The National Telegraph - Wyatt Claypool - Carney Admits Defeat on Counter Tariffs - Calls Trump to Make Deal!

00:00:00.320 Being proven wrong sucks, and that's why it must suck to be Prime Minister Mark Carney pretty much every other day. 0.98

00:00:08.060 Because while he can win elections and he has a high approval rating, 0.94

00:00:11.660 he still lives with the knowledge that he is completely wrong about the Canada-US trade situation,

00:00:17.640 and he has no clue how to get a good deal for Canada.

00:00:21.560 Recently, he basically had to admit that the counter-tariffs have failed.

00:00:26.540 Yes, he's never going to verbally say that the counter tariffs have failed,

00:00:30.460 but we are not going to be putting in place any more counter tariffs,

00:00:34.380 despite the fact that President Trump just put more tariffs on Canada,

00:00:38.840 and he may be banning Canadian alcohol in later September.

00:00:43.060 Check out this news segment from Bloomberg,

00:00:46.120 where they talk about the fact that Canada is having to do a partial climb down right now

00:00:50.460 to get back to the negotiating table.

00:00:52.560 Another thing that's definitely affecting the Canadian economy and a little bit of the American economy, and that's the tariff and trade war.

00:00:58.900 The prime minister says he will not retaliate with new tariffs for Washington.

00:01:02.820 But he also says the latest measures imposed by that country are having a modest effect on Canada.

00:01:08.540 Do you see it that way?

00:01:10.260 Well, again, there's political words that are thrown all over the place.

00:01:14.480 And the bottom line is, is that, you know, tariffs that are put on by our government,

00:01:19.260 our Canadian government, are going to increase costs that we all have as consumers.

00:01:23.720 And I think that does have an impact.

00:01:25.600 And again, I think that fewer of us then realize that the businesses that are sending to the

00:01:30.360 U.S., that are selling to the U.S., they're not, those aren't the sort of the front and

00:01:34.600 center Canadian who's trying to sort of make ends meet with rising costs as kind of being

00:01:39.000 their biggest issue right now.

00:01:40.180 So I think that the risk is that essentially political capital is being used and it's costing

00:01:45.220 us economically. And I think I'd be very concerned. And again, especially when you look at what's

00:01:49.960 going on with interest rates, just from the average person who definitely owes money and

00:01:54.200 is having a harder time to live and eat, essentially. How do you see consumers

00:01:59.320 faring sort of overall right now with that trade war, starting last year and going back and forth

00:02:05.020 sense? Well, I think that the first reality is, is that we're in an environment where asset prices

00:02:10.880 have been rising. They've been rising for years. And the problem is, is that there's a young

00:02:15.460 generation of Canadians and certainly everywhere in the world that don't have assets, right? And

00:02:21.000 so the divide and that, you know, bifurcation, if you will, between those with assets and those

00:02:25.780 without assets is becoming wider. And it's very complicated because essentially it ends up

00:02:30.980 creating an attitude and a sort of a real change in, I think, behavior that really has some risks

00:02:36.560 associated with it, right? I mean, real estate in Canada has obviously been very expensive and now

00:02:40.680 is certainly showing signs that it's coming down. And when you look at things like, you know, again,

00:02:44.540 global yields are rising, Canadian yields too, it does not make borrowing very easy to have happen.

00:02:50.580 And I think it is very important for all Canadians to be very aware of what life costs and certainly

00:02:56.120 to follow an example that i think makes economic and prudent sense which is again spending within

00:03:01.240 means and being aware because that's not what our government does and i think that the point he is

00:03:06.420 getting at here in within the story that they are responding to that mark carney is not going to be

00:03:12.160 engaging any more retaliatory tariffs is that the cost of living issue is actually bumping up against

00:03:18.960 mark carney and the liberals elbows up trade strategy because you can only indulge in that

00:03:24.600 as long as you're quite well off those people who are struggling are not benefited at all

00:03:31.000 by the counter tariffs nor the actual tariff relief that is being handed out if you're a you

00:03:38.460 know a trades worker or you work in oil and gas or you are in forestry or you are just a small

00:03:45.180 business owner you own a restaurant you own some other retail business you're engaged in some sort

00:03:50.740 of manufacturing work you're not being benefited by the trade war the only people who are ardent

00:03:57.500 supporters of it are basically the mostly retired or laptop class in the elbows up crowd now if

00:04:05.500 you're retired watching this video or you work in a more white collar or even government job

00:04:10.860 situation and you're watching the show naturally you're probably conservative and do not like the

00:04:15.380 current trade situation at all but it's hard to you know it's hard to not acknowledge the fact

00:04:20.780 that the those type of like you know living situations overlap heavily with what you think

00:04:26.580 about it because you are further away from caring about the cost of living situation and you can

00:04:31.420 kind of indulge in this sort of anti-american trade politics you know the lore babcocks and

00:04:37.860 the charlie anguses of the world are having a grand old time but if you're having trouble

00:04:42.400 making ends meet, you could care less no matter what the polling is saying Canadians think about

00:04:47.600 all this stuff. The polling ends up being quite skewed by the bad questions they end up asking.

00:04:52.460 They never actually ask, hey, is this a better idea for Carney to pursue to get a deal or is

00:04:57.920 this a better idea? It's always like thumbs up, thumbs down, and the thumbs down always has that

00:05:02.520 kind of implicit implication that if you oppose Carney, you're somehow like opposing Canada and 0.87

00:05:07.860 siding with Trump, which is ridiculous. But yeah, Carney not doing counter tariffs is effectively

00:05:13.060 admitting that the previous counter tariffs were a big flop. And now the entire booze industry is

00:05:19.020 at risk, which we will be getting into a little bit more later. But I now want to get to the

00:05:24.000 press conference that that story was partially a reference to, where Carney was asked about

00:05:30.600 speaking to Trump, a detail that he never released himself. It only came out when the Americans

00:05:36.780 started talking about the fact

00:05:38.460 the Americans revealed

00:05:39.580 that Carney has been in talks

00:05:41.340 with Trump behind the scenes.

00:05:43.500 Thank you.

00:05:44.220 Everything is possible.

00:05:45.680 Yes, Madam.

00:05:46.480 Hi, Prime Minister.

00:05:47.160 Nojuda, Amelie's Bloomberg News.

00:05:48.880 You said today that you've spoken

00:05:50.960 to President Trump recently.

00:05:52.300 I'm wondering if,

00:05:53.940 whether it's you or someone

00:05:55.040 from the Canadian team

00:05:55.960 has talked to the U.S.

00:05:57.700 about reopening negotiations

00:05:59.260 and do you think the fact

00:06:00.960 that there's a three-week delay

00:06:02.020 until the import bans come into place

00:06:03.860 is an attempt from the U.S.

00:06:05.480 to give a runway for talks

00:06:06.640 to resume and for a deal to be found? I just need to comment something about his face here.

00:06:12.740 He has such bad tells as a politician. Look at him here as he's being asked about talking with

00:06:19.760 Trump behind the scenes and whether or not the slight delay in when the alcohol ban and some

00:06:24.460 other measures from the U.S. come into play. That is basically the ramp to try and get Canada to

00:06:29.580 come back to the table. And he purses his lips so aggressively here because he hates being asked

00:06:36.280 stuff like this because it has obviously put him in a weaker more submissive position in this

00:06:42.740 negotiation and the thing that carney has trump has a big ego carney somehow has a even bigger

00:06:49.560 ego he hates this imagistic that he's the one who had to go and give him trump a call most likely

00:06:56.180 only about the trade situation and he doesn't like the fact that he's looking weak despite all

00:07:02.700 of his rhetoric over the past week and a half opening negotiations and do you think the fact

00:07:08.000 that there's a three-week delay until the import bans come into place is an attempt from the u.s

00:07:12.520 i think just purses his lips super super tight because he has such big physical tells that he

00:07:19.500 doesn't like a subject matter he ums and ahs a lot and he gets really physically tight looking

00:07:25.940 to give her one way for talks to resume and for a deal to be found uh let me answer the second

00:07:30.880 part of that um and of course it's really for the americans to answer that specifically but

00:07:36.680 in general no it's actually not for the americans to answer that specifically because

00:07:41.060 he said he stays rather vague i find when he answers questions even just what he's specifically

00:07:47.260 referring to can sometimes be vague what he's implying there is that the americans to decide

00:07:52.600 if we're going back to the table or not the americans never left the table carney's the one

00:07:58.080 who left and then subsequently said well if the Americans stop memeing then I might come back

00:08:04.560 it's like so embarrassing that's really your line in the sand on whether you go back or not

00:08:10.520 is if the memes the meme war stops it's pathetic but let's let him keep going here but it is 0.57

00:08:18.020 absolutely contingent on Canada going back to the table unless he's waiting for Trump to like

00:08:23.780 bend the knee to him but that's what all his rhetoric always ends up implying that a trump

00:08:28.600 has to come in and deliver me his sword no he's not going to do that in part because you're the

00:08:35.400 one who walked away and you are in the less powerful position that's not unpatriotic to say

00:08:41.400 it's just the facts on the ground um with the measures have you seen over time with uh whether

00:08:49.100 their initial tariffs or our response to the counter-tariffs, for example, the ones that

00:08:55.420 came into effect on the 8th, there is a period of time between the announcement and them

00:09:00.220 going into effect, which is to allow for companies to adjust and us to make sure we've got – sometimes

00:09:06.640 we don't always get it right and we have to change things, as we did with the September

00:09:12.420 8th measures.

00:09:12.980 So I wouldn't over-interpret any – it's really for the Americans to answer the question,

00:09:18.440 But I wouldn't over-interpret a delay, if you will, or a lag.

00:09:22.880 That's kind of the nature of these measures, first point.

00:09:27.060 But he's also not saying it's wrong that this is going to get him back to the table, potentially.

00:09:31.340 That's always the thing.

00:09:32.180 He never actually makes the denial.

00:09:34.000 He always stays, again, very vague and very kind of – he stays very slippery about what's going on.

00:09:40.480 He likes to over-explain basic concepts to kind of fill time in his questions.

00:09:44.980 But now he's going to get back to talking to Trump, where, again, he's going to stay vague and say, well, you know, leaders talk to each other about many things.

00:09:52.200 It's like, but was it about trade? That's the thing. Everyone knows it's about trade.

00:09:58.180 And in the second, I mean, I'll refer to my earlier answer in French.

00:10:04.820 I mean, there's we're always ready to sit down in a professional way to negotiate.

00:10:14.120 we think there is a mutually beneficial deal possible that respect then why do you walk away

00:10:20.920 you can't say there's a mutually beneficial deal possible and we're always ready to talk

00:10:24.660 and you cut off the talks yes you can say well i didn't like the deal that was on the table

00:10:29.200 well you apparently liked it enough that even hours before you pulled out your own spokespeople

00:10:34.780 are going out saying yeah we like the deal it's a great deal and then he walked away

00:10:38.180 he didn't require him to walk away claudia scheinbaum the president of mexico who's to 0.90

00:10:43.480 the political left of Mark Carney, she never walks away from the table. She might not like 1.00

00:10:48.800 things on the table. She's not going to agree to it. She'll keep negotiating. She'll keep pushing.

00:10:52.940 She'll move around the Americans' right flank and their left flank, and she'll look for angles 1.00

00:10:56.800 that allow her. She engages in horse trading and looks for angles that give the maximum benefit to 0.99

00:11:03.300 Mexico, whatever is acceptable to Mexico over the next couple of years, at which point they can 0.64

00:11:08.860 probably renegotiate with a different American administration, XR sovereignty, and is in the

00:11:16.500 interests of both countries. So that's a possibility. The point I was making this morning,

00:11:22.640 and again, in the context of the questions that were posed to President Zelensky and myself,

00:11:29.180 is that in my role, as you would expect, I engage with the President of the United States

00:11:37.620 on a wide range of issues. And in issues of geopolitical, you know, defense and security,

00:11:45.220 of course, I'm going to continue to speak. And it's in those contexts, I spoke to the president.

00:11:49.920 I really don't. He talked to him about security. I think he probably ended up speaking to Trump

00:11:55.700 about the trade situation, because that's obviously the big hot button issue between

00:11:59.480 the two leaders. And by the way, Trump also doesn't exactly hold himself back from just

00:12:04.180 saying what he wants to say. He's not going to, even if like, let's say they did talk about

00:12:08.460 security, they were on the phone talking about Ukraine and Russia and Iran or whatever. Trump's

00:12:14.020 going to bring up the trade thing because he just says whatever he's on his mind. He probably sees

00:12:17.480 Carney and immediately thinks trade situation then starts talking about it. But I want to jump

00:12:21.620 over to this post from Professor Trevor Toombs. He's an economics professor from the University

00:12:27.360 of Calgary. And I always find him an extremely fair individual. Heck, he was the person who

00:12:33.420 evaluated my research paper so of course I think he was fair because I did pass but Trevor here

00:12:38.920 says in response to the Bloomberg article that says no further retaliatory measures against the

00:12:43.560 U.S. says Prime Minister Carney Toomes says a very positive development those suggesting tariff

00:12:49.360 retaliation might be unwise have been on the receiving end of a lot of bleep recently in

00:12:54.760 addition to likely being our best response this move can also help take the temperature down

00:13:00.380 within Canada. Absolutely. And in fact, you need to bring the temperature down if you're Mark Carney

00:13:05.900 with the elbows-up crowd, or you may not even be able to sign a deal because they're too geared up

00:13:11.220 to hate anything that has to do with the United States right now. So much of Canada's problems

00:13:16.600 are because of the rhetorical situation that the Canadian government has put us in. The thing is

00:13:23.420 that that doesn't mean I like what the U.S. has said. That doesn't mean I think they're being fair.

00:13:27.920 I frequently disagree with things that Trump and other administration officials say.

00:13:34.120 That doesn't matter, though, in the context of I don't have control over the Americans.

00:13:38.880 I do, as a Canadian, have more say and more leverage as a single citizen with a podcast of trying to get the Canadian government to change tactics to get the best deal for Canada.

00:13:50.760 because right now the tactics seem only calibrated for what's best for Mark Carney,

00:13:55.260 not what's actually best for the Canadian people.

00:13:58.420 Just today, Donald Trump ended up revealing what was talked about on his call with Mark Carney

00:14:04.160 and that he does believe they're getting closer to getting back to the table and getting a deal.

00:14:08.960 Are you continuing withdrawing from the USMCA deal with US, Mexico and Canada?

00:14:14.700 It's a strange question to be asked over here.

00:14:16.980 we're going to have a great relationship with mexico we actually have a good one with canada

00:14:23.000 but the united states has been ripped off for 50 years by canada you don't need that product and

00:14:29.240 they need our product they do all of their business almost with us let me give very little

00:14:35.120 with them but you know they've taken advantage of our farmers and also that's it canada wants

00:14:40.400 to make a deal better again just like iran wants to make a deal better you know i just don't think

00:14:45.540 they're ready but canada wants to make a deal i hope canada appreciates being in the same

00:14:53.380 sentence with iran it's a very interesting down canada and iran but canada wants to make a deal

00:14:59.220 and iran wants to make a deal at the right time both of those things could happen but with iran

00:15:05.220 we're winning very substantially we have a lot of great cards but they cannot have a nuclear weapon

00:15:13.220 Canada has to treat our farmers better

00:15:15.880 and they can't judge our farmers' tariffs.

00:15:17.860 They were judging our farmers 400% tariffs

00:15:21.240 and many other things.

00:15:23.660 So when those things go away,

00:15:25.520 they're willing to get rid of all of them.

00:15:28.500 You'll probably see a deal with Canada fairly soon.

00:15:32.060 And remember, this was in the context,

00:15:34.160 I believe he's in Ireland here judging by the flag.

00:15:36.460 I could only see the white and the orange there.

00:15:40.100 The fact that he's saying that Canada

00:15:41.640 really wants to make a deal

00:15:42.860 And then he starts talking about supply management and whatnot in the aftermath of taking a call with Carney probably does mean that absolutely that call was about trade and it was absolutely about Carney's willingness to make a deal.

00:15:54.980 And like Trump has always signaled on this issue, it's about supply management. It's probably about China. It's about American companies not paying for Canadian cultural subsidization, which is, by the way, not an attack on Canadian culture.

00:16:09.780 In fact, I would get rid of C11 and C18 without the trade situation going on, because they're bad policies that are bad for Canadians. It is basically government-subsidized media to the detriment of independent media and actual good content.

00:16:26.040 I'm sorry, gem shows, CBC shows, suck.

00:16:31.020 I do not feel patriotic knowing that we are feeding hundreds of millions of dollars into products nobody watches but are Canadian certified every year.

00:16:40.220 But now I want to move on to something else that is probably motivating the Prime Minister right now.

00:16:45.560 This person did a good summation of what was going on.

00:16:50.160 The Rover reporter says Sapporo just bailed on Canada.

00:16:54.540 50% Trump tariff on Canadian beer, Japanese brewers shifting production to the U.S.

00:16:59.700 Quote, tariffs are something out of control, they said.

00:17:02.000 Quote, we're going to move ahead with local production.

00:17:05.200 Canada boycotts American liquor.

00:17:06.760 Now even Japan is packing up and leaving.

00:17:09.280 Jobs follow the market, always.

00:17:11.060 And the thing is, although tariffs are not good for the American economy, a tariff war is always going to hurt the party with a worse domestic situation.

00:17:21.600 We have a worse domestic situation.

00:17:24.140 And this is what people like Pierre Polyev, Jamil Javani, and other conservative politicians have always been talking about.

00:17:30.780 We have little leverage in this situation, because whoever has the worst quality domestic market, which is usually dictated simply by regulations and taxes, that country is going to fold faster than the other when it comes to this situation.

00:17:47.780 And we have Carney effectively begging Trump now for a deal, which he doesn't want to admit to, but he's trying to slowly rhetorically bring himself back to the idea, oh, well, you know, we're always open to talking as long as it's professional.

00:18:01.400 Were people wearing clown shoes in the room beforehand? That's why you had to walk out?

00:18:05.740 I'm pretty sure it was a professional discussion, and then you left after apparently loving what was a very flawed deal up until the very last second.

00:18:15.640 Again, I always go back to this.

00:18:17.780 The frustrating thing with Mark Carney is the parts of the deal he thought were acceptable

00:18:22.820 were the parts I would find unacceptable.

00:18:25.400 The steel and aluminum tariffs on Canada were still way too high, 25% way too high.

00:18:30.860 You know, the one part he mentioned as a bad thing was heavy trucks still having like a 15% tariff on them, apparently.

00:18:37.020 Yeah, I'd like that lowered, maybe to 10, 7, like all the other autos.

00:18:40.800 Fair enough.

00:18:41.300 but the thing is that the he the part he took most umbrage with was china which he just said

00:18:47.580 is oh america trying to dictate who we trade with who we speak with china and then the other thing

00:18:52.860 was c11 and c18 and the french language which trump doesn't care about he just doesn't want

00:18:57.580 to subsidize it american companies don't want to subsidize it and this things these things have

00:19:02.520 been complained about since biden biden and vice president kamala harris complained about these

00:19:08.680 things and yet now we're supposed to pretend like this is some big mean nasty Trump thing where he

00:19:14.240 wants to come in like backhand Quebecers no that's not what's happening and by the way for all of the 0.72

00:19:21.540 people in the cheap seats all of the conservative consultant bros all those red Tories out there 0.54

00:19:26.740 Jason Kenney Harrison Faulkner I can criticize the Trump administration I absolutely do the thing is

00:19:34.820 I criticize the Canadian government more because they're my government, because I have a vote on whether or not they are in office.

00:19:44.120 I voted against them, obviously. I voted conservative.

00:19:46.780 I criticize the Canadian government because I want our government to stop being stupid, to be more savvy and intelligent on how to get a good deal for Canadians. 1.00

00:19:56.420 Going rah, rah, rah for the Canadian government making all the dumb, wrong moves in this situation doesn't make you a patriot. 1.00

00:20:03.220 it makes you a fool you are a fool to cheer on your hockey team having its coach tell the players 1.00

00:20:09.980 to go out there and just just elbow other players body check them yeah the americans have scored 1.00

00:20:15.120 like four goals on us and we haven't even put one puck on net but the crowd really likes how much

00:20:20.300 we're fighting them that is the trade situation right now have the american players pulled some

00:20:25.500 dirty moves too yes also they're scoring also they're scoring but the thing is we seem to think

00:20:34.000 well you're not you don't you don't seem like a real fan of the canadian hockey team if you don't

00:20:38.840 like the way they're playing what no i don't like the way they're playing because i want to win 0.94

00:20:43.740 that's what i want to do but this seems lost on all of these lobotomites out there who seem to 1.00

00:20:50.500 think that carny is canada and criticizing carny means that you hate canada no that's stupid people 0.94

00:21:00.260 talk i love canada and that's why i want our trade strategy to be different from what it currently is 0.52

00:21:07.380 because right now it's hurting canadians anyways with all that being said thank you guys for

00:21:14.580 watching this video make sure to like share subscribe i'm almost at 100 000 subscribers

00:21:20.740 on the channel so make sure you subscribe if you like this little ditty i ended up doing

00:21:25.700 and consider hitting the join button if you want to become a monthly contributor to the channel

00:21:31.140 And with all that being said, thank you guys for watching and I'll see you all later.

The National Telegraph - Wyatt Claypool - September 12, 2026

Carney Admits Defeat on Counter Tariffs - Calls Trump to Make Deal!

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