OTTAWA -- The ruling Liberal Party of Canada announced Sunday that former Bank of Canada Governor Mark Carney will take over as the party's new leader.

Carney is set to succeed Justin Trudeau as prime minister and form a new government.

After maintaining frontrunner status throughout the two-month race, Carney got 131,674 votes, or 85.9 percent of the support from his party.

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 United States and minimize the effects on Canada.