Mark Carney has been elected leader of Canada’s Liberal Party in a months-long, high stakes race to replace Justin Trudeau.

TORONTO — Former central banker Mark Carney will become Canada’s next prime minister after the governing Liberal Party elected him its leader Sunday as the country deals with U.S. President Donald Trump’s trade war and annexation threat, and a federal election looms.

Canada's ruling Liberal Party elected a new party leader Sunday who will serve as the nation's next prime minister, replacing outgoing premier Justin Trudeau. Why it matters: Liberal Party members' vote for Mark Carney comes as the Liberal Party is experiencing a polling boost amid widespread opposition to President Trump's policies targeting its northern neighbor.