John Bolton - September 26, 2026


Carney's Casualties - The Economy & Jobs, But MOSTLY YOU

Hosted by
John Bolton
Mentioned
Donald Trump Brian Lilly Mark Carney Jameson Greer Larry Kudlow Howard Lutnick Scott Besson
Comrade Carney Goes To War - How Did We Ever Get To This Point？

Episode Stats


Length

16 minutes

Words per minute

194.71

Word count

3,183

Sentence count

254

Harmful content

Toxicity

2

sentences flagged

Hate speech

6

sentences flagged


Transcript

Transcript generated with Whisper (turbo).
Toxicity classifications generated with s-nlp/roberta_toxicity_classifier .
Hate speech classifications generated with facebook/roberta-hate-speech-dynabench-r4-target .
Hosts, guests, and mentioned names generated with spaCy (en_core_web_sm), reconciled against Wikidata.
00:00:00.000 Hi, it's John and welcome to the channel 539 a.m. Saturday, September the 26th. I hope you're
00:00:09.800 having a fantastic Saturday. I hope you're having a good weekend so far. Thank you so much for being
00:00:15.560 here. I am this close to 56,000 subscribers on this channel. I'd like to thank you if you are
00:00:22.280 a subscriber. I appreciate you coming here every day. And if you would like to click on subscribe
00:00:27.320 right now. If you haven't subscribed, I would appreciate you even more. Thank you very much
00:00:31.800 for being here today. So it's interesting. I got up this morning and I saw an article in the Toronto
00:00:37.020 Sun written by Brian Lilly. By the way, I'd just like to say Brian Lilly does really good work.
00:00:41.140 Do I agree with Brian Lilly on everything? No, I don't agree with anybody on everything,
00:00:45.440 but Brian does very good work. So go over and support Brian Lilly. He does great stuff on
00:00:50.560 YouTube, the Toronto Sun. His writing is great. He's on Substack. I get a lot of stuff from Brian
00:00:55.280 Lilly. It's interesting, the article I read this morning, let me just show it to you. We're going
00:00:58.640 to come to this in just a moment and kind of use it as a guide this morning because it's interesting.
00:01:03.020 This article right here, Lilly obviously has watched a number of videos that I have watched
00:01:09.860 this week. So we're going to use Brian Lilly's article as a guide. I'm going to play some short
00:01:13.880 clips from you. Now, what's interesting about this is the person I'm going to feature the most,
00:01:19.540 I'm going to play about three clips, short ones for you today, so I don't have this video going
00:01:23.380 on too long. The person I'm going to play is somebody you probably know the name of. In fact,
00:01:29.080 it's interesting. Isn't it fascinating that you probably know the name of more U.S. trade
00:01:34.940 representatives than you do of cabinet ministers in Mark Carney's government? Isn't that fascinating?
00:01:40.240 Names like Scott Besant, Jamison Greer, Howard Lutnik. You probably know these names because
00:01:46.800 their names have been in the news for a long time. So this is Brian Lilly's article today. Now,
00:01:53.160 I find it fascinating that it seems like people like Lilly, who's a very smart guy and has probably
00:01:58.480 caught on to this long ago, is really realizing how Carney is continuing this trade war because
00:02:04.420 it benefits him in a great way. And we've talked about that at great length here. I don't want to
00:02:08.140 get too deep into that. But in this article, he has a headline here of Carney puts politics over
00:02:16.280 paychecks in trade war. But I think there's something missing from this headline. Carney
00:02:22.460 puts politics over paychecks and you in the trade war. And I don't know whether the thumbnail for
00:02:29.860 this video will be Carney's casualties. It's you because you are the casualties in Carney's trade
00:02:37.640 war to keep his popularity high. And every week they feed you something else to hate the United
00:02:43.040 States and Donald Trump even more. And over the last few days, it's been him talking about the
00:02:48.040 United States invading Canada, which is just absolutely ridiculous. So let's look at this 0.90
00:02:54.880 article. And where Brian Lilly is referring to these clips, I'm going to play the actual words
00:02:59.820 from the person who says them, which in this case would be Jameson Greer, US trade representative
00:03:06.240 who understands what's going on here. See, you haven't been told why the trade deal. Let me just
00:03:11.420 go back to main camera here. You haven't been told why the trade deal died just a few weeks ago by
00:03:19.420 the Carney government. They blame it all on the United States. The United States has been talking
00:03:23.540 about this a lot. And in these short clips today, they're not very long. You're going to understand
00:03:29.160 more what's going on when it comes to trade negotiations and the trade relationship right
00:03:33.660 now between Canada and the U.S. So let's take a look at Brian Lilly's article here. We'll read
00:03:37.960 a little bit of it. And when I get to the clips he's going to refer to, I'll play them for you.
00:03:42.420 Now, I've edited them down. I'll put a link in the description so you can watch them all
00:03:45.580 in their entirety. I try not to remove any of the real meat and potatoes. Just want to get down to
00:03:51.460 shorter clips for you here. So there's no rush for the Trump administration to get back to the
00:03:56.680 negotiating table with Canada. And given how fighting with Donald Trump is helping Mark
00:04:01.500 Carney politically, there may be little urgency in Ottawa either. Now, the other thing just before
00:04:05.780 we continue along here is the fact that, you know, I don't think the average American gets up in the
00:04:10.120 morning worrying about Canada or even thinking about Canada or an afterthought to them. While
00:04:15.620 a large percent of the population here in Canada, they can't get Donald Trump and the United States
00:04:20.640 out of their brain because the United States is doing very well. Despite what you're hearing
00:04:24.700 from the mainstream media, which hate Donald Trump, just like the Elbozos here in Canada, 1.00
00:04:30.180 the United States is doing quite well when it comes to their economy. I've got a short clip 1.00
00:04:34.320 about that coming up as well. So we'll move on in the article. With a number of media appearances
00:04:39.680 this week, Trump's chief trade negotiator, Jameson Greer, has given the public some insight into how
00:04:46.320 he and Trump's team are thinking about Canada. Where do we stand on another subject with Canada?
00:04:53.020 Any movement since then? And China's in town, or the Chinese president is in town. Maybe we should
00:05:00.160 ahead you know mark carney down here he's you know i i think he's trying to make some inroads
00:05:05.300 there i'm not i don't know what china thinks i i the reality is president trump is comfortable
00:05:11.160 where we are on canada our trade policy is a global policy it applies to canada china the uk
00:05:16.880 brazil all kinds of countries he has his tariffs on steel aluminum autos to reshore and we're you
00:05:23.200 know we're making more steel we've ever made uh in recent years we we ship more steel than japan did
00:05:28.460 the auto lines are coming back and putting in new shifts. So that's all happening. A lot of other
00:05:34.400 trade with Canada, we're still getting what we need from them in terms of oil, gas, potash,
00:05:39.160 all of these things. We're shipping ag back and forth across the border. So there's still a lot
00:05:42.740 of strong trade between the two countries. We're comfortable with where we are. The Canadians,
00:05:48.020 again, periodically they come and they want to have a deal. When they do, we talk. As we saw
00:05:52.220 before, we gave them a deal. They left. They call us now and then, and we have good conversations
00:05:56.240 about potential deals, but it's not, there's no urgency on our side, I would say.
00:06:00.680 So Jameson Greer says that the president's comfortable with where they are on Canada
00:06:05.540 right now. You know, honestly, he probably would like to get a trade deal with Canada,
00:06:09.620 but it doesn't really concern him. Of course, it consumes so much of the media here in Canada,
00:06:14.460 but what he says there is really interesting. He has tariffs on steel, aluminum, and autos to
00:06:19.740 reshore. Reshoring means bringing manufacturing back to its home country. And, you know, Canada 1.00
00:06:27.160 better wake up real quick because there could be a lot of jobs leaving Canada very soon.
00:06:31.580 The auto lines are coming back and putting in new shifts. And you may remember that this is coming
00:06:36.900 in the new year and it's not very far off, ladies and gentlemen. The new year is only a few months
00:06:41.560 away. Trump announces 50% tariffs on Canadian auto and steel imports starting in 2027. These
00:06:47.680 discussions are already happening, I'm sure, with the automotive industry in Ontario. If these
00:06:52.300 tariffs come in, you could see a lot of jobs shifting to the United States. But does Carney
00:06:55.840 really care about you? You're a casualty because he wants to keep his popularity high, and he's got
00:07:01.440 a plan with the new world order, ladies and gentlemen. So back over to Brian Lilly's article.
00:07:06.600 Let's go over here, read a little bit more, a couple of more clips coming up, and we won't make
00:07:09.780 this very long. That's the part that Canadians don't understand. They don't hear it, and too
00:07:15.340 often, that's because our media doesn't report it. The Americans don't think the tariffs are
00:07:20.660 hurting them because economically they're doing better than we are. Short clip from Larry Kudlow.
00:07:27.360 New orders are up 16.4% at an annual rate for the past three months and 14.1% year on year.
00:07:37.300 I know numbers are boring, but these are phenomenal numbers for business investment,
00:07:42.080 which is the heart of the economy. Retail sales, consumer spending growing at a strong six percent
00:07:49.420 over the past year. And basic consumer prices, excluding food and energy, core prices up only
00:07:57.420 2.4 percent over the past year. 2.4 percent inflation is a very low number. That real
00:08:05.180 weekly earnings for blue-collar manufacturing workers have increased 4.1% during Mr. Trump's
00:08:13.220 second term. That average tax refunds have gone up $3,400 this tax season. That's a very big number
00:08:23.940 to help ordinary working folks. There's an economic boom going on. More people are working
00:08:31.920 than ever before in U.S. history with a low 4.1% unemployment rate. The United States economy is
00:08:38.940 doing quite well. You do hear about gas prices. That is certainly a consideration. I edited that
00:08:44.000 part out of Larry Kudlow's video that you just saw simply because it went on for too long. I'll
00:08:48.980 put a link in the description so you can watch the whole thing. Back to Brian Lilly's article,
00:08:53.100 one more clip coming up, which will kind of wrap things up in a bow and kind of let you understand
00:08:57.460 what's going on with the trade negotiations between Canada and the United States, and the
00:09:02.080 words from Jameson Greer, the U.S. trade representative. Next week, a number of trade
00:09:06.280 actions by the Americans take effect, including a ban on Canadian alcohol, motorcycles, and certain
00:09:11.980 dairy products. Meanwhile, other dairy products and a long list of other goods will face 50%
00:09:17.460 tariffs. And then here's where it gets painful, and it says it right here, the pain's about to hit.
00:09:22.700 I've seen people snicker at the motorcycle ban, thinking Canada doesn't make any, but
00:09:26.940 Can-Am's three-wheeled motorcycles made in Valcour, Quebec, dominate the American market.
00:09:33.220 The 2,500 people employed by the company in Valcour are watching with anticipation on the
00:09:38.080 alcohol side. About half of all distilled spirits made in Canada are sold in the United States.
00:09:43.340 The American booze ban won't hurt breweries or wineries as much as it will distilleries.
00:09:49.540 In an interview with Bloomberg Television earlier this week, Greer was asked about the fact that
00:09:54.700 Carney's poll numbers go up when he fights with Trump, meaning he is incentivized to keep the trade war going.
00:10:02.300 The Canadians, of course, then came to us.
00:10:04.100 They asked us for a deal, like many other countries.
00:10:06.700 We offered a deal.
00:10:08.100 They already have a lot of duty-free stuff coming in.
00:10:10.500 We offered to give them more, cut steel and aluminum tariffs in half, cut auto tariffs down, remove certain tariffs on lumber.
00:10:18.160 They looked at the deal, agreed to elements of it, a few days later said, no, we can't do that.
00:10:22.760 And we said, okay.
00:10:23.480 I mean, they suspended the talks.
00:10:25.040 They asked us for a deal.
00:10:26.420 I wasn't knocking on their door saying you have to do a deal.
00:10:28.500 And now they want to, you know, get together with the EU.
00:10:31.000 And my view is zero growth plus zero growth still equals zero growth.
00:10:34.180 So that'll be an interesting outcome.
00:10:35.660 This looks like a downward spiral for relations.
00:10:38.000 And I'm not sure what the circuit breaker is now, especially when you have the Canadian leader.
00:10:41.720 The polls are so high for him now, for Prime Minister Carney.
00:10:44.720 He's almost incentivized to carry on on this track.
00:10:47.620 Oh, for sure.
00:10:48.360 for sure. It's politically popular in Canada to be at odds with President Trump. It's politically
00:10:54.100 popular. That's interesting. But the reality is, economically, it makes sense for the Canadians
00:10:59.940 to have more interaction with the U.S. This is where the growth is. This is where the consumption
00:11:05.520 is. It's not in Europe. It's not elsewhere. It's not in Brazil. It's not in China. But again,
00:11:10.000 it's up to them. They've been very clear over the past year and a half. They're sovereign.
00:11:14.060 They may want to tie up with the EU now. So it raises a question as to that whole kind of
00:11:17.880 sovereignty schtick, but I think the reality is they still export 70% of their goods to the U.S.
00:11:24.080 Most of our trade is duty-free. There's a lot of oil and gas and critical minerals and ag trade.
00:11:28.880 We've never disturbed that either way, so there's certainly the headlines, there's the rhetoric,
00:11:32.800 but underneath the trading relationship, it's not too different than what we had before,
00:11:38.120 except for the fact that we are reshoring steel. We are reshoring cars. We have new
00:11:43.140 announcements of Stellantis. We have new announcements for steel, and a lot of this
00:11:46.660 is because of our global trade policy, which of course includes Canada.
00:11:49.740 Prime Minister Carney and his team, they want to double down on globalization.
00:11:53.160 You see it now. We don't.
00:11:55.520 For us, globalization has been a problem.
00:11:57.480 If you look at the past 10 years, we pulled out of TPP.
00:12:00.200 We are cautious about the WTO.
00:12:02.700 We are redoing our trade agreements, and we're protecting our jobs.
00:12:06.800 Our manufacturing jobs are finally going up.
00:12:09.240 We have more supply chains coming here.
00:12:11.400 Our growth is higher than Canada or the rest of the G7.
00:12:15.700 Canada and the rest of the G7, they still want to do globalization.
00:12:18.320 They want to double down on this.
00:12:19.580 For us, that led to offshoring, and we don't want that.
00:12:22.000 They still do.
00:12:23.380 And you can kind of pick now.
00:12:24.740 It's been 10 years.
00:12:25.820 They've had slow growth.
00:12:27.000 We've had faster growth.
00:12:28.040 I like our model better.
00:12:28.940 I mean, you hear the Canadians talk about so-called Fortress North America.
00:12:32.900 That means something different to them than to us.
00:12:35.000 Because when we called their bluff on it and said, Fortress North America, they're words, by the way.
00:12:39.640 Fine, let's do it.
00:12:40.620 To us, what that means is if we're going to have our tariffs up on Asia and economies that have giant trade surpluses that are non-market oriented, then they need to have that too.
00:12:51.420 If they want to be able to trade more freely with us relative to the rest of the world, they need to be protecting their supply chains and North American supply chains.
00:12:58.940 So when the Canadians say something like, well, actually, we're not going to have these tariffs or we're not going to do this or our protections are going to be much more limited, it makes it really hard for us to say, fine, we'll have freer trade between us.
00:13:09.000 Fortress North America means we protect our supply chains together. That's our view. I don't
00:13:13.200 know what it means for them. I think it's fascinating. The more you hear from the United
00:13:17.860 States trade representatives, some of the people that were actually in the room negotiating this
00:13:22.320 trade deal, the more you understand what happened a few weeks ago when that trade deal died. We
00:13:26.000 still haven't heard it from Mark Carney and his government. I think there was a hint of truth
00:13:30.260 in what he said back then, but I don't think we got the whole story. You know, Mr. Greer says
00:13:36.200 there. It's fascinating. He says zero growth plus zero growth equals zero growth. He's talking about
00:13:40.760 the Canadian and European economies, the European Union economies with zero growth. And then he
00:13:47.880 throws in the sovereignty thing. The Canadians want to protect their sovereignty. He understands
00:13:51.940 that. I think that was regarding what was going on with streaming services, the French language
00:13:57.440 in Quebec. But then he says, then they go over to the European Union and hand over some of their
00:14:02.280 sovereignty, which is happening right now. Carney wants more globalization. The United
00:14:06.720 States does not want that. They're trying to onshore the businesses. Globalization pushed
00:14:11.520 the jobs away. They're coming back because of what Donald Trump is doing. And what the
00:14:15.280 Elbozos in Canada don't seem to understand is that Donald Trump doesn't care about the 0.96
00:14:20.760 Canadian economy. You think he should, but he doesn't care. He's not losing sleep. If
00:14:25.340 you're losing your job, he's doing what's best for his economy, which is doing better
00:14:30.440 than Canada right now. You need to understand that. Is that what Carney's doing?
00:14:36.780 The United States, you know, Carney said, they're trying to tell us who we can trade with. The
00:14:42.700 United States is just saying, we don't want integration with China. We don't want them 1.00
00:14:46.340 dumping crap in your country, which comes across the border, which hurts us. You want 1.00
00:14:50.440 Fortress North America. If that's what you want, you need to be with us. We're 70% of their trade.
00:14:56.960 so let's go back to the lily article talking of greer here and this is a quote from what he just
00:15:03.640 said what's interesting is that economically it makes sense for canada to have more interaction
00:15:08.740 with the united states this is where the growth is this is where the consumption is it's not europe
00:15:13.760 brazil or china on that front greer is right says brian lily economically it is better for us to
00:15:18.800 align with the u.s while of course diversifying our trade politically though it's better for mark
00:15:24.440 Carney to fight with Trump. And it appears he's willing to put politics above economics.
00:15:29.920 And actually, at the end of the story, Brian Lilly gets to the point I made at the very beginning
00:15:34.020 above helping Canadians keep their jobs. You are one of Carney's casualties in his goal to raise
00:15:42.140 his poll numbers and to keep the hatred for Donald Trump in the United States high. You're not being
00:15:48.040 told the truth here, or you're being told little pieces of the truth, but not the whole truth. And
00:15:53.580 we slowly get it from the United States of America. You are one of Mark Carney's casualties.
00:15:59.820 Does he care about you? People would say, well, he's the prime minister. Of course he cares about
00:16:04.520 the Canadian people. But does he? His actions speak stronger than words. Thanks very much for
00:16:10.980 watching. If you like this video, give it a thumbs up. Subscribe to the channel. Ring the bell for
00:16:14.900 notifications. Take some time off from politics. It's the weekend. I'll see you in the next one.