Trade Update and Canada's Budget – Rona and Frank Debate

Trade Update and Canada's Budget – Rona and Frank Debate

Author: TD Securities November 10, 2025 Duration: 55:49
Episode 70 of Geopolitics is a bonus episode taken from a panel at our recent Portfolio Management and Market Structure Conference. Frank McKenna is joined by his TD colleague The Honorable Rona Ambrose, Deputy Chairwoman, TD Securities, and former leader of the Conservative Party in Canada, for a discussion that includes the on again off again trade negotiations between Canada and the US and a review of last week's budget in Canada. While Frank admits the budget was likely over-hyped and a disappointment, Rona takes direct aim at the fact the incumbent government clearly stated that younger generations will need to suffer and made no attempts to appease the interest of the other parties in parliament with its budget decisions. Frank admits he still does not know what Trump's end goal in trade negotiations with Canada is but believes the end deal between the two countries is likely to be much narrower than anticipated originally. This podcast was recorded on November 6, 2025 Chapter Times: 02:09 - Trump's Real Motivation for Suspending Trade Negotiations 20:33 - The View Inside the Republican Party on Trade 23:09 - Supreme Court Appears Skeptical of Trump's Use of IEEPA 28:14 - Signals from Off Cycle US Elections 34:54 - Gerrymandering 41:07 - First Take on Canada's Budget

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
Podcast Episodes
Finally a Chance to Talk About Something Other Than Tariffs [not-audio_url] [/not-audio_url]

Duration: 50:34
For the first time in four months of our podcast series, the focus of Frank's attention is not centered around tariffs. This month Frank starts with a detailed analysis of Prime Minister Carney's cabinet, a carefully con…
The Puck Drops on Federal Election in Canada [not-audio_url] [/not-audio_url]

Duration: 52:46
In Episode 64, Frank covers the Canadian election from top to bottom, including addressing unflattering comments about Canada as a country from the leader of the Bloc Quebecois and the Premier of Alberta. Frank addresses…
Canada's New Prime Minister Joins Tariff/Sovereignty Debate [not-audio_url] [/not-audio_url]

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 t…
The Future of Canada-US Relations [not-audio_url] [/not-audio_url]

Duration: 1:03:30
In Episode 62, Frank is joined by Chris Krueger of TD Cowen's Washington Research Group to discuss the first 30 days of the Trump Administration, and the on-going trade war with Canada. Chris outlines his biggest surpris…
Canada's Acute Case of Tariffitis [not-audio_url] [/not-audio_url]

Duration: 36:30
Episode 60 is dominated by recent events in Ottawa, a period Frank describes as the most chaotic in his lifetime. Frank first dissects the decision by Chrystia Freeland to resign from her post as Minister of Finance prio…
Post Election Hangover – Now What? [not-audio_url] [/not-audio_url]

Duration: 41:22
Frank is back from a vacation in the Far East, and he is fired up to talk about the US Election and its implications for global geopolitics. We cover Trump's controversial cabinet picks. Frank is supportive of Marco Rubi…
The US Election – Post Mortem with Chris Krueger and Rona Ambrose [not-audio_url] [/not-audio_url]

Duration: 42:29
In this special edition of Geopolitics, we check in on a post-election panel discussion at the 25th Annual TD Securities Portfolio Management and Market Structure Conference. With Frank Mckenna out of the country, Geopol…
The Long Road to the US Election Nears an End – or does it? [not-audio_url] [/not-audio_url]

Duration: 45:37
In Episode 57, Frank invites Chris Krueger, TD Cowen's Washington politics expert, to the podcast to discuss the upcoming November 5th US Election and key factors that will determine who wins the Presidential race. Frank…
Canada's Provincial and Federal Election Watch [not-audio_url] [/not-audio_url]

Duration: 43:52
Episode 56 is a mostly Made in Canada geopolitical discussion. Frank covers the NDP decision to end its supply and confidence agreement with Prime Minister Trudeau and his Liberal Party, leading to speculation of a snap…