TORONTO — Chrystia Freeland, who recently stepped down from her role as finance minister, announced her intention to run for leadership of the Liberal Party and aims to become the next prime minister of Canada.
On Friday, Freeland shared her plans through a statement on social media, revealing that she will officially kick off her campaign this Sunday.
In an accompanying opinion piece, she suggested economic countermeasures if U.S. President-elect Donald Trump implements his proposed tariffs on Canadian goods.
“Should President Trump enact 25 percent tariffs, we must retaliate dollar-for-dollar with a careful and painful strategy,” Freeland asserted in her article.
Freeland warned specific sectors, including Florida citrus growers, Michigan dishwasher producers, and Wisconsin dairy farmers, to prepare for the repercussions.
She emphasized Canada’s importance as the largest export market for the U.S., exceeding the combined markets of China, Japan, the U.K., and France.
“If it comes to that, our response could unleash the most significant economic impact the U.S. has ever faced,” she pointed out.
Her resignation from Trudeau’s Cabinet on December 16 shocked the nation and prompted discussions about the future of Trudeau’s leadership amid increasing unpopularity.
Following her departure, Trudeau announced on January 6 that he would step down, although he will continue as prime minister until a new leader for the Liberal Party is elected on March 9.
Freeland is now among the top contenders for the party’s leadership, alongside former Bank of England Governor Mark Carney.
Interestingly, the person who takes on this role may serve a notably short term as prime minister if all three opposition parties succeed in a no-confidence motion against the Liberals’ minority government when Parliament reconvenes on March 24.
With a potential election on the horizon this spring, recent polling has not favored the Liberals, showing a significant deficit against the opposition Conservatives.
Trudeau’s resignation followed a marked decline in support both from within his party and the general public.
This political turmoil arises amid turbulent times for Canada as Trump has repeatedly derided the country and mentioned implementing 25% tariffs on all Canadian imports.
Despite expressing confidence in Freeland’s capabilities, Trudeau had previously communicated to her that he no longer wanted her in the finance minister role. Nevertheless, he offered her a position as deputy prime minister, tasked with overseeing U.S.-Canada relations.
Freeland decided to resign shortly after, penning a harsh critique of the government’s economic policies, which some considered a decisive moment for Trudeau’s leadership.
Trudeau acknowledged Freeland’s commitment over nearly ten years, highlighting her as a crucial political ally.
Sources close to Freeland indicated that her resignation stemmed from a perceived loss of confidence from the prime minister.
Following the resignation, Trump referred to Freeland in unflattering terms, suggesting that she posed barriers to reaching amicable agreements.
There were notable disagreements between Freeland and Trudeau concerning various fiscal policies, such as the proposed sales tax holiday and individual checks to citizens.
Freeland, also serving as deputy prime minister, criticized these initiatives as financially imprudent given the country’s budgetary constraints.
Freeland has faced her own share of scrutiny regarding Canada’s increasing deficits, especially during her tenure as finance minister.
To compound matters, the Liberal government’s reputation has suffered due to rising food and housing prices, along with high immigration rates, contributing to widespread discontent among voters.
In her resignation letter, Freeland articulated the urgent need to prepare the country for potential economic challenges ahead, emphasizing the necessity of maintaining fiscal reserves for any forthcoming trade disputes.
Her background—being a liberal Canadian with a journalism history—may not sit well with Trump, especially considering her robust support for Ukraine amid its conflict with Russia.
Freeland has been a vocal critic of Russian President Vladimir Putin, who barred her entry into Russia in response to Western sanctions.
At 56 years old, she is an accomplished scholar with a Harvard education and is fluent in five languages, holding a network of influential connections worldwide.
Freeland’s entry into politics was encouraged by Trudeau when his party held a third-party status in Parliament back in 2013, following a notable career at Reuters that had seen its highs and lows.
Starting in her 20s as the Financial Times’ Moscow bureau chief during the Soviet Union’s collapse, she has held various prominent journalism positions.
Freeland also gained visibility through her appearances on well-known talk shows, including those hosted by Fareed Zakaria, thus establishing a public persona that extends beyond politics.
