It is a major development in the U.S. election race.

President Joe Biden confirms he is not seeking re-election in a letter posted to X on his official account.

“It has been the greatest honour of my life to serve as your president,” the announcement said.

Biden says he will speak to the nation later this week in more detail.

It comes after his horrific performance in a debate with Republican nominee Donald Trump and growing calls from within his own party for him to step aside.

“I have decided not to accept the nomination and to focus all my energies on my duties as President for the remainder of my term,” Biden said in a statement. “My very first decision as the party nominee in 2020 was to pick Kamala Harris as my Vice President. I want to offer my full support and endorsement for Kamala to be the nominee of our party this year.”

Biden is 81 and has been recovering since becoming sick with COVID.

“I am honoured to have the President’s endorsement and my intention is to earn and win this nomination” Harris said in a statement.

Canada’s Prime Minister describes Biden as a true friend

Prime Minister Justin Trudeau offered his thanks to Joe Biden and the First Lady after learning he was dropping out of the Presidential race.

Trudeau stated on social media that the President is a great man and everything he does is guided by his love for the country.

He also described him as a partner to Canadians and a true friend.