Canadian Finance Minister Dominic LeBlanc rejected a bid for Liberal Party leadership on Wednesday, days after Prime Minister Justin Trudeau’s decision to step down.

Trudeau announced on Monday that he would leave his position once the party selects a new leader. LeBlanc, a seasoned parliamentarian and recently installed finance minister, had emerged as a potential frontrunner.

Jamie Gillies, coordinator of St. Thomas University’s Communications and Public Policy program, suggested LeBlanc’s recent appointment as finance minister was strategically timed to handle negotiations with the incoming US administration.

“Dominic LeBlanc is one of the most effective parliamentarians in the Liberal Party,” Gillies told CTV News, noting LeBlanc’s long-standing role as a behind-the-scenes power broker.

His decision not to be a candidate comes as the Liberal Party faces challenging poll numbers and the prospect of finding a new leader to compete against Conservative opposition leader Pierre Poilievre in the next election.

Political observers suggest the next party leader could face a similar fate to former Prime Ministers Kim Campbell and John Turner, who led their parties to electoral defeat after taking over from long-serving leaders.

LeBlanc retains his crucial role as finance minister during this period, a position that carries particular weight as Canada prepares for upcoming US negotiations.

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