Canada's New Prime Minister Joins Tariff/Sovereignty Debate

Canada's New Prime Minister Joins Tariff/Sovereignty Debate

Author: TD Securities March 18, 2025 Duration: 53:17
In Episode 63, the focus of discussions in on two main topics: new Prime Minister Mark Carney's early days at the helm of Canada, and tariffs. Frank discusses Carney's decision to travel to Europe before the US, a move that was criticized by Saskatchewan Premier Scott Moe, and the significant downsizing of the new Liberal cabinet, a move that was sure to hurt some feelings inside the caucus. Frank provides the pros and cons of choosing Carney or Conservative Leader Pierre Poilievre to represent Canada in negotiations with President Trump, and he debunks the recent claims by former Prime Minister Stephen Harper that Carney didn’t deserve credit for Canada's response to the GFC. In the tariff discussion, Frank dismisses Trump's repeated exaggerations about trade deficits equaling some sort of subsidy provided to Canada from the US. Frank counters that the existing trade deficit is not a subsidy that costs the United States jobs, instead it is a function of our abundance of raw material inputs that the United States imports from Canada. Frank also lays to rest any notion that Canada's dairy sector is not open for business with US suppliers; in fact, the US has yet to use up more than ½ of its dairy quotas with Canada since the 2018 CUSMA agreement set new free trade supply limits. Frank finishes with some ideas for Canada's government to meet its NATO spending commitments, and his belief in the need to keep momentum moving forward with respect to the elimination of intra-provincial trade barriers. This podcast was recorded on March 17, 2025. Chapter Headings 00:25 - Friendship Day in Colorado 03:44 - Carney's Cabinet and First Trip to Europe 09:02 - Carney or Poilievre – Who is Best Positioned to Negotiate with Trump? 14:28 - Carney on Taxes 16:41 - Harper on Carney's Contribution to Canada's GFC Response 19:03 - Two East Coast Premiers Retire – is this Coincidence? 21:12 - Trump's Exaggerations Used to Justify Tariffs on Canada 28:38 - Meeting NATO Defense Spending Target 36:24 - Understanding Dairy Quotas – Not Just a Canada Issue 48:08 - Is Momentum for Removing Intra-Provincial Trade Barriers Sustainable? 50:25 - Caught in the Blue Jays Vortex…Again

Each month, Peter Haynes sits down with Frank McKenna for a conversation that cuts through the noise of global headlines. The Geopolitics with Frank McKenna podcast provides a rare perspective, shaped by McKenna’s unique blend of experience as a former Canadian Premier and Ambassador to the U.S., now serving as Deputy Chair at TD Securities. This isn't a theoretical discussion; it's a practical analysis of how international tensions, trade disputes, and shifting alliances directly impact markets and business strategies. You’ll hear nuanced takes on the stories dominating the news, grounded in a deep understanding of both political corridors and boardrooms. Haynes guides these monthly dialogues to unpack complex issues with clarity, making the forces shaping our world accessible and relevant. For anyone looking to comprehend the real-world implications of global power dynamics, this series offers essential listening. The insights throughout this podcast come from a place of firsthand experience, offering listeners a valuable lens on the interconnected nature of policy and finance. Tune in for thoughtful, forward-looking conversations that go beyond the soundbite.
Author: Language: English Episodes: 53

Geopolitics with Frank McKenna
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