Former Finance Minister Chrystia Freeland Announces Bid to Succeed Trudeau as Canada’s Prime Minister #CanadaFinance

Chrystia Freeland, who resigned as Canada’s finance minister last month, announced her bid to lead the Liberal Party and become Canada’s next prime minister.

Freeland, a former journalist and longtime ally of outgoing Prime Minister Justin Trudeau, declared her candidacy on Friday in a post on X and promised to officially launch her campaign on Sunday.

Freeland also published an opinion piece in the Toronto Star, calling for strong economic retaliation if US President-elect Donald Trump imposes tariffs on Canadian goods.

“If President Trump imposes 25 per cent tariffs, our counterpunch must be dollar-for-dollar — and it must be precisely and painfully targeted,” Freeland wrote, warning US industries like Florida’s orange growers and Wisconsin’s dairy farmers to prepare for consequences.

Her resignation on December 16 and subsequent criticism of Trudeau’s economic policies led to the prime minister’s decision to step down. Trudeau will remain in office until the Liberal Party selects a new leader on March 9. However, with opposition parties vowing to topple the Liberal minority government in a no-confidence vote, the next Liberal leader may face an immediate election.

Freeland is seen as a front-runner in the race, alongside Mark Carney, the former governor of the Bank of England. Yet, the Liberals face significant challenges, as recent polls show them trailing the Conservatives 47% to 20%.

Freeland’s candidacy comes as Canada braces for economic uncertainty. Trump has repeatedly belittled Canada, referring to it as “the 51st state,” and has threatened sweeping tariffs on Canadian products.

Freeland, who was Canada’s lead negotiator during the renegotiation of the US-Mexico-Canada Agreement (USMCA), has remained a vocal critic of Trump’s trade policies.

Freeland resigned after Trudeau suggested she stay on as deputy prime minister and the government’s US liaison, despite losing confidence in her as finance minister.

In her resignation letter, Freeland criticised Trudeau’s policies, including a sales tax holiday and direct payments to citizens, which she called “costly political gimmicks.”

Her tenure as finance minister was marked by criticism over Canada’s rising deficits, surging costs of living, and growing immigration. In her resignation, Freeland wrote,

“Our country is facing a grave challenge. That means keeping our fiscal powder dry today, so we have the reserves we may need for a coming tariff war.”

Trump, reacting to Freeland’s departure, described her as “totally toxic” and unsuitable for negotiating. Freeland’s firm stance during trade talks and her staunch support for Ukraine during its war with Russia have earned her international recognition but also criticism from adversaries like Russian President Vladimir Putin, who banned her from Russia in 2014.

Freeland, 56, is a Harvard graduate, Rhodes Scholar, and polyglot who previously worked as a journalist for outlets including the Financial Times and Globe and Mail. Trudeau personally recruited her to join the Liberal Party in 2013.

As Freeland prepares to campaign, the stakes remain high for the Liberal Party and Canada’s future amid economic turbulence and political uncertainty.

Faridah Abdulkadiri

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