The National Telegraph - Wyatt Claypool - August 03, 2025


Carney has pathetic response after failing on trade deal!


Episode Stats


Length

17 minutes

Words per minute

174.2185

Word count

3,108

Sentence count

178

Harmful content

Hate speech

5

sentences flagged


Summary

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

Wyatt Claypool talks about the utter failure of the Canadian government to negotiate a trade deal with the United States, and why it's time to go back to basics and get back to what we actually need to do to get a deal.

Transcript

Transcript generated with Whisper (turbo).
Hate speech classifications generated with facebook/roberta-hate-speech-dynabench-r4-target .
00:00:00.000 Hey guys, Wyatt Claypool here.
00:00:02.740 Like me, you've probably also been experiencing quite a bit of rhetorical whiplash from Mark Carney and his liberal government on the issue of trade with the Americans and Donald Trump.
00:00:13.600 Back when Mark Carney was first running to become the liberal leader and prime minister, and then also during the federal election, we were all supposed to be in elbows-up mode,
00:00:22.920 going super militant about the Americans, taking American booze off of liquor store shelves, not traveling to the U.S. on vacation,
00:00:30.580 threatening counter-tariffs that the U.S. made good with their threat and put in tariffs with us unless we renegotiated a trade deal with them.
00:00:38.380 And then Mark Carney got his full four-year term in office and went down to Washington, D.C. and tried to get on very well with Donald Trump,
00:00:47.060 which in fact is not a bad strategy, you know, be nice to the people that you want to sign a trade deal with.
00:00:52.460 And the media, the liberal party, and online liberal activists said that was perfectly consistent with the elbows-up approach.
00:00:59.660 Elbows-up is perfectly consistent with handshakes and massages.
00:01:04.140 That's absolutely fine.
00:01:06.120 And then when it turned out that just being nice to Donald Trump in an Oval Office meeting was not enough to secure a no-tariff deal,
00:01:14.160 we went back to elbows-up until now we are at apathetically laying on the ground saying it doesn't really matter,
00:01:23.300 nothing ever actually happens, so who cares if we fail to sign a trade deal.
00:01:28.480 This was a signature policy of Mark Carney's federal election campaign,
00:01:34.240 that he was going to deal with Donald Trump and get Canada the best possible trade deal.
00:01:39.040 Yes, he's still saying he wants a good trade deal, but the deadline didn't matter.
00:01:44.340 And in fact, August 1st was not the deadline.
00:01:46.900 Mark Carney's self-imposed deadline was July 21st,
00:01:49.480 and then he proceeded to do nothing to actually make sure that we would sign the deal.
00:01:53.820 It's like they just thought that eventually if we talked with the American negotiators long enough,
00:01:58.300 they were just going to be like,
00:01:59.140 okay, we'll remove the tariffs, we don't want nothing in return.
00:02:04.000 They obviously want something, and that something is for us to loosen the restrictions
00:02:09.000 that the supply management system puts on American imports into Canada.
00:02:13.720 American farmers can effectively not import any chicken or dairy products into Canada,
00:02:20.460 and there's some other areas where supply management also applies
00:02:23.760 and makes it impossible for the Americans to access the Canadian market.
00:02:27.520 In fact, it actually makes it impossible for many Canadians to access the Canadian market,
00:02:32.520 but we need another video someday on just how stupid the supply management system is.
00:02:37.820 One little tidbit that I think highlights a lot of problems in one small little stat
00:02:42.560 is that Alberta has 12% of the population of Canada,
00:02:46.920 but we only get 7% of the supply management quota,
00:02:51.260 despite being a province where it's actually very easy to produce a lot of agricultural products.
00:02:56.040 There's a reason why we keep having stories pop up in the media
00:02:59.740 where an Albertan or Saskatchewan farmer gets arrested for illegally trying to sell eggs
00:03:05.800 because they were not selling it within the quota system.
00:03:08.580 That's what you'd assume would happen in like a Soviet Union system.
00:03:13.280 Oh my goodness, you were trying to make non-government wheat?
00:03:16.480 Well, you're going to the gulags for five years minimum,
00:03:19.480 and then, you know, maybe we'll let you go back to your farm afterwards
00:03:23.620 if the state hasn't already taken over and collectivized it.
00:03:27.320 But anyways, what I want to do in this video is talk about
00:03:30.560 just how poor the Liberals' response to the trade issue is.
00:03:36.620 Again, we crossed the deadline.
00:03:39.000 We now have a 35% tariff on all non-USMCA compliant goods.
00:03:44.860 And by the way, just because every product can technically become USMCA compliant
00:03:50.360 doesn't mean this isn't costing us a lot of money
00:03:52.940 because it costs money to become USMCA compliant.
00:03:56.680 Not only is there a bigger burden of paperwork and checks that have to be done on your product,
00:04:01.280 but you also have to oftentimes be sourcing your materials and your labor from more expensive places.
00:04:07.540 You cannot be getting materials from overseas
00:04:10.420 and then assembling it in Canada and selling it into the United States.
00:04:13.220 It would all have to be either the material gotten from the U.S., Mexico, or Canada,
00:04:18.280 assembled in the U.S., Mexico, or Canada with all the proper documentation
00:04:22.220 and with all the extra oversight that you have to deal with,
00:04:25.560 and then you can trade into the United States without a tariff.
00:04:29.580 And consider this.
00:04:31.980 Before the whole 35% tariff thing came into effect,
00:04:35.400 only about 30% of products even bothered trying to become USMCA compliant
00:04:39.920 because if you didn't, you were paying like a 5%, 6%, 7% tariff.
00:04:44.340 It wasn't that bad, which should tell you that USMCA compliance
00:04:48.480 is effectively about worth, you know, 7% higher prices
00:04:52.600 because if you could avoid, if you could,
00:04:55.760 either a 7% tariff was applied to your product or you became USMCA compliant.
00:04:59.560 If the 7% is worth taking onto your product rather than becoming USMCA compliant,
00:05:05.280 obviously becoming USMCA compliant is not free.
00:05:09.080 But right now we have Carney and the Liberals pretending like nothing happened.
00:05:13.120 Nothing's going on.
00:05:14.440 It's just, oh, it's a normal day.
00:05:16.860 Yeah, we broke our promise on tariffs.
00:05:19.100 We didn't actually get to a good deal.
00:05:20.800 Well, we never technically said we were going to do this during the federal election,
00:05:25.960 except they did constantly.
00:05:28.740 The rhetoric from Carney is he knows how to deal with Donald Trump.
00:05:32.000 He can get a deal.
00:05:33.160 You can't elect those conservatives because they're going to mess it up
00:05:35.520 and let Trump have whatever he wants.
00:05:37.500 Well, now we have nothing.
00:05:39.460 So I guess that Trump doesn't have what we want
00:05:41.420 and we definitely don't have what we want.
00:05:43.340 So maybe this is a partial victory in their mind.
00:05:45.880 But this is a statement by Prime Minister Carney on US trade or Canada-US trade.
00:05:52.080 And it says here,
00:05:52.760 President Trump has announced that the United States will increase its tariffs to 35%
00:05:57.080 on those Canadian exports that are not covered under the Canada-United States-Mexico agreement,
00:06:02.880 or CUMSA.
00:06:03.740 I'm just going to call it USMCA because CUMSA is kind of dumb.
00:06:07.260 While the Canadian government is disappointed by this action,
00:06:10.400 we remain committed to USMCA,
00:06:13.140 which is the world's second largest free trade agreement by trading volume.
00:06:17.120 US agreement of USMCA means that the US average tariff rate on Canadian goods
00:06:21.980 remains one of its lowest for all of its trading partners.
00:06:25.320 Other sectors of our economy, including the lumber, steel, aluminum, automobiles,
00:06:29.500 are, however, heavily impacted by US duties and tariffs.
00:06:33.520 For such sectors, the Canadian government will act to protect Canadian jobs,
00:06:37.240 invest in our industrial competitiveness, buy Canadian, and diversify our export markets.
00:06:43.020 And by the way, when they say invest in,
00:06:45.500 they really just mean that we're going to subsidize it,
00:06:48.020 making the industry, in fact, less competitive over time.
00:06:50.680 But I guess that's a good thing, according to the Liberals.
00:06:54.320 And this is the problem that really bugs me.
00:06:59.700 I'm just going to skip a line.
00:07:01.040 I just want to go down to something that's just asinine,
00:07:05.300 that we're going to pretend like now it doesn't even really matter
00:07:08.860 if we get a trade agreement at all.
00:07:11.020 It says right here in the second line to the bottom,
00:07:14.080 while we will continue to negotiate with the United States on our trade relationship,
00:07:17.680 the Canadian government is laser-focused on what we can control, building Canada strong.
00:07:24.320 The federal government, provinces, and territories are working together to cut down trade barriers
00:07:28.460 to build one Canadian economy.
00:07:30.580 We're developing a series of major national building projects
00:07:34.380 with provincial, territorial, and indigenous partners.
00:07:37.520 Together, these initiatives have the potential to catalyze
00:07:40.540 over half a trillion dollars of new investment in Canada.
00:07:44.220 Oh my goodness, the man has to drop his addiction to saying the word catalyze.
00:07:48.260 What are you talking about?
00:07:49.520 We're going to build an east-to-west economy.
00:07:51.220 We want to build one Canadian unified economy.
00:07:53.440 At the same time, we have the supply management system in place
00:07:56.740 that not only is helping prevent us from getting a trade deal with the United States
00:08:01.180 to go down to near-zero tariffs or zero tariffs.
00:08:05.040 I think we could actually achieve the latter.
00:08:07.340 But the supply management system isn't even good for trying to build this one unified Canadian economy.
00:08:13.520 It's actually a massive hindrance.
00:08:15.440 Yet we're celebrating that we are going to potentially do something.
00:08:21.000 Even the major projects thing is complete nonsense.
00:08:23.820 Bill C-5 does not actually get anything done.
00:08:26.960 The major projects, building act, blah, blah, blah, blah, blah, blah.
00:08:29.980 It has this ridiculously long title, so I just call it the Getting Stuff Done Act
00:08:33.960 because it's Mark Carney trying to signal that he wants to get stuff done.
00:08:37.760 At the same time, he's been telling Inuit and indigenous groups and premiers
00:08:41.900 that he's not actually going to force any pipeline projects on them
00:08:45.940 or any other energy projects that they do not want to sign off on.
00:08:49.860 And the problem is, if you understand the reconciliation industry,
00:08:53.820 there is never really a good reason for indigenous ban councils to actually sign off on new projects
00:09:01.840 because you can get more money by obstructing than you will actually get in passive income
00:09:06.380 as in a community for approving a new pipeline, which is a bit of a toxic incentive.
00:09:12.040 And that's why Carney, because he is still a leftist at heart,
00:09:15.340 ended up having to basically promise them that he will still force companies
00:09:19.780 to go through a full and thorough consultation process in which he will not force them to say yes.
00:09:26.000 Like, effectively, he's going to let them veto the projects on his behalf.
00:09:30.260 He can sit there saying, oh, I wanted the project done.
00:09:32.740 I want to get the project done.
00:09:34.060 And look, I passed Bill C-5, the Getting Stuff Done Act.
00:09:37.320 It's just that David Eby.
00:09:38.920 It's just that Wab Canoe.
00:09:40.520 It's just that this indigenous group doesn't want to do it. 1.00
00:09:42.940 So we need another round of consultations.
00:09:45.580 It's a bureaucratic way of saying no.
00:09:48.980 Oh, it's saying, oh, yes, absolutely.
00:09:50.660 But just fill out these 10,000 forms and then we'll get back to you.
00:09:54.240 You're not actually going to do it.
00:09:55.840 You're just finding you have 10,000 pages of potential excuses to say no,
00:10:01.000 saying, well, I wanted to say yes, but you missed one of the boxes between pages one or 10,000.
00:10:06.640 Go find it.
00:10:07.240 But now I want to move over to what the Liberals are currently posting on their own social media
00:10:13.580 in the aftermath of not getting this thing over the finish line.
00:10:18.040 Mark Carney is still talking about this Confederation bridge toll being lowered.
00:10:25.340 He has posted about this more often than people post wedding photos.
00:10:30.440 Carney says here, big news and big savings for Atlantic Canadians.
00:10:34.480 Starting today, Confederation bridge tolls are cut from $50 down to $20
00:10:39.040 and interprovincial ferry fares in Atlantic Canada have been cut by 50%.
00:10:43.960 Okay, I guess that's nice.
00:10:46.880 Although Mark Milkey from the Aristotle Institute has pointed out that already Atlantic Canada
00:10:52.660 gets a lot of subsidies from Western Canada through the equalization system.
00:10:57.220 And by actually lowering these tolls, it means these Atlantic governments are taking in less money
00:11:02.820 themselves, which means that it's only going to be made up for by Alberta taxpayers,
00:11:08.240 actually British Columbia taxpayers now as well, which caused the strange spectacle of BC NDP
00:11:15.020 Premier David Eby complaining about the equalization system not being fair to BC,
00:11:20.520 in which I agree with him.
00:11:22.460 Too bad he sucks at his job too much to do anything about it.
00:11:25.700 And by the way, if you live in British Columbia, I would suggest to you to join the 1BC party
00:11:31.320 that I help advise on.
00:11:33.120 Just go check it out in the description below and pin to the top of the comments, 1bc.ca.
00:11:38.460 The BC Conservatives are currently literally $4.5 million in debt,
00:11:44.080 and the party's being run by incompetent buffoons. 0.63
00:11:47.120 So that party is, at least right now, not going to go anywhere.
00:11:50.700 If you actually know anything about party financing, $4.5 million in debt would be a massive debt
00:11:57.180 for a federal party.
00:11:58.640 This is a provincial party in a province where you can only maximum donate to a party $1,400.
00:12:05.140 Yeah, they get a per vote subsidy every year, but even if they put the full per vote subsidy
00:12:09.240 towards their debt, it would be two and a half years until they're debt-free,
00:12:13.260 and based on all the costs I know they have, it's not going to be that fast.
00:12:17.480 But anyways, now let's move on to some other stuff that the Liberals are ballyhooing.
00:12:23.560 Oh, it's another thing about the bridge tolls.
00:12:27.220 I'm cutting out all the French ones. 1.00
00:12:29.300 He posted about this thing.
00:12:31.100 Over the last week, I think it's actually been done, like it was more than a week ago he did this,
00:12:36.420 he's posted about it probably 13 times.
00:12:40.300 I don't know why we need to see it this many times.
00:12:43.020 And here's him walking through a national park in Prince Edward Island.
00:12:48.540 You know, you don't get trade deals, but you do get this one marvelous footage,
00:12:52.300 this haunting imagery of Mark Carney walking down a wooden path.
00:13:01.740 In which for some reason there is no sound.
00:13:03.760 I hope you liked that, because we don't have, that's what we get,
00:13:10.180 that's our consolation prize, instead of actually getting a trade deal.
00:13:14.100 And this is a piece of news that I thought was really pathetic to be reporting on
00:13:18.940 in the aftermath of the failed trade deal.
00:13:22.380 This is a poll result that asks Canadians,
00:13:24.960 quote, should Canada seriously consider initiating a formal process to join the European Union?
00:13:29.840 Oh my goodness, the fact that you could get 46% of people to say yes is baffling to me.
00:13:37.860 And by the way, even a majority of federal conservative voters said yes.
00:13:41.560 I think it might be a little bit of a dishonest question,
00:13:44.100 because I don't think Canadians know enough about what the EU entails,
00:13:47.980 and they might just think it's a trade agreement.
00:13:50.560 It's not, it's something far more bureaucratic and stupid.
00:13:53.860 Canada should not join the EU and join with Germany and the Netherlands and France
00:14:00.160 in paying for all the basket case countries in the Balkans and in like, you know, Spain and Portugal.
00:14:06.700 I don't want to join a group that would put basically supply management type policies
00:14:13.200 on other things that Canada does, like fishing and whatnot.
00:14:15.880 Although actually we do have supply management restraints on fishing.
00:14:19.180 We actually have fishing quotas in this country that stops fishermen from catching too many fish.
00:14:23.500 But they also can't kill the seals that are eating all the fish,
00:14:27.260 because eco-activists don't like you doing it, apparently.
00:14:31.980 It's worth shredding the fish stocks so that eco-activists are not sad.
00:14:37.880 But okay.
00:14:39.000 Okay.
00:14:41.540 It's not been great.
00:14:43.360 But don't worry, guys.
00:14:45.060 The liberals online are here to tell us that,
00:14:47.600 don't worry, Mark Carney's super cool, just like Barack Obama or whatever.
00:14:52.120 This guy, Fun Tom, says,
00:14:54.000 Prime Minister Mark Carney reminds me very much of President Barack Obama.
00:14:58.340 Cool, calm, collected, and confident.
00:15:00.480 And constantly needing a teleprompter or they have no clue what they're saying.
00:15:04.620 We are well led.
00:15:06.660 And that's why we don't have a trade deal.
00:15:08.960 Like, what the heck?
00:15:09.960 And we have, yeah, we have a place like CultMTL saying the conservatives are on the wrong side of history yet again,
00:15:17.740 as Pierre Pollyov condemns Canada's decision to recognize Palestine as a state.
00:15:22.680 This is still something the liberals are on about,
00:15:25.320 that Mark Carney is very smart and very intelligent and probably a beautiful person,
00:15:29.960 because he recognized the terror state of Palestine during trade negotiations.
00:15:37.740 I guess just to tick off the Americans,
00:15:40.660 why did we need to recognize a state run by Hamas or Fatah during trade negotiations
00:15:45.700 with the country that keeps us safe from things like Hamas-style terrorists? 0.90
00:15:51.760 America does a lot of security work for Canada.
00:15:54.680 So it's us spitting in their face to also say,
00:15:57.860 we're just going to go around starting to recognize terror states
00:16:00.240 that you're having to basically help Israel prevent from causing regional chaos.
00:16:06.200 We're just going to recognize them.
00:16:07.880 And in the aftermath of this, we also, we got thanked by the leaders of Hamas. 0.57
00:16:12.000 And then Hamas released a video of them torturing a Jewish man and making him dig his own grave.
00:16:17.960 We don't know if they should kill them or not,
00:16:19.760 but psychologically torturing a man at the least that they've been keeping hostage
00:16:24.200 for almost two years now.
00:16:27.160 What a moral country we are.
00:16:29.720 But anyways, that should pretty much be it for me today in this video.
00:16:34.380 Again, the main thing annoying me is that,
00:16:36.700 okay, we went from elbows up.
00:16:38.260 And then we went to, no, no, no, it's actually good that Mark Carney's giving Donald Trump a bear hug.
00:16:42.320 And in fact, it wouldn't actually be a bad idea.
00:16:44.520 But we didn't turn that goodwill into a trade deal.
00:16:47.580 We just kind of like assumed that Carney like going and like hugging Trump,
00:16:51.580 give him a handshake that was going to result in saying good.
00:16:54.500 It didn't.
00:16:55.460 So we went back to elbows up.
00:16:56.960 And now after the trade deadline passes on our elbows up shenanigans,
00:17:01.380 didn't actually result in anything.
00:17:03.220 Our inability to negotiate,
00:17:05.840 our inability to put things on the table like supply and management didn't result in anything.
00:17:10.120 Well, then we're just going to pretend nothing happened.
00:17:13.220 Well, that wasn't really a federal election promise that Carney was saying he was going to get a trade deal with the U.S.
00:17:18.420 that was just whatever.
00:17:20.960 Who cares?
00:17:22.120 Focus on bridge tolls in Confederation Bridge or lower.
00:17:26.920 Great.
00:17:28.120 I can feel the economy spurring off, like just chugging along now.
00:17:33.440 But anyways, that should be it for me today, guys.
00:17:36.420 If you want more content from me, make sure to like the video, subscribe to the channel,
00:17:41.400 add a comment on what you guys think helps us in the algorithm.
00:17:44.700 And I always like to go through and see what people are saying about the topic.
00:17:47.460 But with that being said, see you guys.