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(Bloomberg) — Former central banker Mark Carney is poised to announce that he’s jumping into the race to succeed Justin Trudeau as leader of the Liberal Party and Canadian prime minister.

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Carney is preparing an announcement for late next week now that the party has set out the rules of the contest, according to a person familiar with his plans, speaking on condition they not be identified. 

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The former governor of the Bank of Canada and the Bank of England will likely be up against former Finance Minister Chrystia Freeland and ex-British Columbia Premier Christy Clark, both of whom are contemplating a run. 

Carney said publicly on Monday that he was thinking about joining the race after Trudeau announced he was stepping down. The Canadian Broadcasting Corp. was the first to report Friday that Carney has now made the decision to do it, and he expects to have the support of more than 30 of the 153 elected Liberal members of the House of Commons. 

The governing Liberals are planning an expedited leadership vote to conclude March 9, before Parliament reconvenes on March 24. The leaders of three major opposition parties have indicated they intend to back a vote of no-confidence almost immediately, which would bring the government down and start an election. 

Whoever ends up leading Canada will face Donald Trump as he threatens 25% tariffs and “economic force” against the US’s northern neighbor, its partner for some $2.7 billion per day in trade. 

The economic magnitude of Trump’s promised tariffs looms large over the leadership contest. 

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The need for “keeping fiscal powder dry” for “a coming tariff war” was cited in Freeland’s resignation letter, which criticized Trudeau and accelerated his downfall — while the pressing need to work on Canada’s response to Trump was cited by ministers Dominic LeBlanc and Melanie Joly in their statements about why they won’t join the race.

Carney, 59, was governor of the Bank of Canada from 2008 to 2013 during the global financial crisis before becoming the first foreigner to lead the Bank of England, which he helmed until 2020 as the country formally left the European Union.

Before that, he spent time in the Canadian public service and more than a decade at Goldman Sachs Group Inc., working as an analyst, then in sovereign risk, debt capital markets, corporate finance and investment banking.

He currently holds a range of corporate and nonprofit roles, including as chair of Brookfield Asset Management Ltd. and Bloomberg Inc. and special envoy on climate action and finance for the United Nations. He didn’t immediately respond to emails requesting comment.

Anticipating Carney’s candidacy, Pierre Poilievre, the leader of the Conservative Party, has tried to portray him as indistinguishable from the unpopular Trudeau, citing his past support for a carbon tax and calling him “just like Justin.” Poilievre’s team has relentlessly attacked the Liberal Party on its economic policy and cost-of-living issues more generally.

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The Conservatives have a 27-point lead over the Liberal Party according to a Jan. 9 poll from Abacus Data, meaning whoever replaces Trudeau will face a steep uphill battle to avoid defeat in the imminent national election.

Carney’s entry sets up a potentially awkward race against Freeland. In December, Trudeau tried to recruit Carney to replace her as finance minister, which led to her stinging resignation. Carney — who is also godfather to Freeland’s son — didn’t take the role. He’d already been enlisted to chair Trudeau’s “task force on economic growth” in September.

(Updates with context from seventh paragraph)

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