Canadian Prime Minister Justin Trudeau is likely to announce his resignation as leader of the Liberal Party this week, sometime as early as Monday, according to reports.
The Liberal Party MPs are holding a caucus meeting on Wednesday, wherein they will elect a new leader for the party, who will become the next Prime Minister, according to a report that appeared in The Globe and Mail.
Trudeau has been under so much pressure since Chrystia Freeland, his finance minister, quit the party last month, after stating differences in opinion on policy matters, including on handling of possible U.S. tariffs. Freeland quitting the Cabinet was a huge blow for Trudeau, whose popularity had nosedived. Her statement on "costly political gimmicks" had triggered speculations that her resignation was aimed at pushing Trudeau out.
The Prime Minister had already been under pressure from his lawmakers to quit with over 20 Liberal members of parliament publicly calling for his departure. Trudeau has long said he plans to stay on as leader but has been keeping away from press and the public for the last few days.
However, the report has brought some cheer to the otherwise gloomy economy, with the Canadian currency gaining 0.4% to C$1.4388 per dollar for the first time in five sessions.
