Mark Carney's Liberal Party has won the election in Canada - capping a stunning comeback 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. In a victory speech in Ottawa, 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: Mark Carney hugs his wife Diana Fox Carney during election night. Pic: Reuters Image: Mr Carney on stage after winning the election. Pic: Reuters The Liberals looked to be heading for a crushing defeat until the US 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. "We are over the shock of the American betrayal, but we should never forget the lessons," Mr Carney said in his victory speech. Read more: Who is Mark Carney? Is Trump following right-wing 'playbook' Project 2025? 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." Mark Carney styled himself as the man to take on Trump - but another challenge looms James Matthews US correspondent @jamesmatthewsky Mark Carney styled himself as the man to take on Trump - Canadians took him at his word. The polls had long shown that he was the finance man trusted to take the fight to the nemesis next door. Canadians confirmed it. He had been belligerent in his dealings with President Trump and he carried it on to the victory stage when he addressed supporters inside an Ottawa ice arena. He spoke of a "hinge moment of history", "American betrayal" and said "President Trump is trying to break us so he can own us". It was "Canada strong" rhetoric that was threaded through his election campaign and reflects a new politics moulded by the new president across the border. In winning this election, Carney is the political rookie who has pulled off an astonishing political comeback. His Liberal Party was 25 points behind in the polls - turning that round signifies the biggest reversal in modern politics. Carney's liberals, once written off, have now written history. Read the full analysis 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.