Sharan Kaur served as the deputy chief of staff for former Liberal finance minister Bill Morneau and is currently a principal at Navigator.
Mark Carney takes office in a world that looks nothing like the one Justin Trudeau governed in. The Trudeau era, for all its ambitions, was rooted in the politics of the 2010s: climate-first mandates, progressive policy, and a deep faith in multilateralism. But in 2025, the global stage has shifted. Tariffs are back, industrial policy is in vogue, and economic sovereignty has become the new mantra from Washington to Brussels to Beijing. If Canada is serious about competing, Carney cannot simply inherit Trudeau’s playbook. He needs to write his own.
That doesn’t mean Trudeau-era policies were worthless. They matched their moment. A decade ago, pushing electric vehicles, layering on emissions caps, and setting up rigorous regulatory frameworks like Bill C-69 sent a message that Canada was leading on climate. But policies don’t age gracefully. The world has moved, and Canada must move with it.
Take EV mandates. In 2015, they symbolized innovation and climate ambition. Today, adoption has slowed, consumers are hesitant, and the supply chain remains dependent on China. Protectionism in the U.S. and Europe has made the market even tougher for Canadian producers. What once looked visionary now looks rigid. Carney’s government has to show flexibility if Canada wants to stay relevant in industrial policy.
The same goes for project development. If Canada is to build energy infrastructure, clean tech hubs, or advanced manufacturing facilities, the barriers have to come down. Investors already see Canada as a place where projects are tied up in endless approvals and uncertainty. Every year of delay is another reason to build elsewhere. Pulling back on emissions caps, easing restrictive fuel regulations, and overhauling or scrapping Bill C-69 would send a clear message: Canada is serious about building again.
Sovereignty isn’t about speeches
Some will call this backsliding, but it isn’t. The question is whether Canada wants to be a country that builds or a country that regulates itself into paralysis. Sovereignty isn’t about speeches—it’s about having the capacity to produce, employ, and compete. Without major projects, without investment, without industry confidence, Canada’s sovereignty will remain rhetorical.
The global context makes the urgency sharper. The United States is rewriting trade rules and reshoring supply chains. Europe is pulling up the drawbridge with tariffs. Asian economies are pouring subsidies into their industries. Canada can’t afford to cling to outdated frameworks while the rest of the world adapts. Carney’s government has to balance climate responsibility with economic realism.
That means acknowledging that some Trudeau-era measures were products of their time. Their intentions were valid. But governing isn’t about defending yesterday’s wins, it’s about anticipating tomorrow’s risks. For Carney, that means loosening policies that scare off investors and prevent Canada from taking advantage of this new industrial era.
Carney has a chance to reset Canada’s trajectory. He could be the prime minister who restores our reputation as a country that builds. The one who convinces industry leaders that Canada is worth betting on. The one who pivots from lofty ideals to executable strategy. But he cannot get there clinging to a 2015 policy agenda in 2025.
The Trudeau government often believed values alone would attract capital and elevate Canada on the world stage. The reality is harsher. Capital goes where projects can get built. Diplomacy bends to strength, not sentiment. Workers want jobs and security, not speeches.
Carney knows this. His career in finance and policy has shown him how quickly global currents shift. The test now is whether he’ll make the hard calls: pulling back on policies that he too once thought were important and rethinking mandates that no longer make sense. These moves won’t win applause from everyone, but they’ll put Canada back in the game.
If Canada wants sovereignty and competitiveness, it needs to stop waiting for the world to adapt to us and start adapting to the world. The next decade belongs to the countries that can build, invest, and compete. With the right pivot, Canada can be one of them.
