When it became clear that Mark Carney would succeed Justin Trudeau as Liberal leader and prime minister, the sighs of relief were audible across corporate Canada. The previous prime minister inspired little confidence in the C-suites and boardrooms of the nation. Canada’s descent into economic mediocrity during Trudeau’s long tenure was striking. As we entered 2025, there was hope that Mr. Carney would bring some much-needed gravitas to the job and—unlike his predecessor—demonstrate a willingness to tackle the country’s deep-seated economic problems, all while navigating the trade storms unleashed by U.S. President Donald Trump.

Almost six months after an election that yielded a solid Liberal minority government, the verdict on Carney is still being formulated.

In our judgment, he has capably managed Canada’s weak hand in dealing with the overtly mercantilist Trump administration. The decision to stand down from tit-for-tat trade retaliation is sensible in light of Canada’s limited negotiating leverage and the fact that the main effect of retaliatory tariffs is........

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