Prominent banker Mark Carney is launching a bid to lead Canada ’s ruling Liberal Party after Prime Minister Justin Trudeau resigned. Carney, 59, currently serves as the United Nations special envoy for climate action and finance. He is also the chair of Brookfield Asset Management and Bloomberg L.P.’s board of directors.

Chrystia Freeland, the former deputy prime minister, sought to distance herself from Mr. Trudeau in a public letter criticizing him for “costly political gimmicks.”

The race to replace Canadian Prime Minister Justin Trudeau is dominated by one name: Donald Trump. How to wrestle with the incoming president and his tariff threats has emerged as the defining question in the Liberal Party leadership contest.