Canadian Prime Minister Justin Trudeau has declared his intention to step down within the week, facilitating a swift transition to his successor as leader of the ruling Liberal Party. During a recent press event in Kanata, Ontario, Trudeau confirmed he would not serve as a caretaker prime minister, stating, "I look forward to the transition to my duly elected successor in the coming days or week."

The Liberal Party is poised to select its new leader on Sunday, with former central banker Mark Carney anticipated to prevail over former Deputy Prime Minister Chrystia Freeland. The incoming leader is expected to be sworn in as prime minister by the end of next week.

Trudeau's announcement coincides with escalating trade tensions with former U.S. President Donald Trump, who recently insinuated that Trudeau might exploit the tariff dispute to seek re-election. Trump commented on Truth Social, suggesting Trudeau is "using the tariff problem, which he largely caused, in order to run again for prime minister."

Reflecting on his tenure since 2015, Trudeau acknowledged the myriad challenges faced, including managing Trump's initial term, the COVID-19 pandemic, Russia's invasion of Ukraine, and ongoing Middle East crises. He remarked, "These years were full of challenges."

As he prepares to exit, Trudeau is also addressing a trade dispute with Trump. Although tariffs under the Canada-US-Mexico Agreement (CUSMA) were not imposed on Thursday, Trudeau affirmed that Ottawa would maintain CA$30 billion (approximately US$20.98 billion) in retaliatory levies announced earlier. A subsequent phase of retaliatory tariffs, totaling an additional CA$125 billion (US$87.41 billion) on U.S. imports, is on hold until April 2, pending Washington's reciprocal measures. Navigating this complex economic landscape will be among the immediate challenges for Trudeau's successor.