Canada’s Foreign Affairs Minister Melanie Joly says “there is still hope” that incoming U.S.-president elect Donald Trump backtracks on his threat to impose tariffs, but Canadians “have to be ready.” Joly is in Washington,

Former Bank of Canada governor Mark Carney is expected to formally announce his bid to replace Prime Minister Justin Trudeau late next week, a source close to his campaign told CBC News.

Americans will be hit by a "Trump tariffs tax" if the US president-elect increases customs duties on Canadian products.

After Trudeau's resignation on Monday, these are the top five contendors who are in race to succeed him as the Canadian Prime Minister.

Canadian Foreign Minister Melanie Joly on Friday announced she would not run in the race to replace Prime Minister Justin Trudeau, saying she wanted to focus on the threat posed by potential U.S. tariffs.

Foreign Minister Melanie Joly will not run for Liberal leadership. Up to now, Joly was widely considered a potential successor to Prime Minister Justin Trudeau, who recently announced he would resign as leader of the Liberal party.

He was tapped by the prime minister to chair a task force on economic growth last September, after being heavily courted to join the Liberal team. Carney was then rumoured to be joining Trudeau’s cabinet as finance minister, replacing Chrystia Freeland. But Freeland resigned, sparking a political crisis, and Carney did not end up in cabinet.

Justin Trudeau resigned as the leader of his Liberal Party of Canada effectively ending his nine-year tenure as Canada's Prime Minister too. He now remains caretaker prime minister till his successor is chosen.

Canadian PM Justin Trudeau is expected to resign, sparking speculation about his successor. Potential candidates include Dominic LeBlanc, Chrystia Freeland, and Mélanie Joly.