PJ The Belt - July 18, 2026


Trump Just Delivered The FINAL BLOW to Mark Carney

Mentioned
Derek Friesen William Pellerin Dennis Draper Trevor Toome Speaker Trump
＂DEPORT!＂ Trump Just SHUT DOWN Foreign Truckers Trump Just OPENED THE DOOR To Alberta..

Episode Stats


Length

8 minutes

Words per minute

158.42

Word count

1,270

Sentence count

84


Summary

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

Canadians are waking up to the reality that their economy is in a recession. Canada's economy has officially entered a recession, and it's a bad one. Canada is sliding further into third-world status, while south of the border, the US economy is booming.

Transcript

Transcript generated with Whisper (turbo).
Hosts, guests, and mentioned names generated with spaCy (en_core_web_sm), reconciled against Wikidata.
00:00:00.000 This is a result of climate change, Mr. Speaker, climate change.
00:00:04.640 He doesn't want to fight.
00:00:06.920 Canada must maintain their forests properly.
00:00:09.160 We're being hit with filthy polluted air that's costing us billions.
00:00:13.020 This willful negligence ends now.
00:00:15.680 I'm calling the prime minister today and we're adding these costs to their tariffs.
00:00:19.940 America first.
00:00:23.300 This is Fiber, a farm equipment manufacturing company in Crystal City, Manitoba,
00:00:28.400 co-founded by Derek Friesen's dad.
00:00:31.520 We love our people and our communities.
00:00:33.440 But Friesen says the current climate of U.S. trade uncertainty
00:00:36.660 combined with Canadian red tape and regulations
00:00:39.440 has him musing about a move south of the border.
00:00:42.860 I don't know if it's in our very short term,
00:00:45.040 but at some point, if this continues,
00:00:47.120 we definitely will have to continue to service our customers.
00:00:49.600 There's certainly certain advantages of moving production to the U.S.,
00:00:52.780 including, you know, having a more streamlined supply chain,
00:00:56.340 you know access to a larger customer base. A new survey from KPMG shows 42 percent of
00:01:04.360 Canadian manufacturers are considering moving production south or already have. 57 percent
00:01:10.720 have paused, cut back or cancelled capital investment projects and 61 percent say their
00:01:17.040 business can't survive without access to the United States. All right so Canada's economy has
00:01:23.160 finally stumbled headfirst into recession. Not exactly a shocker to anyone paying attention.
00:01:29.960 Well, maybe except for the elbows up crowd and the professional denialist on the left. But today,
00:01:35.960 the federal government had no choice but to release the ugly numbers. And let's just say
00:01:40.380 they don't paint a pretty picture. Canada is sliding further into third world status while
00:01:46.140 south of the border, the US economy is booming. And Trump is not shy about it. He's flat out
00:01:52.440 declared previously that he'll take Canada economically, not militarily. Bold words and
00:01:58.460 honestly, can you blame him?
00:01:59.940 As you're considering military force to acquire Panama and Greenland, are you also considering
00:02:06.900 military force to annex and acquire Panama?
00:02:09.600 No. Economic force. Because Canada and the United States, that would really be something.
00:02:17.000 You get rid of that artificially drawn line and you take a look at what that looks like.
00:02:22.440 it is the biggest gdp drop since the pandemic gross domestic product fell at a 1.6 percent
00:02:28.120 annualized pace for the second quarter of the year economic force the canadian recession has
00:02:33.560 already begun so says canada's national post with economists now expecting canada's output to fall
00:02:39.880 in the next two quarters the definition of a recession as exports stumble in the trade war
00:02:44.920 with trump economic force we also agreed that we need to proceed carefully with particular attention
00:02:51.320 to the risks and uncertainties facing the Canadian economy. If a weakening economy puts
00:02:57.720 further downward pressure on inflation and the upward price pressures from trade disruption
00:03:03.000 are contained, there may be a need for a reduction in the policy interest rate.
00:03:11.080 Economic force. Canada's best and brightest are all leaving.
00:03:15.720 It's called a brain drain and it's really hitting hard in Canada.
00:03:19.900 Skilled professionals, entrepreneurs, and even doctors, who we need the most,
00:03:25.920 are packing it up for places with better opportunities and less government chaos.
00:03:31.600 Investors, they're bailing too.
00:03:34.540 Billions and billions of dollars are being moved to the United States,
00:03:38.540 where the economic climate actually rewards growth instead of punishing it.
00:03:43.840 In fact, foreign investment in Canada has dropped dramatically, while American markets keep pulling Canadian capital south.
00:03:53.600 Canadian companies are no longer in the wait-and-see mode.
00:03:57.040 Canadian manufacturers and exporters saw similar results from their own survey.
00:04:01.980 The CEO says trying to work around tariffs makes Canadian companies less competitive.
00:04:07.160 It is the worst of all worlds when you have a situation where you can't really predict what the future is going to be.
00:04:13.160 Dennis Darby says members are watching Toyota's decision to move some production out of Mexico closely.
00:04:19.020 I think it's going to be the largest plant in the world, a car plant, and they're moving into the United States.
00:04:24.880 And again, they're doing that to avoid paying the tarp.
00:04:27.580 I think the worry meter should be high.
00:04:29.580 International trade lawyer William Pellerin expects to see similar moves out of Canada,
00:04:34.540 though any potential automaker move won't happen in the short term due to government backing.
00:04:39.820 For sure it will happen in the wood product space.
00:04:42.240 We're seeing that with our clients right now in that space.
00:04:45.220 A lot of small towns will go from having an important manufacturer to nothing.
00:04:50.420 KPMG found 11% of Canadian manufacturers plan to move their headquarters to the U.S.
00:04:56.700 And with manufacturers making up more than 10% of Canada's GDP,
00:05:01.500 experts say even that relatively small number could have a big impact on our economy.
00:05:06.560 The only people who thought Canada could stand a chance going toe-to-toe with an economy over 10 times its size
00:05:13.920 were the willfully blind or the poor souls watching government-paid media and believe in them.
00:05:20.520 The truth is, the United States doesn't even want to cause damage to Canada.
00:05:25.740 They just want a fair trade deal and for Ottawa to finally control its leaky northern border and drug pipelines.
00:05:32.900 Here's the kicker, though.
00:05:34.700 Even the government-funded media,
00:05:36.860 you know, the same folks who usually gaslight the public
00:05:39.220 to protect their liberal buddies,
00:05:41.140 they're now forced to admit the truth.
00:05:44.020 And watching them eat crow on live television is priceless.
00:05:48.660 If you look at GDP, the Canadian economy doesn't appear to be doing all that bad.
00:05:53.560 Heck, we're not even in a recession.
00:05:55.060 As of last count, Canadian GDP growth was just keeping its head above water,
00:05:59.140 so the economy is technically still growing.
00:06:02.040 But the numbers change considerably when you look at measures of worker productivity.
00:06:06.380 They keep dropping.
00:06:09.080 And they're projected to keep dropping for the next 40 years.
00:06:12.920 Canadians are going to work, they're clocking in their eight hours,
00:06:15.520 but on average, they're producing less than they used to.
00:06:19.400 It's gotten to the point where Ontario, Canada's largest province,
00:06:22.260 now has a per capita GDP roughly on par with Alabama,
00:06:25.700 one of the poorest states in the U.S.
00:06:28.160 And this is affecting our standard of living.
00:06:29.940 The University of Calgary economist Trevor Toome crunched the numbers and figured out that if Canadian labor productivity had instead spent the last six years keeping pace with the U.S., you know, instead of remaining stagnant, we'd all be making an extra $5,500.
00:06:43.300 dollars. Negative winds are blowing with youth unemployment worse than we thought. According to
00:06:51.040 a new report, it's at recessionary levels. That's not good. And it means that those between the
00:06:56.920 ages of 15 and 24 are really having a tough time finding work. We sent CTV's Adrian Gobriel to
00:07:03.380 check out whether this is just a blip or here to stay. Adrian? Sandy, I'm here inside a youth
00:07:10.380 employment services office where the CEO tells me people are arriving in droves desperate for work
00:07:16.160 and now one of Canada's largest banks says the increase in youth unemployment has surpassed
00:07:22.020 levels we normally see during a recession and the troubling trend could linger. And here's the part
00:07:28.620 that bothers me the most. The ones paying the price for all this incompetence aren't the well
00:07:33.820 connected or the elites. It's Canada's youth. Right now young Canadians can't even land a basic
00:07:39.740 entry-level job in their own country, while cheap foreign workers keep coming in thanks to
00:07:45.380 disastrous immigration policies. But don't expect the liberal crowd to care. Their kids are already
00:07:53.520 set up for life. It's regular folks like you and I that get stuck holding the bag, and that's the
00:08:00.000 ugly reality.