The National Telegraph - Wyatt Claypool - Liberals Panic as Carney Begs Trump for Trade Help Amid Recession

00:00:00.000 Hey guys, Wyatt Claypool here, and welcome back to the National Telegraph YouTube channel.

00:00:06.160 This is really delicious. A day before the recession numbers came in for Prime Minister

00:00:12.440 Mark Carney's liberal government, Carney was speaking in front of the Economics Club of New

00:00:17.920 York, basically begging U.S. President Donald Trump and the Americans to save him from the

00:00:23.800 terrible Canadian economy. This guy, who said that we needed to diversify our trade away from

00:00:29.400 the United States and he wasn't going to let Trump get away with 50 first state jokes really

00:00:34.600 needs Trump's help right now and the Liberal Party is in deep denial that this is what Carney is

00:00:40.360 doing. In just a second here I want to show you this clip of Carney saying that he wants to help

00:00:46.440 Trump make America great again and then we need to go into some of the clips of this speech that

00:00:51.720 the Liberal Party is actually posting and then a segment from CTV News where a Liberal MP is again

00:00:59.000 denying that he's trying to warm up with the americans with his mega comment anyways before

00:01:05.480 we get into it i just want to remind you guys if you like the show make sure to leave a like on

00:01:10.200 this video subscribe if you're not yet a subscriber we are still on our journey to try and get to 100

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00:01:26.280 sustainable of course thank you to everyone who is currently a channel member it really helps me

00:01:31.960 out make this thing work each month anyways let's get into this video now i've shown this video

00:01:38.280 before but i don't think enough people have connected the recession story to this economics

00:01:44.840 club speech they are absolutely inextricably tied together carney would have known what the

00:01:51.560 statistics can does numbers we're going to be ahead of time how could he not he's the prime minister

00:01:57.240 he's probably been hearing about how they've been compiled and that they was not going to look pretty

00:02:02.200 and so he headed down to new york to make sure you know to try and repair the relationship a little

00:02:08.200 more because he really needs the us to trade with us more again because that's the only thing that's

00:02:13.560 actually going to bring jobs back to canada so check this out electricity imports 60 60 of crude

00:02:20.760 oil imports that is mutual strength let's be absolutely clear canada strong will help make

00:02:30.120 america great again whose founding values of liberty democracy justice and openness

00:02:35.960 should continue to serve as guides to its future and the future of the world

00:02:40.520 that future should include a new partnership with canada a true partnership that reimagines

00:02:47.800 cooperation in specific sectors that are deeply challenged by global competition above all as you

00:02:54.040 would expect we're focused on things that are good for canada this is good for all canadians

00:02:59.960 but it's also good for the united states because a stronger canada is a better ally and we know

00:03:08.840 we know that while canada and the united states have had our differences over the centuries

00:03:15.960 we have always worked and eventually worked through them because we share values and our

00:03:23.240 common interests run deep they run through our economies canada is america's largest customer

00:03:31.800 this is very different talk than what prime minister mark carney was engaging in back in

00:03:38.120 april's uh federal election although he was promising back in the day that he was a trump

00:03:42.760 whisperer and he's going to get a trade deal with the americans he found it more useful to slag the

00:03:47.720 u.s and get into little fights with trump because it helped his polling numbers out but now that

00:03:52.600 slagging trump and not trading with the americans and not seriously negotiating for a trade deal

00:03:57.800 is now putting canada into recession suddenly he pops down to new york and starts

00:04:03.800 groveling begging this is what's happening he's surrendering because again this is absolutely

00:04:10.200 different than his little Isaac Brock talk, where he's holding that little British soldier,

00:04:15.480 little figurine, talking about how this little figure of Isaac Brock reminds us about how Canada

00:04:24.000 must maintain its independence, and all this talk about how Canada's better off diversifying trade

00:04:30.060 and not being so reliant on the U.S. and reliance on the U.S.'s weakness for Canada, and now he's

00:04:35.980 saying it's our greatest strength. Come on, man. Again, I thought that why isn't China? Why isn't

00:04:42.440 China coming in for the rescue? It's almost like this isn't a good idea. And we should have always

00:04:47.060 been trying to get a trade deal with the US. That doesn't mean we need to be weak. That doesn't

00:04:50.880 mean we need to bend over backwards and give the Americans everything they want. It's a negotiation.

00:04:55.240 They ask for things. We ask for things. They want us to make a concession. We want them to make a

00:04:59.620 concession. But as we've been going along, Carney has just been poisoning the relationship.

00:05:04.540 whenever we're negotiating, he brings up the digital services tax or brings up this new

00:05:09.600 Netflix tax, and then he has to end up walking them back. Or he starts tariffing the U.S. on

00:05:13.960 things they weren't even tariffing us on. Now, we can say the American tariffs are not fair.

00:05:19.600 Yes, we can say that. It's the reality that they're in place. Let's figure out how to get

00:05:22.960 an off-ramp rather than fighting more, rather than having Doug Ford run anti-Trump ads in the

00:05:28.320 United States. Let's figure out a way of actually coming to a productive conclusion, not just

00:05:33.600 throwing eggs and tomatoes at one another, but that's the tact that Carney was taking for a long

00:05:38.680 time, probably until he found out his subsidy economy was not actually working out. We're in

00:05:46.040 a recession. It's not a technical recession. It's a real recession. And he probably knows that our

00:05:51.640 April job numbers, our April GDP growth is probably negative still. He wouldn't be running down to

00:05:58.140 the United States if he didn't think that we were about to pop out of the recession and we're going

00:06:01.480 to look golden in the summer. He knows it's not going to look good. Even if we have positive

00:06:05.460 growth, it's not going to be very good looking positive growth. And now suddenly he needs the

00:06:09.820 United States again. But let's look at the clip that the liberals posted on their own social media

00:06:15.300 of Carney talking, because you'll notice that they never highlight the mega comment he made

00:06:20.840 because his audience isn't ready for it. His audience isn't ready to hear him say that Kanda

00:06:26.840 strong makes america great again because you know they were trained to say that mega is evil and he

00:06:33.160 is the anti-mega person uh right here four hours ago they posted this clip from the economic speech

00:06:39.240 and it says fortune favors the bold check out what uh check out what he highlights in this clip

00:06:44.840 people consistently myself included do three things over rationalize the past over dramatize

00:06:52.360 the present and underestimate the future and so when i look back at the right path out of the

00:06:59.480 global financial crisis and the right response to brexit both of those now look very clear in

00:07:05.880 hindsight but i think as bob myself tim geithner and others can tell you that is being at the table

00:07:13.000 during the time there were relatively few who identified those paths and there were fewer

00:07:19.160 still who had the courage of their convictions to walk them. Because in a crisis, the fog and fear

00:07:25.540 are real. They always are. The right response to these tectonic forces, the global rupture that I

00:07:33.340 described at the start, the right response today is clearer than it may feel. You know what he's

00:07:40.000 effectively saying here? This is an apology. He's effectively saying, you know, after Trump was

00:07:46.580 elected and we had the tariff scare and all that stuff you know maybe we maybe we overreacted maybe

00:07:52.880 we turn this a little bit too much into good versus evil you know canada versus america maybe

00:07:58.060 now the fog of war has kind of cleared up a little bit we're a little more clear-eyed and knowing the

00:08:02.360 path forward because again that speech later on leads into canada strong makes america great

00:08:08.440 again which they don't post that clip because again it would look bad in front of the liberal

00:08:12.340 base. But the narrative at that meeting full of, you know, New York financial big shots and

00:08:18.720 probably people from the American government is maybe we need to go guns down right now. Maybe we

00:08:23.640 need to be friendly with each other. Now, again, I'm not pro tariff. I'm not I'm not like cheering

00:08:29.340 on Trump tariff in Canada. Obviously, I don't want Canada to have to pay tariffs. But our approach

00:08:34.400 on this has been so stupid. It's been so about Carney's polling numbers and nothing else. And 1.00

00:08:40.420 And it turns out when we make our entire trade strategy about trying to pump up Carney's polling numbers by getting into little fights with Donald Trump, we're not making our economic numbers look better.

00:08:51.400 And now I want to take you guys into the CTV News clip of Vashti Capellos questioning the liberal, a liberal MP, on this whole Make America Great Again part of the speech that the liberals have noticeably not been playing up very much.

00:09:07.600 Right here, it says CTV News question period. The prime minister has insisted Canada needs to diversify away from the U.S. market. But this week, Mark Carney said Canada strong will help make America great again. Now, let's see this. And that's Stephanie, Stephen Furr, who Vashi is questioning here.

00:09:24.720 Part of the reason is what I described, the imperative that your government had described previously too, which is to move away from reliance on the United States. At the same time this week, we hear the prime minister saying, you know, a strong Canada can help make America great again, which signals, you know, higher levels of interdependence in some areas. How do we reconcile those two things, which isn't?

00:09:44.780 well it's i think it's both and it's all i mean um this will this aircraft

00:09:50.460 the man the man is a deer in the headlights here not knowing what to say look at this man choked

00:09:56.940 beside himself looking like he really wants somebody to come in and pinch it for him at the

00:10:01.980 last moment here you know maybe they can bring katie telford in to answer this one out of

00:10:06.380 retirement america great again which signals you know higher levels of interdependence in some

00:10:13.500 areas how do we reconcile those two things which is it well it's i think it's both and it's all i

00:10:18.300 mean um this well this aircraft has 20 american components on it so right away you know if their

00:10:24.940 supply chain's integrated in this plane already it's built in toronto the plane it's militarized

00:10:29.180 in sweden we're trying to bring that militarization piece back to canada so it's built and militarized

00:10:34.220 here but the american component piece will still exist so the americans benefit from it

00:10:38.780 So this is specifically about the new model of jets that Canada is investing in. We went with a Swedish model that, as you've heard there, only has 20% components from the United States, rather than a US model, which would have been like more of like a 50-50 thing between Canada and the US, or have been maybe a little more US based.

00:10:57.540 But Vash, he's basically pointing out that the new pivot that Carney's making is very out of step with the previous moves he was making, like a couple months ago, having decided to pursue the Swedish model.

00:11:09.740 It's almost like now he's doing a massive pivot now that he's seeing the recession numbers come in.

00:11:15.280 We bought P-8 anti-submarine warfare aircraft.

00:11:20.340 We still haven't taken delivery of those.

00:11:22.160 We bought those a Boeing product coming out of the United States.

00:11:24.640 So we're still buying from the United States.

00:11:27.540 We're still, but we are going to make sure that we focus a bit more on supporting our industries here in Canada and looking at other places we can buy.

00:11:37.100 With all due respect to the vernacular employed by the Prime Minister has not, in announcements like, you know, the lead up to this one, has not been, well, we might move a little bit away from the United States.

00:11:46.780 It was very distinctly a focus of this strategy is to move away from our reliance.

00:11:52.300 In this case, it was Boeing was one of the competitors.

00:11:55.040 I take your point on the component parts. It was Boeing versus a Swedish company. You went with the Swedish company. And I'm asking how Canadians are to reconcile the rhetoric employed by your by your government. Now, the prime minister specifically, you know, we're moving away. We're moving away. We were elbows up. And then in New York, apparently it's, you know, more independence will help MAGA.

00:12:15.360 you know the bottom the bottom line is the man is shook the man does does not logic right now

00:12:22.760 it it's almost like he probably didn't even tell his own caucus that they were going to hit a

00:12:28.080 recession and he's going to have to start making friendly with the americans again because carney's

00:12:32.960 game here was waiting out trump hoping that the closer he got to the midterm elections the more

00:12:39.220 desperate Trump would get. But he didn't actually factor in that Canada's economy could collapse

00:12:46.340 before he was able to put it on enough pressure to Trump to get him to sign a better deal for

00:12:50.760 Canada. It's almost like we're also on our own timelines, even though Carney has more time

00:12:55.700 before an election. We have a lot of different metrics putting pressure on us than the Americans

00:13:00.140 do. The core strategy of the defense industrial strategy is build, partner, buy. And in this

00:13:06.220 particular case for this particular capability a large part of the weapon

00:13:10.960 system is the aircraft the air vehicle is already built in Canada we have an

00:13:14.800 opportunity to militarize this thing from end to end in Canada it happens to

00:13:19.420 have a you know 20% American supply chain come in there so the Americans

00:13:23.860 will benefit from this but this is a big opportunity for Canada like I said to

00:13:28.840 build for ourselves in this particular case we're not going to be able to do

00:13:31.900 this in every case but in this particular case we can do it and what

00:13:35.320 The global drive, which lane we take, build, partner, buy, will largely be time because

00:13:40.560 one of the biggest criticisms of defence procurement has been time, right?

00:13:45.040 If we have lots of time, we could do it all here.

00:13:48.280 We have unbelievable capacity and capability in Canada and I would argue if we just took

00:13:52.400 time off the table and said, hey, you guys got unlimited time, we'll do it all ourselves.

00:13:56.340 The reality is we just don't have that.

00:13:58.800 In this case, we can go to the build partner model right away because of the air vehicle

00:14:03.820 and in the other opportunities and that's the route we're going part of you'll notice that he

00:14:08.780 didn't actually say anything there i know he is the parliamentary secretary uh on that's in charge

00:14:14.280 of a military procurement but no no that's not an answer to what she was asking she's asking

00:14:22.100 why are you guys doing all this diversification stuff elbows up we don't need the americans and

00:14:27.240 then suddenly as of two days ago when this clip came out suddenly it's it's oh a canada strong

00:14:33.260 helps mega we loves mega but can't to make a strong canada we need mega because what he said

00:14:40.160 in reverse is mega helps make canada strong because if canada strong helps make america

00:14:45.760 great again then making america great again shouldn't make canada strong that's a very

00:14:51.020 very different message than the relationship between canada and america has been irreparably

00:14:57.300 changed and it's you know it's it's now gone and we're going to remake it and it's you know we're

00:15:03.120 in a multipolar world where canada is a middle power that's going to have to band together with

00:15:07.460 the other middle powers like you said of the world economic forum this is now hey uh trump can we

00:15:13.280 hide underneath you and can you protect us from the economic forces of the world you know sorry

00:15:20.320 parents i want to move back into your basement right now that's effectively the message for

00:15:24.660 mark carney and you will not see any liberal talking about this unless they are forced to

00:15:30.140 Vashi Kapelos is a very, very rare person in the more liberal-leaning media who will actually point this stuff out.

00:15:37.260 And the liberals, since the recession started, have posted this.

00:15:42.340 We cut taxes for the middle class.

00:15:44.560 That's hundreds of dollars in the pockets of millions of Canadian families.

00:15:48.640 I love the community notes right here.

00:15:50.760 These are AI-generated, so it's AI's even detecting that this is a false claim and generating community note.

00:15:56.540 It says right here, the tax cuts reduce the lowest federal tax rate from 15% to 14%.

00:16:02.680 The government state's couples can save up to $840 annually.

00:16:08.140 However, the independent parliamentary budget officer estimated the tax filers will save an average of $110 in 2025-2026 and $200 by 2029-2030.

00:16:18.580 Like, yeah, you almost have to be in really rough economic shape in order to see the full benefit of the $840 they claim that you can save.

00:16:27.680 That's like you're in a family where everyone's like earning exactly $50,000 and you are all as a household getting that full benefit of the 1% reduction of taxes, which in fact is only going to be a half a percent reduction for a couple of years.

00:16:42.460 Then it's going to go to a full percent reduction off of the rate of taxes up to $50,000. 0.93

00:16:47.760 It's so pathetic. 0.98

00:16:48.620 Like, yes, yes, we're screwed, but don't worry. 0.99

00:16:52.760 Mark Carney's put a little, he's put a couple hundred bucks in your birthday card this year.

00:16:57.320 You know, thank him later, elbows up.

00:17:00.220 Anyways, you get my point here.

00:17:02.360 So, you know, Carney surrendered.

00:17:04.980 Liberals in denial about it.

00:17:06.840 Let's see how this plays out over the next few days.

00:17:09.540 And with that being said, thank you guys for watching the video.

00:17:12.500 Make sure to like, share, subscribe.

00:17:14.640 consider hitting the join button and becoming a channel member and I'll see you guys all next time

The National Telegraph - Wyatt Claypool - May 31, 2026

Liberals Panic as Carney Begs Trump for Trade Help Amid Recession

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