Canadian Prime Minister Justin Trudeau announces his resignation

Canada’s Justin Trudeau said on Monday he will step down from the ruling Liberal Party but will remain as prime minister until a new leader is selected before a general election in late October.

“I intend to resign as party leader, as prime minister, after the party selects its next leader through a robust nationwide, competitive process,” he said during a press conference on Monday. “Last night, I asked the president of the Liberal Party to start that process. This country deserves a real choice in the next election, and it has become clear to me that if I have to fight an internal battle, I will not Could be the best option in that election.”

He said the Canadian Parliament would be adjourned until March 24, when a vote of confidence would be held.

Trudeau said, “Parliament has been completely shut down over the last few months by obstruction and chaos and lack of productivity. We are the longest-serving minority government in history right now, and it’s time to reset. “

The domestic press had reported that he was expected to announce his resignation ahead of a major national caucus meeting on Wednesday. Canadian stocks were slightly higher after the news. The S&P TSX index was up 0.1%, and the Canadian dollar rose 0.5% against its US counterpart to 1.4373. iShares MSCI Canada The ETF (EWC) rose 0.5%.

Canada’s latest political crisis was sparked by the sudden departure of Trudeau’s former aide and deputy finance minister, Chrystia Freeland, who resigned in December, citing differences over Ottawa’s response to potential US trade nationalism over the next four years under the president-elect. Had given. Donald TrumpThe incoming administration.

Dominique Leblanc has since been appointed as his successor and head of the Finance Ministerial position.

Trudeau, 53, who took office in 2015 and won re-election twice, saw his popularity with voters drop to just 19% after Freeland’s departure, according to pollster Abacus data. Found on 17th DecemberOn 30 December, Angus Reid declared and assessed “a tough year for the federal Liberals”. Only 16% popular support For the party – this is the weakest level since the institute started tracking in 2014. After Trudeau’s resignation, the successor has only a few months left to prepare his election campaign.

The opposition Conservative Party now enjoys a lead of more than 20% ahead of the general election – and its firebrand leader, Pierre Poilievre, has been hailed as a Trump ally. Elon Muskwhich recently praised His “great interview.”

Despite growing calls for his resignation, Trudeau had objected to the move since mid-December and the Liberal Party has no mechanism to oust its leader without consent.

In a fresh blow to Trudeau, Jagmeet Singh, leader of the ally leftist New Democratic Party, announced on Dec. 20 in an open letter Intending to table a motion to topple Trudeau’s government, paving the way for an election.

“Justin Trudeau has failed in the most important job of a prime minister: working for the people, not the powerful,” Singh said, according to a CNBC translation. “Justin Trudeau’s Liberals have made many beautiful promises. Yet they have let people down again and again.”

Trudeau has recently presided over the Canadian economy, which has kept inflation just below the 2% target. in NovemberBut remains plagued with household debt, rising unemploymentThe Worst Productivity Performance Widespread demonstrations in 2023 at the OECD and in the US – where Trump has already teased the possibility of both, while giving importance to “Governor” Trudeau. 25% tariff And Abduction of state,

Differences over Canada’s response to Trump’s “aggressive economic nationalism” ultimately led Freeland to split from Trudeau last month.

“We need to take that threat very seriously,” he warned. in his resignation letterEmphasized the “serious challenges presented by the United States” and urged pushing back against “‘America First'” economic nationalism with a determined effort to fight for capital and investment and the jobs they bring.

, CNBC’s Fred Imbert contributed to this report.