Justin Trudeau, who was first elected prime minister in November 2015, announced on Jan. 6 his intention to resign as Liberal Party leader and prime minister.

Mark Carney, soon to become Canada's new prime minister, is a two-time central banker and crisis fighter about to face his biggest challenge of all: steering Canada through Donald Trump's tariffs. The Liberals announced Carney as Justin Trudeau's successor on Sunday after party members voted in a nominating contest.

Canada is gearing up to appoint a new Prime Minister today with countrywide elections for a new government to take place this year, making an air of anxiety amid a trade war with the U.S. Canadian Chamber of Commerce President & CEO Candace Laing joins Alex Witt to give perspective on Trump’s tariffs from the Canadian side.

U.S. arms exports reached 43 percent of the worldwide total as Ukrainian imports skyrocketed following the Russian invasion, according to research by SIPRI.

Former Bank of England governor Mark Carney and former Deputy Prime Minister Chrystia Freeland are considered frontrunners in the race.