Triggered

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  By Guest Blogger Doug Rowat

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They were doing so well.

A few months ago, Prime Minister Mark Carney was saying all the right things, calling Trump’s presidency “transformational”, which to unnuanced ears came across as a compliment. Trump, in turn, gave Carney the kind of White House welcome that he usually reserves for his dictator pals.

These were happy days.

Then came Davos.

Here Carney made the mistake of not only criticizing Trump, but worse, upstaging him. It wasn’t Trump’s speech that everyone was talking about following the Davos summit, it was Carney’s. If you want to make Trump really angry, steal the spotlight. Trump, of course, lashed out, threatening Canada yet again with spectacularly high tariffs and returned to the theme of absorbing our country (the “Governor Carney” jabs instantly resurfaced).

Was this the headline that triggered Trump?

Source: Apple News

The higher tariffs, of course, will never come to pass. Nor will Trump’s ‘51st state’ rhetoric. A full year of his near-continuous TACO backtracking is proof of this. But Carney’s Davos speech does, unfortunately, likely delay a new trade agreement between our two countries.

So how does the Carney-Trump relationship get back on track?

Trump most definitely holds grudges—just ask former National Security Advisor John Bolton, former FBI Director James Comey, current Fed Chair Jerome Powell or even former “The View” host Rosie O’Donnell—but he also has a long history of forgiving his rivals. Of note:

• Lindsey Graham. Called Trump a “disgrace” and a “nut job”. Now regularly rides shotgun on Air Force One.
• Marco Rubio. Birthed the Trump ‘little hands’ insult, which persists to this day. Now Secretary of State.
• JD Vance. Called Trump an “idiot” and  “reprehensible.” Most famously called him “America’s Hitler”. Now Vice President.

Carney, of course, is unlikely to ever bend the knee and kiss the ring as the above sycophants have, but their history with Trump shows that he does have the capacity to forgive even his harshest critics.

However, the example that probably holds the most relevance for Carney is New York Mayor Zohran Mamdani who has called Trump a “fascist”, a “despot” and has boldly taunted him (remember Mamdani’s “turn the volume up” remarks during his mayoral acceptance speech?).

He has also, similar to Carney post-Davos, not backed down from his criticisms or shown the slightest hint of drifting towards Trump’s world view to appease him.

Trump, in turn, has called Mamdani a “lunatic” and “stupid person!!!”. Yet after being elected in November, Mamdani attended the White House in a meeting so friendly and full of smiles that Trump ultimately remarked that he was “cheering” for Mamdani and pledged to help him in any way that he could.

Regardless of their political affiliation or ideology, Trump gravitates to stars. And Carney, like Mamdani, at least for the moment, is just that, a star. This should ensure that the Trump-Carney communication will at least be regular, if not always agreeable.

International news outlet Al Jazeera recently highlighted that perhaps the most effective way of dealing with Trump is through “respectful firmness”, noting that it was this approach from Denmark Prime Minister Mette Frederiksen that ultimately led to Trump abandoning his campaign to take over Greenland. Other world leaders have found similar success via this approach, including UK Prime Minister Keir Starmer, who was one of the first leaders to hammer out a trade deal with the US (an invitation to a state dinner at Windsor Castle didn’t hurt either). More recently, Starmer has said that the UK wishes to maintain close ties with the US, but he refused to shun China in order to accomplish this. Starmer pointedly noted that “sticking your head in the sand and ignoring China… wouldn’t be sensible.”

Carney has taken a similar approach, showing unity with the US but at the same time refusing to abandon trade deals with China. Like Starmer, “respectful firmness” also seems to be built into Carney’s DNA.

Carney built global alliances with his speech at Davos, but it came with consequences. Now Carney’s tasked with re-establishing a working relationship with Trump. But I’m hopeful. If Zohran Mamdani can do it, anyone can.

Besides, time heals all wounds. Even the ones on Trump’s little hands.

Doug Rowat, FCSI® is Portfolio Manager with Turner Investments and Senior Investment Advisor, Private Client Group, Raymond James Ltd.

Source: https://www.greaterfool.ca/2026/01/31/triggered-4/