Frontrunners include Chrystia Freeland and Mark Carney, who are making the case they can guide Canada through domestic and international issues. At the top of the list: mounting trade tensions with the United States.

After months of speculation and anti-incumbency, Canada's Liberal Party will announce its new leader today, replacing Canadian Prime Minister Justin Trudeau, who will lead the party in the general elections scheduled later this year.

The episode has not only given Trudeau a bump in support, but it’s delivered a potential lifeline to his flailing Liberal Party ahead of the expected election. It’s also a boon for his successor, Mark Carney, who was elected Liberal leader on Sunday and will soon take the prime minister’s office, at least briefly.