Canadian Prime Minister Justin Trudeau has announced he will step back as his political party’s leader and resign as prime minister once officials choose a successor.

In a Jan. 6 press conference, Trudeau said Canada’s Liberal Party would select the next leader “through a robust, nationwide, competitive process.” Reports had suggested that the prime minister intended to announce his resignation amid calls from many members of Parliament to step down.

The resignation announcement came less than a month after Finance Minister and Deputy Prime Minister Chrystia Freeland said she would step down , citing differences of opinion with Trudeau over how to handle potential tariffs that United States President-elect Donald Trump has threatened to impose on Canada.

Prior to the Jan. 6 press conference, the odds of Trudeau resigning on cryptocurrency betting platform Polymarket steadily increased , with users betting he intended to step down by the end of the day.

Related: Trudeau announces $1.8B package to boost Canada’s AI sector

Activity on Polymarket surged in 2024 as many customers used the platform for political bets, including possible outcomes in the US election and Trump’s cabinet picks. Though the political bets were only available for users outside the US, many pointed out that a few whales pouring millions of dollars into Polymarket could influence the odds.

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