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

Mark Carney, the former governor of the Bank of Canada, was overwhelmingly elected the leader of the Liberal Party and the Great White North's next prime minister on Sunday.

Carney, a political novice, will take over at a tumultuous time in Canada, which is in the midst of a trade war with longtime ally the United States and must hold a general election soon.