Canadian FM Dominic LeBlanc shuns Liberal Party leadership bid to counter Trump’s tariff threat, vows to protect economy

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.

LeBlanc said he’s grateful for the expressions of support from Liberal lawmakers and members across the country, but won’t be a candidate in the upcoming race.

“Serving Canadians is an immense privilege — and at a moment when Canada is at a crucial juncture in its relationship with its most important ally and trading partner, the United States, I firmly believe that at this time, the best way for me to serve our country is to direct my full attention to my job,” he said in a statement posted to X.

Prime Minister Justin Trudeau announced Monday he plans to step down as soon as Liberals choose a new leader. Parliament is suspended until March 24 while that process takes place. It’s likely the government will fall on a non-confidence vote soon after that date, which would trigger an election.

LeBlanc’s surprising decision highlights the seriousness of Trump’s tariff threat on Canada, which he repeated on Tuesday with escalating language about using “economic force” to turn the country into the 51st US state.

LeBlanc said he intends to work with his cabinet colleagues, provincial premiers, business leaders and union officials to make the case against the “unjust” use of tariffs by Trump.

“The threat these tariffs pose to our nation’s economic well-being and to the livelihood of a countless number of Canadian families cannot be understated — and as such, it requires nothing less than my full attention,” LeBlanc said.

He said he still plans to run as a Liberal candidate under a new leader. LeBlanc is a veteran member of parliament, having been elected eight times in a New Brunswick district.

LeBlanc had been considered a strong contender for the leadership, given his high-profile position and his experience in speaking with Trump and his aides. He joined Trudeau for a dinner with the president-elect at Mar-a-Lago in November, days after Trump threatened 25% tariffs on Canada and Mexico.

Still, LeBlanc’s close ties with the unpopular Trudeau may have been an issue. The prime minister tapped him to be finance minister after Chrystia Freeland dropped her bombshell resignation letter in December.

Freeland is still a potential candidate for the job, as is Mark Carney, the former governor of the Bank of Canada and the Bank of England and current chair of Bloomberg Inc. Industry Minister Francois-Philippe Champagne, Foreign Affairs Minister Melanie Joly and Natural Resources Minister Jonathan Wilkinson are also thought to be mulling leadership runs.

Liberal lawmakers are meeting in Ottawa on Wednesday to hash out the rules of a leadership race. Concerns have been raised about the loose rules for participation that were used in the last contest, when some who were under 18 and not citizens of Canada were allowed to vote.