Mark Carney’s Liberal Party has claimed victory in Canada’s federal election, completing a dramatic political comeback fueled by U.S. President Donald Trump’s recent threats to annex Canada and escalate a trade war.

As polls closed, the Liberals were projected to win the largest number of seats in the 343-member House of Commons, surpassing Pierre Poilievre’s Conservative Party. It remained unclear whether the Liberals had secured an outright majority or would need to form a coalition with smaller parties.

In a fiery victory speech in Ottawa, Carney declared: “President Trump is trying to break us so that America can own us — that will never, ever happen.” His comments reflected a surge in nationalist sentiment across Canada after Trump floated the idea of Canada becoming the 51st U.S. state and imposed aggressive tariffs on Canadian goods.

The unexpected U.S. aggression helped reverse what had been a grim outlook for the Liberals just weeks earlier. Carney’s party, trailing by double digits before former Prime Minister Justin Trudeau’s resignation, surged in the polls amid widespread backlash to Trump’s rhetoric and economic threats.

“We are over the shock of the American betrayal, but we should never forget the lessons,” Carney said. “America wants our land, our water, our resources. We must recognise the reality that our world has fundamentally changed.”

In a stinging personal defeat, Conservative leader Pierre Poilievre — who had echoed Trump’s rhetoric during the campaign — lost his own Carleton riding to Liberal challenger Bruce Fanjoy. Poilievre had branded himself “Canada’s anti-woke prime minister” and attempted to make the vote a referendum on Trudeau, whose popularity had waned amid inflation and housing concerns.

Carney, a former Bank of Canada and Bank of England governor, assumed Liberal leadership earlier this year following Trudeau’s departure. He has pledged to take a tougher stance with Washington, reduce Canada’s economic reliance on the U.S., and support domestic industries facing trade barriers.

“We can give ourselves far more than the Americans can ever take away,” he said. “The coming days and months will be challenging and will require some sacrifices, but we will share those sacrifices by supporting our workers and our businesses.”

If the Liberals fall short of a majority, Carney will face the challenge of forming a minority government — a scenario that, in Canada’s political landscape, often results in shorter-term administrations lasting less than three years.

Still, Carney struck a defiant tone on election night: “We will fight back with everything we have to get the best deal for Canada.”