Mark Carney's Liberal Party has won the election in Canada - capping a stunning turnaround in fortunes fuelled by Donald Trump's annexation threats and trade war. After polls closed, the Liberals were projected to win more of parliament's 343 seats than the Conservative Party. However it was not immediately clear if they would win an outright majority or would need to rely on one or more smaller parties to form a government and pass legislation. Speaking after the result, Mr Carney said: "President Trump is trying to break us so that America can own us - that will never, ever happen." "We will fight back with everything we have to get the best deal for Canada." Image: Canada's PM Mark Carney on election night. Pic: Reuters The Liberals looked headed for a crushing defeat until the American president started attacking Canada's economy and threatening its sovereignty, suggesting it should become the 51st state. Mr Trump's actions infuriated Canadians and stoked a surge in nationalism that helped the Liberals flip the election narrative and win a fourth-straight term in power. The Conservative Party's leader, Pierre Poilievre, hoped to make the election a referendum on former prime minister Justin Trudeau, whose popularity declined towards the end of his decade in power as food and housing prices rose. Mr Carney took over as prime minister after Mr Trudeau stepped down earlier this year. Image: Conservative leader Pierre Poilievre. Pic: Reuters The election initially appeared to be a clear-cut race for the opposition Conservatives, who were enjoying a double-digit lead over the Liberals before Mr Trudeau resigned, and an intervention by Mr Trump led to a surge in support for Mr Carney's party. "America wants our land, our water, our resources," he said after the result. "[...] We must recognise the reality that our world has fundamentally changed." Mr Trump has repeatedly called for Canada to become the 51st US state since he was elected president for a second time and has imposed sweeping tariffs on Canada. Please use Chrome browser for a more accessible video player 1:02 Trump on why he wants Canada to be 51st state Mr Carney has vowed to take a tougher approach with Washington over its tariffs and has said Canada will need to spend billions to reduce its reliance on the US. "We can give ourselves far more than the Americans can ever take away," said Mr Carney on election night. "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." Image: Liberal supporters celebrate after Canadian broadcasters project their party has retained power. Pics: Reuters If Mr Carney's party only captures a minority of the House's 343 seats, he will be forced to negotiate with other parties in order to stay in power. Such minority governments rarely last longer than two-and-a-half years in Canada. Be the first to get Breaking News Install the Sky News app for free Canadians went to the polls after 11 people were killed in a deadly attack at a Vancouver street fair over the weekend that led to the suspension of campaigning for several hours. Police have ruled out terrorism and said the suspect is a local man with a history of mental health issues. Follow The World Listen to The World with Richard Engel and Yalda Hakim every Wednesday Tap to follow Mr Carney previously ran Canada's central bank and later became the first non-Briton to become governor of the Bank of England.