It’s the end of an era.

On Monday, Jan. 6, after nearly a decade in power, Canadian Prime Minister Justin Trudeau announced he would be resigning as prime minister as soon as his Liberal Party names a successor.

Justin Trudeau speaks during a G20 meeting in Brazil in November.

It comes after weeks of pressure to step aside, including from within his own party – Trudeau’s popularity has been steadily waning over the past few years, but the resignation of Finance Minister Chrystia Freeland in December was the final straw. Her decision came after Trudeau informed Freeland she would be replaced as finance minister and offered her another cabinet position, a move Freeland considered a demotion.

In a resignation letter made public, Freeland expressed concern that Trudeau wasn’t taking tariff threats from U.S. President-elect Donald Trump seriously enough, and instead was focusing on initiatives like the end-of-year GST/HST tax break as a primary reason why she was stepping down.

“We need to take [the tariff] threat extremely seriously,” she wrote. “That means keeping our fiscal powder dry today, so we have the reserves we may need for a coming tariff war. That means eschewing costly political gimmicks, which we can ill afford and which make Canadians doubt that we recognize the gravity of the moment.”

Not long after Freeland’s announcement, the New Democrats and Bloc Québécois said they were withdrawing support from the embattled prime minister.

Now, the uncertainty begins. The Liberals will name Trudeau’s successor ahead of the late March reopening of Parliament, which has been prorogued until March 24. Between then and Oct. 20, an election must take place. Currently, the Conservatives, led by populist Pierre Poilievre, lead the Liberals by 20 points.

Several names have been mentioned as possible successors to Trudeau, including Minister of Finance Dominic LeBlanc; Minister of Foreign Affairs Mélanie Joly; Minister of Innovation, Science and Industry François-Philippe Champagne; Former Premier of British Columbia Christy Clark; Former Bank of Canada Governor Mark Carney; and Freeland.

The next prime minister has a host of challenges to contend with, including a cost-of-living crisis and a potential trade spat with the U.S.

Among promo pros in Canada, feelings are mixed. They’re anticipating next steps, including an election this year, but there’s certainly a sense of relief that there will finally be a regime change after nearly a decade of Trudeau at the top.

“No one should be allowed to serve for that length of time,” said Steve Levschuk, president and CEO of London, ON-based Talbot Promo (asi/341500). “I like the idea of term limits similar to the U.S. That being said, I’m happy he’s decided to put the country first and step down. His policies have not been pro-business, in my opinion. His resignation will give Canadian business owners a sense of optimism for the future. In the meantime, however, Parliament is essentially ‘on hold’ until March, so nothing will be done.”

Laura Hansen, president of Vancouver, BC-based Image Group Inc. (asi/230059), is concerned about the change in the face of Trump’s tariff threats. “It could be a rocky start,” she said. “It would have been a smoother transition if Trudeau had resigned a couple of months earlier to give his party more time for a new leader to get established. It’s pretty certain the Conservatives will form the next government, but hopefully a new Liberal leader will breathe life into the party and provide some healthy opposition.”

But exactly when that electoral showdown will take place remains uncertain, and that creates ambiguity for business owners.

“This change couldn’t have come soon enough,” said Mitch Freed, CEO of Counselor Top 40 distributor Genumark (asi/204588) in Toronto and a Counselor Power 50 member. “But I don’t love the waiting period between now and when the inevitable election and change in government will take place. Having a new Liberal leader and interim PM is just a bandage for what actually needs to take place and will likely happen – a complete shift in government. In a perfect world, he would step down, and we’d have the next election ASAP and move on with our lives.”

While there’s definitely uncertainty, said Samantha Kates, president of Counselor Top 40 supplier Spector & Co. (asi/88660) in Saint-Laurent, QC, the change can also be a positive. “With the pressures businesses have faced in recent years, like tariffs, global competition and shifting economic landscapes, a fresh perspective could bring new ideas and approaches to help Canadian companies thrive,” she said. “Canadian businesses are incredibly resilient, and I’m hopeful this change will bring renewed focus on fostering growth, innovation and competitive advantages for our industries.”