PJ The Belt - July 01, 2026


Trump is DONE with Canada — NO DEAL..

Topics
no deal negotiations
Mentioned
Donald Trump Dominic LeBlanc Steve Verhul Mark Carney Carolyn
Canada's DISARMING its Citizens in 2026!! Trump Just Offered Alberta a DEAL!! as Canada FAILS to deliver

Episode Stats


Length

7 minutes

Words per minute

177.75

Word count

1,409

Sentence count

83


Summary

Summaries generated with gmurro/bart-large-finetuned-filtered-spotify-podcast-summ .

The clock is ticking down to July 1st, the deadline for countries to decide if they want to renew the Canada-U.S. free trade deal. Canada, Mexico and the United States have until 5 PM ET tomorrow to come up with a deal.

Transcript

Transcript generated with Whisper (turbo).
Topics generated with Qwen2.5-3B-Instruct.
Hosts, guests, and mentioned names generated with spaCy (en_core_web_sm), reconciled against Wikidata.
00:00:00.000 The U.S. president has also said he doesn't like the fact that Canada seems to be getting closer
00:00:04.840 to China, making new trade deals with China and more trade agreements. And obviously this is
00:00:10.620 something as well that Donald Trump has made no secret of the fact he doesn't like.
00:00:14.280 No, I'm not. Look, we've been ripped off for years and we're not going to be ripped off
00:00:17.960 anymore. No, I'm not going to bend it all, aluminum or steel or cars. We've been ripped
00:00:23.340 off as a country for many, many years. We've been subjected to costs that we shouldn't be
00:00:29.040 subjected to. In the case of Canada we're spending 200 billion a year to subsidize Canada. But I
00:00:34.600 think if you ask a lot of industries they're feeling really insecure right now and saying
00:00:40.220 that the stability that this KUSMA agreement has provided is no longer there and that it's
00:00:46.020 difficult for them to plan in the years ahead not knowing whether or not there are going to
00:00:50.340 be tariffs in place or even an agreement in place. Well tomorrow the clock runs out and the Canadian
00:00:57.200 government pretends everything is fine but the trump administration has been very clear they
00:01:02.700 would rather walk away entirely and canada's industry minister just heard from the media
00:01:07.140 about this reality and she had nothing to offer but a worse salad so here's the truth canada spent
00:01:13.380 years causing up to china ignoring the writing on the wall and now as the deadline hits they shrug
00:01:20.200 while the economy is falling apart and industries suffer the consequences hi mr jeff with uh jeff
00:01:26.780 team with Global National. Your reaction to
00:01:28.860 Reuters reporting that
00:01:30.140 the U.S. is going to be pulling out of
00:01:32.720 Kuzma and what would this
00:01:34.800 mean for Canadian industry?
00:01:36.680 Well, I just learned
00:01:38.680 the news here
00:01:40.300 30 seconds ago.
00:01:42.480 Of course, I'll
00:01:44.740 have the chance to talk with the Prime Minister
00:01:46.400 and the
00:01:48.540 Minister in charge of U.S. Canada Trade
00:01:50.860 and when we'll have
00:01:52.700 more to say, we'll have more to say.
00:01:54.620 These are information
00:01:56.600 through a media source and of course we'll be waiting for any official conversation coming out
00:02:06.260 from the White House. So we've heard from a lot of different partners about what we should be
00:02:11.200 expecting with the Kuzma deadline tomorrow. I'm curious what you're expecting. Well as you know
00:02:17.580 there's a virtual meeting with the three partners tomorrow. We're expecting you know a constructive
00:02:23.780 exchange. I wouldn't expect any drama tomorrow. There is no, we're not, I'm not looking for my
00:02:31.120 pen. Imagine a man whose portfolio is invested 92% in a country he pretends to hate. And then
00:02:39.780 he wins an election and attacking that very same country, doing everything in his power to keep
00:02:45.320 the country he was actually elected to run in a state of managed decline as he lines his pockets.
00:02:51.460 His popularity stays high as he and the media manipulate the population into hating their neighbor
00:02:57.400 and blaming 11 years of failure and decay on their liberal rule on a foreign president.
00:03:03.680 If you guessed Canada's Mark Carney, congratulations.
00:03:07.900 You're one of the few not affected by the anti-American delusion that has taken over Canada.
00:03:13.520 Carolyn, he said don't expect any drama.
00:03:16.340 Mexico and Canada have already signaled they want a full 16-year extension of the deal,
00:03:22.120 while the American president has been unpredictable.
00:03:26.240 The Prime Minister downplaying expectations for July 1st,
00:03:30.340 the deadline for countries to decide if they want to renew the Canada-U.S.-Mexico free trade deal.
00:03:36.220 We're expecting a constructive exchange.
00:03:39.760 I wouldn't expect any drama tomorrow.
00:03:42.320 There is no, we're not, I'm not looking for my pen.
00:03:46.540 While most trade watchers aren't expecting the U.S. to announce its intention to withdraw,
00:03:51.160 the president has not been clear.
00:03:53.300 I would rather not have the agreement, but I may sign it.
00:03:56.560 Right.
00:03:56.880 But I would, we do better as a country if we don't have an agreement.
00:04:00.340 So are you thinking of?
00:04:01.720 Yeah, I'm thinking about maybe we won't be able to make a deal.
00:04:04.400 I would rather not have the USMCA.
00:04:06.420 If any party doesn't agree to renew, it will trigger an annual review for the next decade.
00:04:12.720 I think the most likely outcome is going to be that discussions continue
00:04:17.920 and we continue to try to find some kind of accommodation on these issues.
00:04:23.500 Canada's chief negotiator for the original Kuzma told a BMO audience
00:04:27.400 he doesn't expect a deal in the near term with a possible window around the November midterms.
00:04:33.220 There's a possibility for it to come together, but I think it's more likely that the discussions will continue beyond the midterms and possibly even into next year.
00:04:43.700 Steve Verhul and others say the key issue is separate from the KUSMA deadline, what happens with tariffs.
00:04:50.400 We haven't been able to get the United States to drop all of these additional tariffs that it has imposed on Canada and that are actually really devastating to a large number of Canadian businesses currently.
00:05:02.640 Canada, Mexico and the U.S. will meet virtually tomorrow with our country represented by Canada U.S. Trade Minister Dominic LeBlanc.
00:05:10.900 The U.S. President has also said he doesn't like the fact that Canada seems to be getting closer to China, making new trade deals with China and more trade agreements.
00:05:20.760 We know that Canada is trying to diversify, as you point out, and that really is a pillar of the Carney government is diversifying away from the U.S. market.
00:05:28.420 And obviously this is something as well that Donald Trump has made no secret of the fact he doesn't like
00:05:33.240 There are a number of other things here though that Canada I guess could do if you want to sort of sweeten the pot
00:05:38.420 One of them is the fact that the Americans have repeatedly highlighted
00:05:41.640 They don't like the liquor control board system in Canada
00:05:44.340 So you know that if you're trying to get American liquor, wine, beer, anything like that into the country
00:05:49.500 You have to go through these liquor control boards
00:05:51.520 Which makes it harder to import American products like that
00:05:54.680 But the real big sticking point recently has been that, you know, in most provinces, including here in Ontario, you still can't buy American liquor, wine or beer.
00:06:03.100 And that's because they do have this ban on the American products, something that was started over a year ago as a way to sort of push back against the steel and aluminum tariffs.
00:06:11.240 So that's an area that perhaps Canada can try to bend on in these negotiations to sort of sweeten the pot for the Americans.
00:06:17.880 But I think if you look overall at what's going to happen on July 1st, most experts are saying really nothing is going to happen.
00:06:25.340 That the Americans are not going to just all of a sudden sign a trade deal tomorrow with Canada.
00:06:29.300 That there's nothing, you know, serious in the works in terms of an offer from the Americans about what this new trade deal could look like.
00:06:36.220 And that most likely tomorrow is just going to be a discussion.
00:06:38.980 And from there, we just have a status quo agreement.
00:06:41.440 This KUSMA agreement is still in place until 2036.
00:06:44.760 It's not like it's just going to poof and disappear.
00:06:46.680 year. What will happen is if the Americans don't sign on tomorrow, it just creates a yearly review
00:06:52.860 for the next 10 years. So then the three countries have 10 years to come up with a new agreement
00:06:57.800 with annual reviews. And some American commentators have said maybe that's exactly what the U.S.
00:07:03.520 president wants is an annual review so that they can keep talking, make changes and agreements
00:07:08.380 moving forward. So that is what most likely is going to happen, despite the fact that both Canada
00:07:13.940 and Mexico have said they're really they are ready and willing to sign on for another 16 years
00:07:19.600 USMCA did one thing that I loved after six years it comes up for renewal I don't know that I'm
00:07:29.080 going to renew it so here we are no deal no plan just excuses while Ottawa chases trade with Beijing
00:07:36.780 they forgot our biggest and most important partnership and Trump said no more one-sided
00:07:42.520 deals. No more backroom games. Canada had every chance to secure stability and instead they
00:07:49.600 gambled it away. And when the dust settles, Canadians will know who sold them out, hopefully.