What’s it like to be a CEO in trade war-embattled Canada right now? That may depend on who you ask. Despite the drama that has ensued since trade talks between the U.S. and its northern neighbor collapsed last Friday, bank CEOs brushed off the potential fallout during earnings calls this week. The Bank of Montreal’s Darryl White said that, removing “the emotion from the topic,” the newest set of tariffs were “absolutely manageable.” (The levies are high at 50%, but they apply to a narrow base of Canadian goods.)

Harry Culham, CEO of CIBC, acknowledged “that rising trade and geopolitical tensions are having real consequences for the economy” and that “developments over the past week are a reminder that the path forward will not be linear.” And RBC’s Dave Mc Kay said yesterday that Canada’s economy has remained resilient through recent shocks, while “increased foreign direct investment and new trade relationships add to our optimism.”

I found a less clinical tone when I spoke with Jen Riley, CEO of the British Columbia Chamber of Commerce. “Monday morning the emails were flowing,” she said when asked about business leaders’ communications with employees. “It’s interesting because this isn’t a moment where CEOs are able to say, ‘Don’t worry, we’ve got you,’” because she didn’t think many felt that way, she told me. Instead, they’re offering a lot of “compassion, empathy” to nervous employees and fellow CEOs.

Meanwhile, Lucas Malinowski, CEO of the Global Automakers of Canada Association, said he would describe the leaders his group represents as “frustrated” with the trade environment. Most of them joined auto companies to make great cars, not to be experts on geopolitics, he told me on a call from Ontario. That said, they’re not in a panic. Responding to shifting external forces is “almost normalized in some ways,” he said of the auto industry.