BREAKING: Justin Trudeau says he’s not running in upcoming election

"In terms of my own decisions, I will not be running in the upcoming election. As to what I might be doing later, I honestly haven’t had much time to think about that at all. I am entirely focused on doing the job Canadians elected me to do."

Trudeau was asked at the First Ministers’ Meeting whether he regretted not resigning sooner so that his predecessor could "deal with the situation with the Americans sooner."

"The experience Canada had in renegotiating NAFTA in the first Trump administration demonstrated that when we stand together united, promoting Canada’s interests, we can do very well, even against a larger trading partner," Trudeau replied.

Earlier in January, Trudeau announced that he would be resigning as leader of the Liberal Party once a new leader is selected. Parliament has been shut down until March 24.

In his announcement, Trudeau said that over the holidays, "I've also had a chance to reflect. I've had long talks with my family about our future. Throughout the course of my career, any success I have personally achieved has been because of their support, with their encouragement. Last night, over dinner, I told my kids about the decision that I'm sharing with you today, I intend to resign as party leader, as prime minister, after the party selects its next leader through a robust nationwide competitive process. Last night I asked the President to the Liberal Party to begin that process."

According to the Wall Street Journal, members of the Liberal Party are set to select a new leader on March 9. Political watchers reportedly expect the race to be between former finance minister Chrystia Freeland and former Canadian and UK central banker Mark Carney. Trudeau has represented a Montreal district in the Canadian legislature since 2008. He became leader of the Liberal Party in 2013 and prime minister in 2015. This is a breaking story. Please refresh the page for updates.