After months of speculation and anti-incumbency, Canada's Liberal Party will announce its new leader today, replacing Canadian Prime Minister Justin Trudeau, who will lead the party in the general elections scheduled later this year.

Frontrunners include Chrystia Freeland and Mark Carney, who are making the case they can guide Canada through domestic and international issues. At the top of the list: mounting trade tensions with the United States.

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