Can't be best option for election: Justin Trudeau announces resignation as Canadian prime minister

Ottawa, Canada: In a pivotal development, Justin Trudeau announced his resignation as the leader of the Liberal Party of Canada, effectively marking the end of his nine-year tenure as Prime Minister. The decision follows mounting discontent within his party and increasing public criticism. Speaking outside his residence at Rideau Cottage in Ottawa, Trudeau confirmed his intent to step down once a successor is appointed.

"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 my successor is appointed," Trudeau stated during a press conference. He added, "I hereby prorogue the Parliament until March 24 to initiate the process of finding a new leader to lead the party and Canada until elections scheduled for later this year."

Canada's legislature allows the ruling party 90 days from a leader's resignation to appoint a replacement. Trudeau is expected to remain as Prime Minister on a temporary basis until the new leader is selected, a process that could take days or even months.

Trudeau’s decision comes amidst falling support for the Liberal Party, with recent polls indicating a significant surge for the opposition Conservative Party ahead of elections later this year. His leadership has faced criticism for Canada's economic struggles, including stagnant GDP growth, high inflation, and strained trade relations.

Earlier, Trudeau narrowly survived a vote of no-confidence after losing support from a key ally. The situation worsened when his finance minister resigned in December over policy disagreements.

Trudeau’s resignation has already impacted the Canadian dollar, which saw an appreciation after weeks of decline. However, Canada's geopolitical challenges, including potential tariffs from Donald Trump, continue to loom large.