Canadian Finance Minister Dominic LeBlanc has decided not to run for leadership of the Liberal Party, saying he needs to focus on countering the threat of tariffs from Donald Trump’s administration.

The front runners for the Liberal leadership are former central banker Mark Carney and ex-Finance Minster Chrystia Freeland, whose abrupt resignation last month forced Trudeau's exit.

The federal Liberals will announce a new leader on March 9, the party announced late Thursday, giving potential candidates just two weeks to decide to run and potential voters less than three weeks to join the party in order to vote.

Toronto – Canada's governing Liberal Party will announce the country's next prime minister on March 9 after a leadership vote that follows the resignation of Justin Trudeau this week, party leaders said late Thursday. Trudeau remains prime minister until a new leader is chosen.