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: 50

Geopolitics with Frank McKenna
Podcast Episodes
In Conversation with Chris Krueger, Washington Research Group [not-audio_url] [/not-audio_url]

Duration: 44:23
In Episode 39, Frank invites his new colleague from TD Cowen's Washington Research Group, Chris Krueger, to the monthly podcast for a discussion on US politics. The two geopolitical experts discuss potential solutions to…
Geopolitics Gone Crazy [not-audio_url] [/not-audio_url]

Duration: 39:36
In Episode 38, Frank returns from a busy schedule of travelling the world this past month and provides a live eye view on several important hot button geopolitical topics. He has just returned from a visit to the Middle…
Where is Roxham road? [not-audio_url] [/not-audio_url]

Duration: 44:44
In Episode 37, Frank deep dives the immigration complexities of North America, in particular the issue of refugees seeking asylum from the USA into Canada via irregular ports of entry not covered under existing immigrati…
The Never-Ending Confidential Documents File [not-audio_url] [/not-audio_url]

Duration: 34:42
Episode 36 returns to addressing the geopolitical topics of the day. The episode begins with a discussion of the document storage security breaches by various important US politicians, a story that is keeping cable telev…
10 Predictions for Geopolitics in 2023 [not-audio_url] [/not-audio_url]

Duration: 46:15
The start of a new year is always a great time for predictions, so we decided to challenge Frank to provide his thoughts on ten of the most important geopolitical matters impacting Canada and the rest of the world order.…
Donald Trump and His Legal Woes [not-audio_url] [/not-audio_url]

Duration: 44:21
In Episode 34, Frank breaks down the legal woes of Donald Trump and is left to wonder "is it possible to be President of the United States while in jail?" Of all the cases in front of the former President, Frank thinks i…
Talking Canadian Politics with Rona Ambrose [not-audio_url] [/not-audio_url]

Duration: 45:52
Episode 33 of our monthly podcast series on Geopolitics is a special bonus for our listeners. In this episode, we listen in on a recent interview with The Honorable Rona Ambrose conducted at our 23rd Annual TD Securities…
The UK's Lost Trusst in its Leader [not-audio_url] [/not-audio_url]

Duration: 40:15
In Episode 32, Frank addresses the rhetoric from Alberta's new Premier Danielle Smith who he believes will need to tone down the message in order to be electable next May. The theme of inflation is prevalent, with Frank…