Justin Trudeau, Facing Dissent Within His Party, Announces Resignation As PM

Justin Trudeau resigned today as the leader of his Liberal Party of Canada effectively ending his nine-year tenure as Canada's Prime Minister too. The move comes amid rising dissent against him within his party. He held a press conference today outside his residence at Rideau Cottage in Ottawa.

"I have informed my party and the Governor that I intend to resign as leader of the party as well as prime minister of Canada, and will do so as soon as the my successor is appointed," Mr Trudeau said.

"I hereby prorogue the Parliament until March 24 in order to initiate the process of finding a new leader to lead the party and Canada until elections scheduled for later this year," he added.

According to Canada's legislature, in such a case, the ruling party gets 90 days from the date of resignation of its leader to find a replacement.

Justin Trudeau has been facing immense pressure from his party colleagues as latest opinion polls show an overwhelming surge in support for the opposition Conservative Party. Canada will go to polls later this year and must have a new government in place before October 20.

Mr Trudeau is likely to continue as PM temporarily till a successor is chosen. This could take as little as a few days and may even extend to a few months. Canada's internal politics as well as the country's geopolitical standing has taken a severe and damaging blow under Mr Trudeau's leadership.

A few months ago, Justin Trudeau lost the support of his key ally leading to a vote of no-confidence against the prime minister in Parliament. Somehow managing to garner the fragile support of other small parties to form a coalition, Mr Trudeau's government survived, but the prime minister came under increased pressure after his finance minister quit in December over a policy clash.

The Canadian dollar, which had been on a downward spiral since September and was at a new-low, has appreciated since Trudeau decided to step down as leader of the Liberal party and in-turn the prime minister.

Canada's economy, which is already facing problems like slowing growth, high inflation, a stagnant GDP, and crumbling trade policies, is now also facing an existential crisis with Donald Trump threatening massive tariffs.