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It’s been half a year, but feels like a decade has passed by.?

Just think about everything that has transpired so far in 2025.

Mark Carney became the new leader of the Liberal Party of Canada, then took over as prime minister. An election was called and he received a mandate from Canadians.

NDP leader Jagmeet Singh lost his seat and stepped aside as leader. Conservative Party leader Pierre Pollievere also lost his seat but hasn’t stepped aside as leader. A byelection was just announced in the Alberta riding that he is now running in.?

In Ontario, Premier Doug Ford easily won another term in office after calling a snap election in February.?

Of course, all this upheaval was driven in large part by what occurred south of us.?

Portrait of Mike Lacey.

In January, Donald Trump was sworn in as president. He immediately placed obscene tariffs on Canada. Then removed some of those. Then placed 25 per cent tariffs on steel and aluminum, later increasing the steel tariffs to 50 per cent. Then imposed massive tariffs on countries around the world. Then pulled back those tariffs, somewhat. He attached significant high tariffs on China, increased them two more times, then pulled back.?

There have been so many tariffs put on and taken off that I can’t make sense of it anymore. In fact, having written this in early-July, there is a very good chance by the time you read this, the entire U.S. tariff scheme has been upended again. (And, as I am writing this, it was just announced Japan and South Korea will have 25 per cent tariffs imposed on them as of Aug. 1. Wait, check that, another announcement just dropped. Copper imports will face a 50 per cent tariff. Oh, wait, another day and another letter from the American president:? he’s increasing tariffs on Canadian goods to 35 per cent as of Aug. 1. Will any of this hold? (Who knows.)

Of course, all of these decisions by the United States president has created an economic climate that can best be described as “on pause.” Just think, three and a half more years of this.?

Can’t wait.?

On a positive front, it looks like the federal and provincial governments are finally ready to tackle two main issues that have plagued this country. The first is removing interprovincial barriers to trade and labour mobility. Significant movement has already taken place this year and momentum should continue into the second half of 2025. There have been a series of memorandum of understandings signed between provinces pledging to eliminate all sorts of trade barriers. The most recent was signed between Alberta and Ontario that pledged to improve co-operation on critical minerals and energy projects.

The Canadian Federation of Independent Business has noticed. In July, it released its annual scorecard on these barriers. Nova Scotia scored top marks for its work on removing these barriers, followed closely by Ontario. In fact, most of Canada’s largest provinces have shown a real desire to change.?

Also moving in a positive direction is our ability to get large, important infrastructure projects completed. New federal legislation is expected to speed the approval process for such projects down to two years. Provinces are also jumping on the building boom and promising to pour significant amounts of money into infrastructure work.?

The politicians have talked a good game, but is it just talk? We will find out in the second half of the year if these promises are realized. ?

So far, it’s been a wild year.?