Yes, it does. The Lieutenant's ability triggers when it becomes the target of the Tricker's ability. The Lieutenant's ability goes on the stack above the Tricker's and resolves first, so you get a token even before the Lieutenant loses its abilities. Note however that what matters is that the Lieutenant's ability triggered: even if it loses its abilities before that resolves, the ability on the stack doesn't care if the printed ability on its source is removed, as an object on the stack it is independent and it will still resolve.
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A Thorn Lieutenant is targeted with an opponents Merfolk Tricksters ability.
Does the Lieutenant get to produce a token?
Thanks