The National Telegraph - Wyatt Claypool - October 02, 2026


Carney LOSING Trade War - Trump Taking Canada's Steel Industry!

Hosted by
Wyatt Claypool
Mentioned
Mark Carney Donald Trump Rahim Mollou Laura Babcock Lorenco Gone Claves Kirk Lubomov Breakdown Dofseco Molu
Trump BANS Canadian Alcohol - Carney Laughs It Off!

Episode Stats


Length

19 minutes

Words per minute

168.02

Word count

3,224

Sentence count

119

Harmful content

Toxicity

3

sentences flagged


Transcript

Transcript generated with Whisper (turbo).
Toxicity classifications generated with s-nlp/roberta_toxicity_classifier .
Hosts, guests, and mentioned names generated with spaCy (en_core_web_sm), reconciled against Wikidata.
00:00:00.000 Hey guys, Wyatt Claypool here, and welcome back to the National Telegraph YouTube channel.
00:00:06.140 Thank you, Prime Minister Mark Carney. We couldn't have killed the Canadian steel industry
00:00:11.080 without you. I know there are going to be tons of liberals out there purely blaming Donald Trump
00:00:16.800 for the weakness of the Canadian steel industry, but Prime Minister Mark Carney is the Prime
00:00:23.500 Minister of Canada, and he has barely moved a muscle to try and keep the steel industry from
00:00:29.640 collapsing. He will say that he has been targeting subsidies and other supports towards the industry,
00:00:35.080 but he has not been at the negotiating table to try and get a good deal for the steel, aluminum,
00:00:42.360 softwood, or auto sectors. What he has been doing is walking away from the negotiating table
00:00:48.880 over really dumb red lines like supply management, censorship policy, and China. 0.98
00:00:55.760 nothing absolutely zero care for the actual major sectors but all these dumb liberal bugaboos that 0.95
00:01:02.960 is where he puts all of his emphasis and this is what it is leading to this is an article from ctv
00:01:08.640 news the headline here says small canadian steel companies worry buying canadian prices you out of
00:01:14.980 domestic production and yeah that's kind of the problem a lot of mark carney's like programs to
00:01:21.780 try and save the steel industry are actually having the reverse effect right now. Let's just
00:01:27.720 read a little bit of this, then I want to take you guys into an interview here in just a second.
00:01:32.340 Toronto. Small Canadian steel companies say Canada's push to support the industry north of
00:01:38.000 the border is making it more expensive for family-owned manufacturers to buy Canadian steel
00:01:43.220 products. Quote, we're certainly flirting with the idea that buying Canadian prices you out of
00:01:49.060 making a product in Canada, says Rahim Mollou, the owner of Conquest Steel in Toronto.
00:01:55.520 Mollou's family steel business, which just celebrated its 25th anniversary,
00:01:59.880 manufactures several steel products, including the raised garden beds and window wells.
00:02:04.740 The family proudly buys all their materials from Canadian steel mills. The large steel coils that
00:02:11.040 they use to make their products are purchased from both Stelco and Dofseco in Hamilton, Ontario.
00:02:17.320 However, Molu says the price of those large steel coils has spiked drastically.
00:02:22.520 Quote, the price has risen steadily over the past 12 months.
00:02:26.140 We're inching closer to selling our cost double in 2027, said Molu.
00:02:33.400 Here's the problem.
00:02:35.220 What the Canadian government has done has incentivized all government agencies to only buy Canadian products,
00:02:42.860 which means that if you bought your Canadian steel products domestically in order to manufacture
00:02:48.500 products well now you are competing against the government that has an endlessly large expense
00:02:54.920 account paid for by taxpayers to basically pay for very expensive Canadian products which means
00:03:00.620 that you are pricing domestic ones out of the market who really can't buy American products
00:03:05.820 and then they have to buy overseas steel which is a logistical nightmare which almost may be
00:03:11.020 just as expensive so great job liberals you trying to put together some socialistic cartel
00:03:17.900 in order to make up for the fact that we don't have a trade deal is going swimmingly i want to
00:03:23.500 jump over now to the ctv news interview where they talk to another steel manufacturer stelco
00:03:29.980 for what is currently happening with them in the midst of this trade conflict let's continue
00:03:35.340 our conversation about those cuts at stelco with me now is the national director of united steel
00:03:40.060 workers marty warren marty good morning thank you so much for taking the time to be with us
00:03:45.740 good morning thanks for having me i think that news uh from stocco yesterday really sent a chill
00:03:50.940 through a lot of people's spine wondering if this was just the start of something
00:03:54.780 let me get straight to it though is canada at risk of losing its steel industry as we know it
00:04:00.940 canada if we don't make changes is at risk some of the changes that we need to if you don't mind me
00:04:07.500 some of the changes we need to do is first of all there is the canon investment act when cliffs
00:04:12.460 bought us in 2024 what are the conditions of that what was agreed to by the government in cliffs is
00:04:19.340 there fines is there penalties is there minimum uh staffing levels so first part is we need to find
00:04:26.700 out get transparent on what was agreed to in 2024 when cliffs bought us the second step if i could
00:04:34.700 is around protecting our domestic industry from foreign steel we currently have quotas trqs they
00:04:41.900 call them with our trading partners but in the products that stelco makes at 1005
00:04:48.700 south korea put a lot of them into our domestic market germany puts a lot in our domestic market
00:04:54.300 and the trqs are at 75 percent of what they put in in 2024 into our market we have to elbows up on
00:05:03.580 that to protect our domestic market the workers at stelco we have to make that 20 as a as the next
00:05:11.100 starting point that will open up some of the domestic market because what these do you see
00:05:16.300 what he's saying here now there's a lot hypocrisy on the individual who's speaking there's part
00:05:22.700 because effectively what we are saying is that we need to be elbows up and block trade
00:05:28.780 block steel from foreign markets like South Korea what do you think the United States is currently
00:05:36.000 doing they're trying to block trade of steel from Canada into their market and yet we are then
00:05:42.360 vilifying the United States for doing the exact same thing that Canadian steel manufacturers are
00:05:48.700 asking for and yet basically Mark Carney acts like we're being attacked it's a war they're trying
00:05:56.140 to break us so that they can own us, and yet our own steel manufacturers and the Canadian government
00:06:03.340 may engage in the exact same policy that the Trump administration is engaging in,
00:06:08.800 and we can't get to the table and make a deal here? This is the problem. We have a very bloated
00:06:15.540 market, bloated with taxes and regulations, that cannot compete with other markets. It's actually
00:06:21.440 the same problem the united states has trump is wrong on the trade issue from the perspective
00:06:26.640 that really if the u.s just basically deregulated had less strict labor laws when it came to you
00:06:34.260 know workers in the steel sector they had lower taxes lower corporate tax on the sector they
00:06:39.200 wouldn't need to fight against foreign steel can also has to fight against foreign steel because
00:06:45.160 we have too many taxes and too many regulations and our union labor codes are very cumbersome
00:06:51.100 for companies and i like how the guy's complaining here that when they started getting support from
00:06:55.260 the government that there wasn't enough stipulations that they weren't allowed to
00:06:59.140 lay people off because stelco fired 350 employees despite the fact that they are getting government
00:07:04.720 subsidies but the problem is when there is no need for the labor and there was no guarantee
00:07:10.340 that they had to keep them employed they're going to dump them and take the government money at the
00:07:14.120 same time i thought kirk lubomov here did a good job of summing up this current situation
00:07:19.800 Kirk Lubomov says,
00:07:20.880 Stelco CEO Lorenco Gone Claves set the record straight.
00:07:26.540 He has tried desperately to help the Canadian government reestablish a bridge to the U.S.
00:07:30.880 and build Fortress North America just to be ignored.
00:07:33.880 The market in Canada is too small for galvanized steel.
00:07:37.140 The production is greater than the Canadian market even without imports.
00:07:41.960 They need exports.
00:07:43.540 Tried to reach Mark Carney just to be ignored.
00:07:45.980 Breakdown.
00:07:46.860 Stelco CEO went out of his way to try and help the government and navigate the sector just to be ignored.
00:07:51.860 Then the government tried to load his company with debt just so they wouldn't have a negative headline of layoffs.
00:07:58.700 So yeah, that's not great.
00:08:01.360 It's almost like the Carney liberals have no clue what they're doing.
00:08:05.620 This is the frustrating thing underneath the surface that the media really doesn't highlight enough.
00:08:10.440 Mark Carney can have this brave face in front of the cameras saying that he's elbows up, laughing it off, that Trump wants him to apologize and get back to negotiating at the table.
00:08:22.940 But when fundamentally the Canadian economy cannot survive without the American exports, the brave face, the elbows up rhetoric, the bi-Canadian Canada strong stuff doesn't actually function.
00:08:36.480 It's not an actual economic plan.
00:08:38.940 It is simply just pie-in-the-sky rhetoric that we're going to go on it our own, we're going to go partner with the European Union and with Asian countries or whatever, and we're going to replace the 78% of our exports by putting things on boats and shipping it overseas.
00:08:55.560 You're just not going to do it.
00:08:58.620 Guys, if any other European country or Asian country swapped places with Canada,
00:09:04.420 and they were the big country on the northern border of the United States,
00:09:08.000 they'd also export a lot to the U.S.
00:09:09.840 But for some reason, this idea has become offensive to Canadian nationalists.
00:09:15.060 I'm a Canadian patriot.
00:09:16.580 I love Canada.
00:09:17.580 I want Canada to be better.
00:09:18.920 The reason I'm a patriot and not a nationalist is I'm not going to pretend that our policies
00:09:24.080 and our country is always right. I don't like Trump's trade war. I don't like it. Although
00:09:29.900 Mark Carney was really the one who pushed it into a full trade war. Trump universally put
00:09:35.860 tariffs on every country and then wanted to negotiate terms. And although I'm not demanding
00:09:40.880 that Carney sign anything, he's seemingly been willing to sign absolutely nothing at this point.
00:09:46.280 He's not even trying to stay in the room to keep hammering out negotiation. Three times now,
00:09:51.900 he's found a reason to be offended and walked away and i ask what's the actual end game here
00:09:59.620 because as it was stated in those previous clips and that post i read from kirk there is just not
00:10:07.300 enough demand for all the production of steel in canada right now we can we will have more too
00:10:13.380 much steel in this country and with the government buying up a bunch of steel artificially to spur
00:10:18.980 the market, they're actually hurting local steel product manufacturers who are now having the
00:10:24.980 prices being pushed out of an economically viable range. So what are we going to do with all the
00:10:31.600 excess steel? How are we going to lower prices for the domestic producers? Well, we need to get some
00:10:37.320 steel out of the market and push it to the United States. The funny thing is that if we just let
00:10:43.740 our hands off, if the government took its hands off the steel market domestically, prices would
00:10:48.500 actually go down but we have this weird worst of both worlds where there's not nearly enough
00:10:53.240 things we can make with steel in this country right now so we're just stockpiling it and then
00:10:57.860 two we also can't sell it so we can't sell to anyone and it's expensive it's absolutely maddening
00:11:06.100 that this is the position that we've gotten ourselves into with mark carney and so many
00:11:10.860 people are going along with it because of the anti-american rhetoric because a lot of people
00:11:15.640 in this country are simply anti-American. They're not pro-Canada. Oh, and what is Prime Minister
00:11:23.160 Mark Carney's direct response to all this? Well, he is going to now attack Stelco, the American
00:11:30.060 Stelco owners, as betraying the country and the workers because he doesn't actually have a real
00:11:35.760 plan here. You will recognize this background from the exact same press conference where he
00:11:41.420 laughed at donald trump and it looks like these american steel company owners who operate in
00:11:46.660 canada are going to be pulling jobs back to the united states yeah i will uh i'll make a couple
00:11:52.900 observations one we uh we're very disappointed uh at this decision by stelco uh uh our um
00:12:02.300 my personal and our our our thoughts are with the uh the workers and the families who were
00:12:09.320 They've been betrayed by the company.
00:12:11.680 Let's put it blank.
00:12:13.260 There's money on the table from the federal government, number one.
00:12:16.340 And the company made representations and has legal obligations for employment.
00:12:24.100 We intend to use all powers that we have and pursue them to the full extent of the law.
00:12:31.840 And I would just take note that this situation is caused by the U.S. tariffs.
00:12:38.020 and that the ultimate owner of the CEO of the ultimate owner of Stelco, Cleveland Cliffs,
00:12:45.920 applauded President Trump for putting those tariffs on.
00:12:50.620 Okay, and he's trying to like shame him like, well, he applauded Donald Trump for putting
00:12:55.340 those steel tariffs on because probably he has more steel investments in America than he does
00:13:00.180 Canada. And didn't we, we gave him money and now he's betraying us. It's like, dude, it might be
00:13:06.100 time to try and make a deal i'm not trying i'm not demanding he go like hat in hand crawling on his
00:13:12.480 knees i'm saying let's have a strategic coherent trade strategy right now can we please actually
00:13:20.860 have a plan that will result in a deal to preserve jobs because i'm sorry the patriotic nationalistic
00:13:26.560 line about holding the line against the u.s is not actually working here no matter what any of
00:13:33.220 people say like laura babcock and like charlie angus and whatnot you actually do need a market
00:13:41.140 you actually do need somewhere to export your goods to you simply can't drink all of the canadian
00:13:46.900 booze in order to make up for the fact that we can't export the united states anymore and as i
00:13:51.460 know yesterday trump has now banned canadian alcohol did a full import band pretty much
00:13:56.660 and that kind of screws us over because we send them way more alcohol than they send to us so the
00:14:02.340 The premiers thinking that they were getting won over on Donald Trump by banning American
00:14:06.100 booze on provincial store shelves are delusional.
00:14:10.160 I'm not saying you can't retaliate.
00:14:12.100 I'm saying retaliate with something that they are at a disadvantage on.
00:14:16.380 We decided to pick alcohol, something we're at a massive disadvantage on, to strike back.
00:14:22.720 It's like challenging somebody to a sword duel, and they have a real sword, and you
00:14:28.320 have a toothpick, and you don't even know how to use it well.
00:14:30.720 That is what that entire ban was all about.
00:14:34.220 But don't worry, guys.
00:14:35.400 We have people like Laura Babcock here, here to tell you that Donald Trump is very bad.
00:14:41.220 Trump saying that Canada is the worst country and one of the worst countries in the world.
00:14:46.100 You know, and the idea that we're going to go to Trump and say, sorry, sir.
00:14:51.580 Like, you know, every abuser blames their victim and expects them to crawl back.
00:14:55.580 We're not going to do it.
00:14:56.320 And a lot of the things that he does with respect to Canada come from an insane place of jealousy around Prime Minister Mark Carney, who, you know, on the global stage carries a lot of gravitas and respect.
00:15:08.200 And I think Trump is jealous of that.
00:15:10.280 Oh, my goodness, guys. It's all about defending Mark Carney's gravitas and making Donald Trump jealous.
00:15:17.780 Yeah, I'm sure that's going to help all the steel workers out of a job now.
00:15:21.740 All the other people who have been laid off in August and probably this September.
00:15:25.340 those people are going to be sitting at home eating big bowls of Trump is jealous of Mark
00:15:29.440 Carney. You don't even need to eat food. You just need to sit there and just stew on the fact that
00:15:34.180 there is that big orange evil man down in the United States. He doesn't like Mark Carney very
00:15:39.100 much. In fact, he's pretty ticked off about him. And he might get Mark Carney, may get a Nobel
00:15:44.340 Peace Prize for standing up to Trump. That's apparently in the works. He might get an award
00:15:49.480 for sitting back and doing nothing to get a trade deal. That is what he will get an award for. And
00:15:54.880 and Trump is jealous of him, so we know it's going well. That's the thing that we can say
00:16:00.340 most of all. It's going well because Trump calls Carney and the Canadian liberal government nasty.
00:16:07.840 Okay, I really don't care what he said. It's all dumb to me. I wish we could just get a trade deal, 1.00
00:16:14.340 but you can't just keep saying, well, Trump started this. It's like, he did. Sure. Now,
00:16:20.360 what are you going to do as the man who promised he could get us out of it? Because that's the
00:16:24.420 problem i'm having it feels like there's never really any plan you know carney today said that
00:16:31.160 he has now put the west coast pipeline apparently it's going to be called pacific link on a list of
00:16:36.800 projects of national interest now that's good in theory i'm just wondering if this is actually
00:16:43.220 going to get the project built faster or not because based on the timeline carney has given
00:16:49.100 us it's like eight to ten years before the pipeline's actually done we keep basically
00:16:54.380 having he keeps telling us that don't worry we are going to grow our economy on these new projects
00:16:59.880 that still haven't been built and they are literally decades some some of them away from
00:17:05.380 being built like the alto high-speed rail line we have pacific link we have some of these other
00:17:09.980 mining and lng projects that are years away from coming online at the the earliest ones it'll still
00:17:17.160 take two or three years until these LNG expansions are done. And until then, I'm sorry, you cannot
00:17:23.580 sustain jobs based on the future notion that there will be more production in some of these areas.
00:17:29.520 It's good to have more production, but you can't simply run the economy on promises and MOUs and
00:17:36.380 investment summits that go nowhere. You actually need to lower taxes, lower regulation, and allow
00:17:43.580 the private sector to find areas that can be invested in to create jobs, to create more
00:17:48.660 production. It can't just be government-led and promised for 10 years in the future or else all
00:17:53.960 the jobs will go to places where things, when they are in the future, it's one or two years away or
00:17:58.480 it's just already being done right now. Anyways, that should be it for today, guys. Hopefully this
00:18:05.260 video didn't feel like a long rant, but it is required because every day Mark Carney comes out
00:18:11.340 with a new headline of something he's promising, and he gets a big boost of support because, well,
00:18:16.440 he's helping in some way. And if you scratch below the surface and actually listen to people
00:18:20.960 from the industries, they disagree. Things are not going very well, and more people need to know
00:18:25.840 that. Anyways, so with all that being said, thank you guys for watching. Make sure to like,
00:18:30.840 share, subscribe, leave a comment, and consider hitting the join button if you want to become
00:18:35.480 a monthly contributor to the channel. But with that being said, thank you guys for watching.
00:18:39.460 I'll see you all later.
00:18:41.340 Thank you.