A former banker with no previous political experience, Carney took over as leader of the Liberal Party earlier this year.

His party is now set to form Canada’s next government, marking a historic comeback for a party that seemed on the brink of collapse just a few months ago.

Supporters erupted in cheers at a packed Ottawa sports arena, where the Liberals held their election night celebration, after Canada’s national broadcaster CBC projected a win for Carney shortly after 10:00 p.m. EST.

In his first address to the nation, the 60-year-old Liberal leader didn’t hold back, warning Canadians of a shifting global landscape — and the growing pressure from their powerful southern neighbor.

“Humility is also about recognizing that one of the responsibilities of government is to prepare for the worst, not hope for the best,” Carney told his supporters