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 prominent central banker and investor was chosen in a crucial leadership race amid threats from President Trump. He is expected to quickly call a federal election.