Amid slumping poll numbers and growing political pressure, Canadian Prime Minister Justin Trudeau has resigned.
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Trudeau said that he will officially step down as leader of Canada’s ruling Liberal Party once a new leader is selected in coming months. “I cannot be the one to carry the liberal standard into the next election,” said a teary Trudeau during a news conference.
He added that Canada’s Parliament will remain in recess until March while the Liberal Party selects a new leader. Canadian stocks rose slightly on news of Trudeau’s resignation, with the Toronto Stock Exchange gaining 0.1% and the Canadian dollar increasing 0.5% to 1.4373 against the U.S. greenback.
Mounting Pressure
Pressure had been mounting on Trudeau to step aside ahead of national elections in Canada that must be held by October of this year. Trudeau suffered a blow in December when his Finance Minister, Chrystia Freeland, resigned over differences about Canada’s response to potential U.S. trade tariffs.
Trudeau, age 53, has also suffered a decline in the polls. The latest Angus Reid poll from December 30 found that Trudeau’s ruling Liberal government has the support of only 16% of decided voters in Canada. The opposition Conservative Party has opened a 20% lead in the polls heading into the next election.
Justin Trudeau has been Prime Minister of Canada since 2015.
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