau's resignation.

Meanwhile, Carney takes the post with Canada already involved in a tariffs spat with the United States. In some of the latest news on that front, the U.S. Commerce Secretary Howard Lutnick signaled Sunday he doesn't expect a reprieve on 25% tariffs for steel and aluminum imports scheduled to take effect on Wednesday. This will include imports from Canada and Mexico, among the top foreign suppliers.