The prominent central banker and investor was chosen in a crucial leadership race amid threats from President Trump. He is expected to quickly call a federal election.

Frontrunners include Chrystia Freeland and Mark Carney, who are making the case they can guide Canada through domestic and international issues. At the top of the list: mounting trade tensions with the United States.

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.