Mark Carney’s Liberal Party won Canada’s election on 28 April 2025, in a campaign dominated by Donald Trump’s tariffs and annexation threats.
Canada held a general election on 28 April 2025. The Liberal Party, led by Mark Carney, won 169 of the 343 seats in the House of Commons, with close to 44% of the vote, and formed a minority government three seats short of a majority. Pierre Poilievre’s Conservatives won 144 seats and 41% of the vote, but their leader lost the seat he had held for two decades.
An unexpected comeback
At the start of the year the Liberals trailed far behind in the polls. Justin Trudeau’s resignation, Carney’s arrival in March and, above all, Donald Trump’s offensive, with tariffs on Canadian goods and talk of making Canada the “51st state”, changed the campaign: the question became who could best stand up to Washington.
Carney, an economist, was governor of the Bank of Canada during the 2008 financial crisis and of the Bank of England during Brexit. He promised to diversify Canada’s trade, strengthen defence and negotiate firmly with the United States, the destination of around three-quarters of its exports.
Why it matters
Canada is a G7 member and one of America’s largest trading partners. Its response to the tariffs, with measured retaliation and a search for new markets in Europe and Asia, became a reference for other countries. For the European Union, which has had a trade agreement with Canada since 2017, CETA, the new government opened the door to closer ties in energy, critical minerals and defence.
For Spanish companies present in Canada, in sectors such as infrastructure, renewable energy or banking, political stability and Canada’s trade diversification are an opportunity. Ask your adviser whether your sector could benefit.
Threats from abroad can change an election more than any campaign.
This article is general information. It is not legal, tax or investment advice, and it does not take anyone’s particular circumstances into account.
