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OTTAWA - The federal Liberal caucus gathered on Parliament Hill on Wednesday with speculation swirling about which of its members will put their names forward to lead the party into the next election — and with one potential contender bowing out.

Just before the meeting got underway, Finance Minister Dominic LeBlanc surprised many of his fellow Liberal MPs by posting a statement to social media thanking supporters for their encouragement and saying he's decided not to run in the upcoming race.

The New Brunswick MP wrote that Canada is "at a critical juncture in its relationship with its most important ally and trading partner, the United States."

Some Liberal MPs immediately expressed disappointment LeBlanc won't run in the race, including Yasir Naqvi, Ken McDonald and Judy Sgro, who said she was "counting on" him to run and doesn't have another person in mind yet who she wants to support.

Mark Gerretsen and Jennifer O'Connell both posted messages of support for LeBlanc on social media, asking him to reverse his decision and delete his post declining to enter the race.

Speaking to reporters before the caucus meeting, LeBlanc said he was genuinely touched that caucus colleagues encouraged him to seek the leadership.

"I decided that the most important thing I should do over the next few months is my job as minister of finance and intergovernmental affairs," he said, adding he will be "solely focused on the real economic threat that American tariffs represent."

Incoming U.S. president Donald Trump threatened in November to impose a 25 per cent tariff on all goods from Canada and Mexico when he takes office, unless both countries act to stop migrants and illegal drugs from crossing the border into the United States. 

LeBlanc has travelled to Florida twice since Trump won the U.S. election in November to meet with the president-elect and key members of his team. Trump has doubled down on his rhetoric in recent days, insisting the tariffs are coming and threatening to use "economic force" to annex Canada and make it the 51st state.

Foreign Affairs Minister Mélanie Joly said she's weighing whether to launch a leadership bid of her own for the very same reason as LeBlanc: not wanting to leave cabinet at a crucial time for Canada.

"I very much know that I'm the minister of foreign affairs at a time where it's extremely difficult with the American administration — the incoming one. That's why I'll continue my reflection," she said. 

Joly said she's receiving a lot of support from across the country to run, but is also factoring in her family, her desire to become a mother and her need to defend Canada's national interests against Trump's trade threats.

"We have to be extremely ready because the threat of tariffs is real."

The Liberals are gathering in person for the first time since Trudeau announced on Monday he plans to step down as leader once a successor is chosen. 

The national meeting is focused on next steps for the party as it begins the search for a leader who can hold their own against popular Conservative Leader Pierre Poilievre.

Potential high-profile leadership aspirants include former finance minister Chrystia Freeland, former central banker Mark Carney and former B.C. premier Christy Clark, though none has officially declared they intend to run.

James Maloney, parliamentary secretary to the minister of justice, said he's ready to back Freeland if she chooses to enter the race.

Cabinet ministers including Anita Anand and François-Philippe Champagne have been making the rounds with MPs and party members to gauge their support.

Jonathan Wilkinson, Steven MacKinnon and Karina Gould are all fielding calls from members of the party rank-and-file and are seriously considering leadership bids.

Wilkinson told reporters Wednesday he's speaking with his family about the possibility.

"I would also say that the conversations with my colleagues are very important. I want to ensure that I have a sufficient amount of support to be competitive in the race if I'm going to enter it, but I do think I have some important things to say," he said.

MacKinnon said he's "absolutely considering running" for leadership because the race needs a candidate who "understands the whole country, who values all the regions of Canada and who is able to communicate their ideas in every region."

Top Liberal brass are gathering behind closed doors all week to get the leadership contest underway.

The national party board has to assemble a leadership vote committee to organize and set rules and dates for the coming race. Those rules could still take days to produce. Once the rules are set, that could quickly set off a flurry of declarations by contenders.

Rob Oliphant said he's leaning toward supporting Joly, Freeland or Champagne — ministers he has worked closely with in his role as parliamentary secretary — but will wait to see who decides to run.

"I'm just like my mother," he said. "My mother had four children and she loved them all equally."

This report by ´ºÉ«Ö±²¥was first published Jan. 8, 2025.