Mark Carney elected leader of ruling Liberal Party of Canada

The ruling Liberal Party of Canada announced Sunday that former Governor of Bank of Canada Mark Carney has been elected as the party's new leader, reported Xinhua.

After maintaining frontrunner status throughout the two-month race, Carney got over 130,000 ballots or 85.9 percent of the vote from his party. He is set to succeed Justin Trudeau as the 24th prime minister and form a new government.

Addressing party members from across the country in a rallying speech, Carney said Canadians know that new threats demand new ideas and a new plan.

"They know that new challenges demand new leadership. My government will put into action our plan to build a stronger economy, to create new trading relationships with reliable partners, and to secure our borders," he said.

Carney promised to maintain the planned retaliatory tariffs on the United States, aiming to maximize the impact on the next-door neighbor while minimizing the effects on Canada.

"The Canadian government is rightly retaliating with our own tariffs that will have maximum impact in the United States and minimum impact here in Canada. My government will keep our tariffs on until the Americans show us respect ... And make credible, reliable commitments to free and fair trade," said the incoming prime minister.

"The Americans want our resources, our water, our land, our country," Carney said, "If they succeed, they will destroy our way of life."

Trudeau also gave a speech ahead of the Liberal leadership change, marking the end of his nearly 12-year run as the party leader.

"Through every crisis, Canadians have shown me who they are. We've pulled together. We've stood up for each other. And every single time, we've emerged even stronger," Trudeau said.

"As Canadians face, from our neighbor, an existential challenge, an economic crisis, Canadians are showing exactly what we are made of!" said Trudeau, who is expected to officially resign as the prime minister in the coming days.

Carney has presented a new economic plan to create higher-paying jobs, improve affordability and strengthen national security.

According to his plan, removing barriers to internal trade would lower prices for consumers by reducing trade costs up to 15 percent and expand the economy by 4-8 percent over the long term.

"We are masters of our own economic destiny," said Carney. "Canada is stronger when it is united, which is why we need to create one Canadian economy instead of 13."

Tariffs imposed by the United States have renewed the urgency to address the long-standing barriers that have fragmented the Canadian economy and reduced opportunities for too many Canadians, said Carney.

In a recent leadership debate, Carney highlighted his experience of leading the Bank of Canada during the 2008 financial crisis when the four candidates expounded their stances on Canada-U.S. relations in the shadow of U.S. President Donald Trump's threats.

"In a situation like this, you need experience in terms of crisis management, you need negotiating skills, but you also need economic expertise," he said.

Carney also pledged to invest in infrastructure, such as highways, rails and ports, to improve Canada's productivity and economic competitiveness.

"By accelerating decision-making on major projects, Canada will be able to lower costs, attract more investment, create more jobs and build the strongest economy in the G7 (Group of 7)," said Carney.

Trump's tariff threats and remarks on making Canada the 51st state of the United States have fueled nationalist sentiment among Canadians. The sentiment has also bolstered the Liberal Party's chances of victory in the upcoming parliamentary elections, marked by better performance in opinion polls.

Two months ago, when Trudeau announced his resignation amid dismal public opinion polls, the risks were high for his party to be swept from power by the Conservatives in an election.