Canadian Prime Minister Justin Trudeau’s decision to step down as party leader has sparked feverish speculation about who will replace him.

Justin Trudeau, aged 53, stepped down on Monday, initiating a competition to determine the next leader of the governing Liberal Party. The Liberals are facing the possibility of losing power to the Conservatives in the upcoming election, which is mandated to take place by late October.

The Canadian political system doesn’t involve the direct election of the prime minister by the public. Instead, the leader is selected by the members of the ruling party in parliament, which currently consists of the left-leaning Liberals.

Trudeau said on Monday he will stay on until his party ‘selects its next leader through a robust nationwide, competitive process.’ 

‘It has become clear to me that if I’m having to fight internal battles, I cannot be the best option’ in the next election, he added. 

Potential candidates to succeed Trudeau range from Chrystia Freeland, who previously served as the finance minister, to Mark Carney, a prominent figure in the banking sector, and Pierre Poilievre, the head of the opposition party, the Conservatives.

The political contest comes as US president-elect Donald Trump returns to the White House, threatening big tariffs on Canada and even suggesting that it could become America’s 51st state.

Trudeau’s departure after nine years’ in office would leave the party without a permanent head at a time when polls show the Liberals will badly lose to the Conservatives in the 2025 election.

A growing number of Liberal parliamentarians, alarmed by a series of gloomy polls, had publicly urged Trudeau to quit.

Canada’s Prime Minister Justin Trudeau and his then-ally Chrystia Freeland

Chrystia Freeland sensationally quit Trudeau’s cabinet last month

The shock resignation has spurred calls for a quick election to put in place a stable government to deal with the incoming Trump administration.

DailyMail.com takes a look at the contenders for Canada’s top job.

Chrystia Freeland

The former Finance Minister and Deputy Prime Minister of Canada was among Truedua’s key political allies until she recently resigned from the cabinet of her embattled and unpopular boss.

She pushed back against Trudeau’s proposals for more spending, accusing him in a letter of ‘political gimmicks’ rather than focusing on what was best for the country of 40 million people.

Freeland, a former journalist, is a huge figure in Canadian politics, and has been hailed as one of the few people who could save the Liberals from a massive looming electoral defeat.

The married mom-of-three from Alberta speaks five languages and studied at Harvard University and the University of Oxford.

Pierre Poilievre

Pierre Poilievre has led the Conservatives since 2022

Poilievre has led the Conservatives since 2022 and is a key candidate to become prime minister if voters boot the Liberals out of office in this year’s election.

He campaigns for more oil and gas production and against Trudeau’s botched immigration policy, which led to hundreds of thousands of arrivals, straining an already overheated housing market.

The Conservatives currently hold a 21-point lead over the Liberals. Online prediction websites give Poilievre even better odds at becoming the country’s leader this year.

Poilievre says he could increase Canada’s exports to the US and strike a ‘great deal’ with Trump, who has vowed to use punishing tariffs on Ottawa as a way to reduce a trade deficit.

Speaking with right-wing Canadian influencer Jordan Peterson this month, Poilievre said he would quickly greenlight new oil refineries, liquefied natural gas plants, nuclear facilities and hydropower schemes.

In the interview, he said Trump ‘negotiates very aggressively, and he likes to win, but in the end, he doesn’t appear to have a problem if his counterparty also wins.’

‘And so I think that we can get a great deal that will make both countries safer, richer, and stronger,’ he added.

Dominic LeBlanc

Dominic LeBlanc, 57, is a close ally of Trudeau and has held a number of key cabinet roles

Seasoned Liberal politician Dominic LeBlanc is a close ally of Trudeau and was brought in as Minister of Finance and Intergovernmental Affairs to replace Freeland, who abruptly resigned last month.

The 57-year-old is a close friend and ally of Trudeau and has been in a number of key cabinet roles since the prime minister swept to power in 2015.

According to reports, Trudeau has already discussed with LeBlanc whether he would be willing to step in as interim leader and prime minister.

But that plan was deemed unworkable if LeBlanc plans to run for the leadership, a source said.

Mark Carney

Thanks to his background in global banking, Carney is seen as an asset for a Canada

Carney, the former Bank of Canada and Bank of England governor, is positioning himself to run in a potential Liberal party leadership battle should Trudeau resign.

He’s long been touted as a potential leader for Canada. In recent days, he’s reportedly fielded dozens of calls to Liberal politicians who view him as a potential replacement for Trudeau.

His background in banking and finance is seen as an asset for a country that could soon be fighting a tariff war with Trump’s America.

The 59-year-old studied at Oxford University and Harvard University and previously worked at Goldman Sachs.

Carney serves in a number of philanthropic and business roles, including as chair of Brookfield Asset Management and Bloomberg Inc.