OTTAWA—Mark Carney took over Friday as Canada’s prime minister, planting a former central banker known for navigating crises in the middle of a trade war with President Trump and likely kicking off a national election.

Editor’s note: This story has been updated to include Mark Carney’s election as leader of the Liberal Party, and thus Canada’s new prime minister.

After Mark Carney won the Liberal leadership in a landslide on March 9, he will officially be named the 24th prime minister in Canadian history on Friday. Canadians are now awaiting announcements when a federal election will be called, widely expected to come in the next few weeks.