Former central banker Mark Carney is poised to announce that he’s jumping into the race to succeed Justin Trudeau as leader of the Liberal Party and Canadian prime minister.

Canada's ruling Liberal Party is looking for a new leader to replace Prime Minister Justin Trudeau, who announced on Monday he intended to step down. The name of the winner will be released on March 9.

Justin Trudeau has announced he will step down after nine years as Canadian prime minister in the face of a mounting set of crises, but stay in office until a replacement party leader is chosen.

Trudeau announced his resignation after facing an increasing loss of support from both within his party and in the country.

Justin Trudeau, who has led the country for nearly a decade, is giving up leadership of the Liberal party. He said he would remain in both roles until his replacement had been chosen through a party election.

In mid-December, Chrystia Freeland, the deputy prime minister and head of finance, unexpectedly resigned citing disagreements over the handling of Trump’s suggested 25 percent tariffs on the country – an issue that could damage the economy of both countries.

Canadian Foreign Affairs Minister Melanie Joly said she won’t enter the leadership race to succeed Justin Trudeau as prime minister.

Canadian Foreign Minister Melanie Joly on Friday announced she would not run in the race to replace Prime Minister Justin Trudeau, saying she wanted to focus on the threat posed by potential U.S. tariffs.