Canada's governing Liberal Party will select the country's next prime minister on March 9 following a leadership vote triggered by Justin Trudeau's resignation earlier this week, party officials announced on Thursday, reports AP.

Trudeau will remain in office as prime minister until a new leader is chosen.

Leading contenders for the party's leadership include former central banker Mark Carney and former Finance Minister Chrystia Freeland, whose sudden resignation last month prompted Trudeau's decision to step down.

Who Will Replace Justin Trudeau?

“Following a comprehensive and secure national process, the Liberal Party of Canada will elect a new leader on March 9, ready to compete and win the 2025 election,” stated Sachit Mehra, President of the Liberal Party of Canada.

This political shakeup comes at a challenging time for Canada, as U.S. President-elect Donald Trump has repeatedly referred to Canada as the 51st state and threatened to impose 25% tariffs on Canadian goods.

The next Liberal leader could face a brief tenure as prime minister, as all three opposition parties have vowed to topple the Liberals' minority government through a no-confidence vote once Parliament reconvenes on March 24.

Canadian PM Justin Trudeau resigns in the face of internal, external pressure

Polls indicate the Liberals face slim chances in the upcoming election, with the latest Nanos survey showing the party trailing the opposition Conservatives by a margin of 45% to 23%.

Trudeau, 53, the son of former Prime Minister Pierre Trudeau, announced his resignation on Monday amid dwindling support within his party and across the country. His unpopularity stemmed from various issues, including rising food and housing costs and increasing immigration.

Last month, Trudeau informed Freeland that she would no longer serve as finance minister but could retain her roles as deputy prime minister and the key liaison for U.S.-Canada relations. Freeland resigned soon after, issuing a critical letter about the government, which proved to be the tipping point for Trudeau's leadership.

Freeland has spent the past week consulting with colleagues about the way forward. Following her resignation, Trump referred to her as “totally toxic” and “not at all conducive to making deals.” Freeland had previously led Canada’s negotiations during the renegotiation of the U.S.-Mexico-Canada Agreement (USMCA) in Trump’s first term.

Freeland, who is of Ukrainian descent, has also been a strong supporter of Ukraine in its conflict with Russia—a stance that has likely drawn Trump’s ire. A former journalist and liberal, Freeland represents a mix of qualities that Trump has publicly criticised.

Justin Trudeau likely to resign this week

Mark Carney, on the other hand, boasts an impressive resume. In 2012, he became the first non-British governor of the Bank of England since its founding in 1694. His appointment followed a successful tenure as governor of Canada’s central bank, where he was credited with helping Canada recover swiftly from the 2008 financial crisis. He also played a key role in steering the UK through Brexit.

Although Carney has expressed interest in politics and the prime ministership, he lacks political experience. This week, he acknowledged the widespread support he has received and said he would discuss his decision with his family in the coming days.

The Liberal Party's National Board of Directors released the leadership race rules on Thursday. The entry fee is set at $350,000 Canadian ($243,000), and candidates must declare their intention to run by January 23. Eligible voters must be Canadian citizens or permanent residents.

The Liberals previously amended their membership rules to simplify the registration process for party members, including abolishing fees. However, some Members of Parliament have suggested stricter rules after an inquiry into foreign interference revealed incidents of non-Canadians voting in local nomination races.

“Maintaining the integrity of our democratic process while encouraging broad participation remains a top priority for the Liberal Party of Canada,” the party noted in a statement.