What Happened: A report by Reuters, citing Canadian newspaper The Globe and Mail, on Sunday suggests that Trudeau's resignation could come ahead of a pivotal national caucus meeting on Wednesday. The specifics of Trudeau's exit, including whether he will step down immediately or wait for a successor, remain unclear.

Insiders who spoke to The Globe and Mail could not confirm if Finance Minister Dominic LeBlanc would be willing to serve as interim leader and prime minister, particularly if he intends to vie for the leadership.

Trudeau's resignation comes at a crucial juncture for the Liberal Party, which is expected to face a significant loss to the Conservatives in the forthcoming election, due by late October. His exit could prompt calls for an expedited election to establish a government capable of managing the administration of President-elect Donald Trump over the next four years.

Why It Matters: Trudeau's decision to step down comes on the heels of tense discussions with President-elect Donald Trump. In a high-stakes dinner in late November, Trudeau warned Trump about the potential negative impacts of his proposed 25% tariff plan on American and Canadian citizens.

Following the dinner, Trump humorously referred to Trudeau as the "Governor of the Great State of Canada," expressing enthusiasm about future meetings and stating that the results of their talks would be "truly spectacular for all."

This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal