Canadian Prime Minister Justin Trudeau announced his resignation on Monday after nine years in office. Trudeau, 53, is stepping down as both Prime Minister and leader of the ruling Liberal Party, marking the end of his tenure that began in November 2015.
In a press conference held at 10:45 a.m. (1545 GMT), Trudeau confirmed his decision, citing the need for new leadership as the party prepares for the next federal election. He expressed gratitude to Canadians for their support over the years and pledged to assist with a smooth transition.
"This has been the honor of my life, but it is time for a new leader to guide our party and our country forward," Trudeau said.
The Liberal Party will now begin the process of selecting a new leader, which could take several months. Deputy Prime Minister and Minister of Finance Chrystia Freeland is seen as a potential candidate, despite her recent resignation from the cabinet following disagreements with Trudeau.
Trudeau’s decision comes amid declining popularity, with polls showing the Liberals facing a significant defeat against the opposition Conservatives in the upcoming election, scheduled no later than October 2025. Public frustration over high living costs, a housing shortage, and economic challenges have eroded his once-strong support base.
Trudeau’s resignation also comes as opposition parties hint at proposing a no-confidence motion as early as March. If successful, this could trigger an early election before the Liberal leadership race concludes.
Conservative leader Pierre Poilievre, a prominent figure since 2022, has been gaining traction, particularly after his support for truckers protesting COVID-19 mandates in Ottawa. Polls indicate the Conservatives are poised to win the next election decisively.
The Canadian dollar showed resilience amid the political developments, strengthening by 0.8% to 1.4325 against the U.S. dollar, reaching its highest intraday level since December 17. Analysts attributed this to increased prospects for political clarity and a stable transition.
Trudeau’s legacy includes championing progressive policies, fostering international relationships, and navigating Canada through the COVID-19 pandemic. However, his tenure was also marked by challenges, including controversies, internal party dissent, and economic headwinds.
As Trudeau steps aside, Canada embarks on a new chapter, with the future of its leadership and political landscape hanging in the balance.
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