The National Telegraph - Wyatt Claypool - July 22, 2025


Carney FAILS on trade deal - Spins NO deal as a good...


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Length

14 minutes

Words per minute

188.09724

Word count

2,677

Sentence count

141

Harmful content

Misogyny

1

sentences flagged

Hate speech

2

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Summary

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

Wyatt Claypool talks about the failure to get a trade deal with the U.S. and why it's time to get rid of supply management and get a deal that actually works for all of us.

Transcript

Transcript generated with Whisper (turbo).
Misogyny classifications generated with MilaNLProc/bert-base-uncased-ear-misogyny .
Hate speech classifications generated with facebook/roberta-hate-speech-dynabench-r4-target .
00:00:00.000 Hey guys, Wyatt Claypool here. Well, the inevitable happened. Prime Minister Mark Carney and his
00:00:07.360 Liberal government have effectively failed to get a trade deal done with the United States.
00:00:12.780 I know the deadline isn't until August 1st when President Donald Trump says he will put a 35%
00:00:18.000 tariff on Canadian imports, but Mark Carney said his deadline was July 21st and it is currently
00:00:24.600 July 22nd. And the dates don't really matter. Carney is basically front-running the idea that
00:00:31.240 he doesn't really want to get a deal done because he says that getting a deal done is not more
00:00:36.280 important than getting the best possible deal for Canadians. The problem is the best possible deal
00:00:42.480 is impossible based on the way that he defines it. Basically that Canada gets everything it wants and
00:00:48.180 there's not going to be a tariff at the end of the day. That's not going to happen. To get a good deal,
00:00:53.420 you need to be able to compromise. There is no best possible deal here based on the parameters
00:00:59.020 that the Liberals have laid out. We should be sacrificing the terrible supply management system 0.67
00:01:04.480 in order to actually go down to zero tariffs. The supply management system isn't even good for
00:01:10.560 Canadians in the first place. Premier Daniel Smith in Alberta has pointed out that in the quota system
00:01:16.380 that exists in Canada, Alberta has 12% of the population, but we only get access to 7% of the
00:01:23.100 quota amount. And now we have farmers being arrested for producing eggs outside the quota system.
00:01:28.700 It's a silly system, but for some reason we are going to sacrifice our economy on the altar of
00:01:34.340 supply management. But I want to get into more of what Carney is saying and what he's been doing
00:01:39.620 leading up to this moment because it's so dumb. When you consider the fact that he's saying that he's
00:01:44.880 focused on getting the best deal for Canadians and he's at concerts and he's basically saying he's not
00:01:49.280 actually serious about getting a deal done. This is supposedly the elbows up golden age and nothing's
00:01:55.860 actually getting done. We are going to be under a large tariff, which is borderline self-imposed.
00:02:03.220 Yes, Trump is imposing it on us and I don't like that. I don't like tariffs at all. But it's self-imposed
00:02:08.120 because the action that we could do in order to get tariffs taken off is very simple. I know Trump has
00:02:15.160 highlighted the fentanyl issue and it's probably a bit overblown, but the main thing he's talking about
00:02:18.740 right now is supply management and we won't touch it because liberals need votes from the ridings
00:02:23.560 where farmers really like the system. And again, most farmers don't even get access to it in a
00:02:29.100 substantial way. For most farmers in most of the country, it's more of a burden than it's actually
00:02:33.780 a boon to them. But before I get into it, guys, I just want to mention, hey, if you like this show,
00:02:38.720 make sure to leave a like on the video, subscribe if you are not yet a subscriber, and leave a comment
00:02:44.380 on what you think about what's going on. But anyways, I want to start off with this article
00:02:49.620 from the CBC. This is the headline that I had seen at the beginning of the day. It says,
00:02:55.780 Carney says he'll only sign a U.S. trade deal, quote, in the best interests of Canadians.
00:03:02.200 PM says he and premiers are working to strengthen Canada as negotiations continue.
00:03:06.760 And this is the concerning point in the article. He says, quote,
00:03:14.800 the government of Canada will not accept a bad deal, unquote. Carney said in French
00:03:19.460 in Huntsmanville, Ontario, Tuesday, quote, our objective is not to reach a deal, whatever it
00:03:25.040 costs. We're pursuing a deal that will be in the best interests of Canadians. And I would say that
00:03:31.940 the best interests of Canadians should at some point include a deal that gets done at all.
00:03:37.740 It's not in the best interests of Canadians to suffer under tariffs for an entire year,
00:03:42.320 just to sign something, you know, way later, that does not actually make up for the economic pain that
00:03:48.620 we suffer. The stupid thing about tariffs is it's going to hurt the Americans a lot too,
00:03:53.000 because they're making it more expensive for their own people to buy certain products that they maybe
00:03:57.420 get a significant portion of their supply from Canada for. But at the same time, it's still not
00:04:03.140 exactly good to be the country that gets tariffed. So in the best interests of the Canadians, we should
00:04:08.360 be trying to get a deal done fast while also removing the supply management system, which is
00:04:12.640 effectively a tax on our consumers. It's a tax because it raises artificially the price of certain
00:04:19.140 goods by artificially keeping the amount of supply down. That's the funny thing about supply
00:04:23.420 management. It's supposed to make sure that Canada has a supply of all these goods and isn't outsourcing,
00:04:29.060 you know, milk, chicken and dairy, you know, cheese to different countries. When in fact, in our own
00:04:35.000 country, although yes, we effectively run a monopoly within our country, we also don't actually supply
00:04:40.640 that much because we try and guarantee prices for farmers by not letting dairy farmers produce too much
00:04:45.820 or letting people who are not part of the quota system produce and sell anything. It's stupid.
00:04:50.540 But now I want to get to a clip of Carney talking about this because this is truly silly. The way
00:04:57.400 he is trying to pretend like this is all a good thing. This is actually exactly what I promised,
00:05:02.520 just not getting a deal done because that's good for Canadians in theory.
00:05:07.400 How realistic is it to get a deal by August 1st?
00:05:11.460 Well, that depends. I mean, there's two sides to a deal. We will, obviously, we're working on behalf
00:05:18.440 of Canadians, and we will agree a deal if there's one on the table that is in the best interest of Canadians.
00:05:24.980 I thought he was trying to negotiate on behalf of Bosnians. It's good that he's clarifying that he is,
00:05:30.900 in fact, trying to negotiate for Canadians. We're back to mumbly ums and ahs Mark Carney,
00:05:37.340 where he doesn't have a good answer prepared for something he clearly messed up on. And so now he's just
00:05:42.640 going to like describe how things in the world work, rather than actually giving us a solid answer.
00:05:47.560 As the United States will do in the look for the best interests of the US, there have been a series
00:05:53.500 of discussions. Um, senior ministers have been in Washington, they'll be returning Mr. LaVla,
00:05:58.900 for example, will be in Washington for the balance of the week, as will be my chief of staff, other
00:06:03.000 officials for those discussions. But you know, they're complex negotiations, and we'll use all the time
00:06:09.140 that's necessary. And agree, something that's in the interest of Canadians, if that's available.
00:06:18.060 If it's available? What happens if there's, it's not available in terms of like his perfect deal that
00:06:23.800 he's imagining? If it's not available? Well, no, we should sign. Shockingly, we should probably sign the
00:06:30.100 best thing we can get. That's really what the best deal for Canadians looks like. It's not the best 1.00
00:06:35.240 possible deal we can imagine, like he's trying to pitch it as the best possible deal for Canadians
00:06:39.620 is the thing that lowers our costs or keeps costs off. It keeps, you know, tariff costs off our
00:06:45.860 economy by making it so that our businesses don't go under because they lose a significant area of
00:06:50.880 business for themselves. And also, we don't want to have to overtax ourselves. This is why counter
00:06:55.540 tariffs are really stupid. So I hope we don't impose them. A tariff being put on you is already bad
00:07:00.500 enough. Doing a counter tariff means that you are also, you're going to eliminate a lot of business
00:07:06.580 in your own country by not allowing people to import certain things that your own businesses need in
00:07:12.220 order to operate. This is actually why the steel tariffs in general may be a little dumb. So far,
00:07:19.080 they're actually good because they're on China. But if we start trying to tariff American steel
00:07:23.100 because they tariff our steel, really all we are doing is in certain parts of the country where they
00:07:27.820 maybe rely more on American steel because it's the more cheap and more easily, it's more available.
00:07:33.040 We're just going to be paying higher costs in that particular area in order to gird up a steel
00:07:37.760 industry, which could be saved by us just lowering taxes. And this is always my narrative and all this
00:07:43.180 stuff for good reason. If you want to help the Canadian economy, lower taxes. But here is something
00:07:50.460 that Pierre Polly have said back on July 16th, but I think it is quite, you know, it's very much
00:07:57.820 pertinent right now. He says, how can anyone believe anything Mr. Carney says? Only a month
00:08:03.020 ago, he ran an entire campaign promising he would never back down on trade. Now he's accepting
00:08:08.400 permanent U.S. tariffs on Canada, a complete and utter capitulation. And Carney's going to argue
00:08:13.380 he's not capitulating. In fact, Pierre would be capitulating because he's not going to sign a bad
00:08:18.200 deal. Again, the man ran on the idea that he was some financial wizard who was going to keep us
00:08:24.140 from actually having tariffs imposed on us. But this is the sort of thing that Carney is
00:08:28.520 currently posting, sort of happy talk his way through a crisis. And he's saying,
00:08:33.460 facing a shifting trade landscape, the premiers and I are focusing on what we can control,
00:08:37.960 working together to get major projects off the ground, break down trade barriers and build a
00:08:42.260 stronger Canadian economy. That was just two hours ago. Except at a First Nations convention,
00:08:48.620 he effectively admitted that he is not going to build pipelines without their full consent,
00:08:55.280 which you don't really need their consent. It's crown land you're building the pipelines on.
00:08:59.200 But for some reason, we are now going to stall major projects unless we can get full sign off
00:09:04.920 from First Nation band councils that are in the general area of the projects. So that's not quite
00:09:10.760 true. Yeah, he'll probably try and force through renewable projects because that's part of his ideology
00:09:15.800 that just green is good and oil and gas is bad. So he'll fast track that stuff, but not
00:09:20.880 the actual productive energy programs, the energy projects like pipelines and new oil and gas
00:09:26.620 developments and mines. Here's something else that he posted yesterday on the day that we are
00:09:32.780 supposed to have a trade deal. He says, welcome to US senators for a productive meeting today on trade
00:09:38.460 and the important economic impact of our Canadian businesses in their home states. As we negotiate a new
00:09:44.240 economic and security relationship with the US, we remain focused on securing the best deal for
00:09:50.000 Canadians. And when you look at the senators that are involved, I can't see all of them, but you see
00:09:54.820 that you have Catherine Cortez Mastro, who is in fact, I believe, a Democrat. You have Lisa Murkowski,
00:10:01.480 who is the Republican senator from Alaska. And then you have Ron Wyden, another Democrat senator.
00:10:08.140 I just find it odd that we are trying to sign a deal with current Republican administration. And
00:10:14.380 we're mainly talking to Democrat senators, as well as very moderate Republicans. We should be trying
00:10:21.760 to engage with Ted Cruz. We should be trying to engage with Lindsey Graham, with Josh Hawley,
00:10:27.680 people like that who are going to be able to actually maybe push the ball forward on a deal with
00:10:32.420 Donald Trump. But we're not doing that because maybe they were the only people who actually wanted to
00:10:36.780 come and talk to us. But we're not doing ourselves any favors. What really doesn't do Canada any
00:10:42.920 favors is Carney saying he's trying to get us the best deal. But then he posts this.
00:10:49.400 Alrighty, M4ite. I don't even know what that is. Great set at the Blue Fest by Peach Pit Music. 1.00
00:10:58.240 I understand that people have free time, and I don't begrudge Mark Carney for taking free time
00:11:03.700 in his job. But if you're trying to get the best deal signed for Canadians, and he's not,
00:11:09.340 he's admitting that he's not trying to get a deal signed unless it's like perfect, which means that
00:11:13.340 we're going to end up with tariffs, which means it's the worst possible deal. Don't post going to
00:11:17.720 music concerts at the same time. Rock concerts, maybe go to them, but don't post about it. Because
00:11:24.260 this makes me feel like you're not actually working that hard. And previously with the premier's thing,
00:11:28.780 okay, we're working with premiers on things we can get done in our own country to, you know,
00:11:33.860 help the economy out. Supply management, trying to actually get sign off on a pipeline? Nah,
00:11:41.140 he's not interested in those things. He's interested in the fluffy rhetoric. But a lot of the stuff that
00:11:46.120 he's claiming to deliver in terms of interprovincial trade is stuff that he doesn't really even need to
00:11:51.420 start on in two or three years. Actually, that's even the funny thing about a pipeline. He can even say
00:11:55.520 yes to a pipeline right now, but it's going to be years away from actually getting done,
00:12:00.660 which is why it may behoove us to actually sign a better trade deal with the Americans,
00:12:05.540 because we don't have an ability to ramp up trade to other countries right now. You know,
00:12:10.720 it's easier, in fact, to drive products across the southern border than it is to try and ship
00:12:16.060 things to Asia or Europe. And then also, and when it comes to even just trade between Alberta and
00:12:21.480 Ontario or New Brunswick and British Columbia and Northwest Territories to Saskatchewan,
00:12:25.880 is that this is all things that are going to be beneficial in the long run to knock down work
00:12:31.860 regular, you know, labor regulations and other sort of tax codes and other like regulations on products
00:12:37.920 between provinces that make it very difficult to actually move your business from one province or
00:12:42.760 another or trade your goods from one province into another. It's really hampering Canada's economy.
00:12:47.700 But that stuff, if you get rid of it, it will still take a year or two to actually start
00:12:51.940 seeing the effects. So everything Carney's talking about getting stuff done doesn't really get stuff
00:12:56.960 done. At best, there's a delay. And at worst, like I suspect, he's not actually serious about doing
00:13:02.780 things like actually trying to, you know, get major projects done unless they fall within his renewables,
00:13:09.360 you know, battery plant, solar and wind type ideology, his agenda. But yeah, that's it for me today, guys.
00:13:18.820 So I would say at this point, I'm not very confident we are going to get a trade deal signed even by October.
00:13:25.520 If it comes a little later than that, it's going to do a lot of damage to Canada's economy.
00:13:30.900 We had a really, we had really strong growth in the first and second quarter of this year.
00:13:36.120 But that was off of the back of the Canadian economy, basically doing a lot more buying and
00:13:41.420 purchasing before trade before tariffs come into effect. We are already seeing the economy slow and
00:13:47.720 a 35% tariff gets implemented, you will see it grind into probably a recession. But elbows up,
00:13:55.980 everyone, I guess keep a smile on your face because the adults are in the room, not that dirty,
00:14:00.880 nasty Pierre Polyev who would have given us back our own money and deregulated the horror.
00:14:06.120 But that's it for me today, guys. Again, like the video, subscribe to the channel,
00:14:10.500 leave a comment, do all that great stuff. And I will see you guys tomorrow.