trudeau blackface
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As expected, Canada's Prime Minister Justin Trudeau is resigning after more than nine years leading Canada, amid a collapse in approval ratings and a rebellion within his political party.

Trudeau, 53, currently the longest-serving leader of any G-7 country, announced Monday he plans to step down as head of the governing Liberal Party. He will remain as prime minister until a new leader is selected, and parliament has been suspended until March 24 while that process is underway.

The winner of the Liberal leadership contest is set to become Canada's 24th prime minister and will have to quickly prepare for an election, which the Conservative Party is the clear favorite to win, according to public opinion polls.

A national vote is due by October, but it's likely it will come sooner. The three major opposition parties in parliament have said they will back a motion of non-confidence in the government. If they follow through on that threat, they would bring down the government, and an election campaign would begin.

As Bloomberg notes, Trudeau's political future has been shaky for months, as he proved unable to reverse a slide in his party's fortunes that accelerated after an inflation shock, and the resulting jump in interest rates, took a toll on Canadian households. His departure makes him the latest leader of an advanced economy to lose his grip on power. US President Joe Biden was forced to drop his run for reelection, Rishi Sunak's party suffered a humbling defeat in the UK's general election, while German Chancellor Olaf Scholz appears set to lose a forthcoming vote.

For Trudeau, the fatal blow was administered by Chrystia Freeland, his longtime deputy prime minister and finance minister. Once one of his closest allies, she stunned the nation on Dec. 16 by publishing a stinging resignation letter that indirectly criticized him for "costly political gimmicks" at a time when Canada is preparing for a possible trade war with the US.

Freeland's exit ignited already smoldering discontent across Trudeau's party. Dozens of elected members of his own caucus publicly and privately pressed for him to go in the face of dreadful polls.

Trudeau's departure is great news for long-suffering Canada according to Polymarket, which now sees a 92% chance of Pierre Poilievre becoming the next prime minister.