Published on: December 16, 2024, 04:25h.
Last updated on: December 16, 2024, 04:36h.
Reports suggest that Prime Minister of Canada, Justin Trudeau, is evaluating his position as the leader of the party following a series of events that led to the sudden resignation of the finance minister due to a disagreement over a cabinet reshuffle.
Eventful Day in Canadian Politics
Early today, it was revealed that Chrystia Freeland decided to step down on the same day when a crucial government economic statement was set to be released, after Trudeau informed her on Friday that he no longer wished for her to continue as finance minister and offered her a different cabinet role. Freeland publicly announced her resignation today through X.
“After careful consideration, I have come to the conclusion that the most honest and viable course of action for me is to resign from the Cabinet,” she stated. “To effectively represent the Prime Minister, a Minister must have his full confidence. By making your decision, it became clear that I no longer have that credibility and authority. For the past few weeks, you and I have disagreed on the best course of action for Canada.
Our country is currently facing a serious challenge. The incoming U.S. administration is pursuing a policy of aggressive economic nationalism, which includes the threat of imposing 25% tariffs.”
Threat of U.S. Tariffs
In her resignation statement on X, Freeland criticized Trudeau’s “expensive political maneuvers”. Recent weeks have witnessed a series of exchanges between incoming U.S. president Donald Trump and Canada’s national and provincial leaders, with Trump’s tweets in late November hinting at imposing a 25% tariff on all Canadian (and Mexican) goods once his new government assumes office in January, if these countries do not take action against drug trafficking, specifically fentanyl, and illegal border crossings.
Trudeau made an unexpected visit to Trump’s residence in Mar-a-Lago, Florida, on Nov. 29 to address the tariff threat. Trump later suggested in social media posts that Canada might be better off as the 51st U.S. state with Trudeau serving as its governor. Last week, Trudeau convened a meeting with provincial premiers to discuss the situation, with Ontario Premier Doug Ford even suggesting retaliatory measures such as halting energy exports.
Polls: Conservatives Aim for Majority
Freeland’s resignation marked the beginning of a tumultuous day in Canadian politics, with reports of unrest within the Liberal Party and calls for Trudeau’s resignation. Dominic LeBlanc was appointed as finance minister later in the day. Housing minister Sean Fraser also announced his resignation today, amidst speculations that Trudeau’s cabinet reshuffle was not well-received within the party.
Trudeau’s Liberal Party is significantly behind in the polls, with projections indicating that the Conservative Party under Pierre Poilievre could secure a substantial majority (up to 233 seats according to CBC). Conservative support stands at around 43%, while the Liberals, currently holding a minority government, backed by a deal with the NDP, are polling at approximately 21%. Recent polls suggest that the Liberals might come in fourth place if an election were held today. NDP leader Jagmeet Singh stated today that all options are being considered when asked about withdrawing support for the Liberal government.
Canadian Election Betting Markets
Trudeau’s approval rating in Canada is currently at a low of 28%.
The economic statement released today aimed to reverse the polling trend. House leader Karina Gould presented the statement in Freeland’s absence, outlining a $1.3 billion plan for a border security package over six years. The specifics of how this fund will be utilized were not detailed. This forms part of the government’s strategy to address the threat from the U.S.
Several sportsbooks have opened betting markets for the upcoming Canadian election scheduled for Oct. 20, 2025, unless a non-confidence vote brings down the Liberal minority government. FanDuel currently lists the Conservatives at -1000, followed by the Liberals at +1900, the NDP at +6000, and “any other party” at +10000. BetVictor shows the Conservatives at -1000, Liberals at +500, NDP at +3500, Bloc Quebecois at +10000, and the Green Party at +50000. BetMGM offers odds of -2000 for the Conservatives, +800 for the Liberals, +2500 for the NDP, +5000 for the Bloc Quebecois, and +20000 for the Green Party.