For decades, Canada’s economic fortunes have been tied to its southern neighbour — but what happens when that relationship falters? As a new wave of tariffs rattles global markets, professor Dimitry Anastakis joins The Executive Summary to trace Canada’s long history of trade wars with the U.S., the hard lessons they’ve taught us, and why this time, the old playbook may no longer work.

Show Notes

[0:00] Meet Dimitry Anastakis - a University of Toronto professor and expert on Canadian business and economic history, who says Donald Trump’s views on tariffs were really cemented in the ‘80s, putting him at odds with the Republican Party at the time.

[1:03] Canada’s economy is enmeshed with that of the U.S., which doesn’t bode well for us as we face a new trade war.

[2:07] A quick recap of the 2025 trade war between Canada and the U.S. to date.

[3:43] Lessons from the past — we’ve been in this type of situation with the U.S. before.

[3:59] We’ve faced familiar trade disputes in the 1890s, 1920s to ‘30s and the ‘70s to 80s.

[5:57] Reagan-era trade disputes — The trade war of the ‘80s was different from the earlier spats – with the U.S. using it as a tool to convince Canada to join the North American Free Trade Agreement.

[7:10] Canada’s historical options in trade disputes — historically, trade wars are an opportunity for Canadians to reflect on their best path forward. And we usually face three choices.

[8:01] Why have we eschewed the “third option” of diversifying our trading partners and instead increasingly turned into partnerships with the U.S.?

[9:01] And how has closer ties to the U.S. helped us through post-trade war recessions?

[10:18] Why this trade war is different.

[10:38] How are tariffs actually supposed to work, and why is that incongruent with how Donald Trump is wielding them?

[11:22] What role do previous trade agreements play if a key player just decides to ignore them entirely?

[12:09] Canadians are feeling betrayed.

[12:37] And if these tariffs remain in place long term, it does not bode well for the Canadian economy.

[13:40] Resilience in the face of disruption — perhaps now is a time for us to reflect and move towards a new economic path, less dependent on the U.S.

[15:29] “We do need to expect that there's going to be a rough ride. But most importantly, we need to rise to the challenge. We need entrepreneurs and governments and firms to start thinking about how Canadians can exploit the advantages that they have in a new kind of economy in the 21st century. Canadians should recognize that this provides an opportunity for us to start building on our strengths. And, you know, the great thing is that history shows us that the Canadian people have been pretty resilient in these situations.”

Be sure to check out the Executive Summary back catalogue. We tackle everything from why it’s time to explore a four-day work week to where you can actually get the best innovation.

Trust in institutions and leaders is on the decline. That's bad news for organizations navigating difficult times. How can companies build trust, and can you repair it once it's been broken? Professor Bill McEvily joins the season premiere of the Executive Summary podcast to explores those questions and more.

Show notes:

[0:00] Declining trust in institutions, businesses, and CEOs – Why public trust is at an all-time low.

[0:33] Meet Bill McEvily – University of Toronto professor and expert in organizational trust and leadership.

[1:42] Defining trust – What trust really means in the workplace and beyond.

[2:46] The three dimensions of trust – Understanding reliability, competence and integrity in people and organizations.

[4:02] The role of trust in the workplace – How trust drives productivity, collaboration and resilience during chaotic times.

[5:46] What breaks trust – Common behaviours, decisions and policies that erode trust in organizations.

[6:15] Examples of companies breaking trust – Real-world corporate missteps and lessons learned.

[7:39] Consequences of broken trust – Impact on employees, customers and overall organizational performance.

[8:24] Repairing trust – Why there is no magic formula, but consistently delivering on promises works.

[9:15] The importance of communication – How transparent, honest communication strengthens trust.

[11:21] Building trust remotely – Introducing Bill’s concept of “prismatic trust” for teams and stakeholders you don’t interact with directly.

[12:26] Lessons from EZ Trade – How companies can implement systems to build trust with people you’ve never met.

[13:14] Signals of trustworthiness – How organizations communicate who and what can be trusted.

[14:18] “It's important for people to understand that there are mechanisms for ascertaining trust, even when we don't have the ability to know people personally… Human beings are ingenious in figuring out how to trust strangers. But therein lies the paradox… it's just how human society functions.”

Season 4 launches September 9 — don’t miss it.

In today’s noisy world, finding clear, credible insight isn’t easy. That’s where the Rotman Executive Summary comes in. In less than 20 minutes, we bring you sharp, research-backed ideas from the University of Toronto’s Rotman School of Management — Canada’s leading business school.

This season, we’re tackling the questions leaders are asking right now:

• How can organizations rebuild trust when uncertainty is the only constant?
• What lessons from history can guide Canada’s economy today?
• Why more healthcare workers alone won’t fix our healthcare system — and what will.
• How to reignite creativity in your team, with evidence (not clichés).
• What can innovative companies learn from the #MeToo movement?
• What does the science say about persuasive writing?

Perfect for curious leaders, lifelong learners and anyone who wants to understand what’s really driving change in business and society. Listen between meetings, on your commute or over coffee — follow now so you never miss an episode.

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