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Prime Minister Mark Carney's Liberal Party won Canada's federal election on Monday, capping a stunning turnaround in fortunes fuelled by US President Donald Trump's annexation threats and trade war.

The Canadian Broadcasting Corporation, the national public broadcaster, said the Liberals will win more of Parliament's 343 seats than the Conservatives. It wasn't clear yet if the Liberals will win an outright majority, which would allow them to pass legislation without needing help.

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. 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 opposition Conservative Party's leader, Pierre Poilievre, hoped to make the election a referendum on former Prime Minister Justin Trudeau, whose popularity declined toward the end of his decade in power as food and housing prices rose.

But Trump attacked, Trudeau resigned and Carney, a two-time central banker, became the Liberal Party's leader and prime minister.

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