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I wanted to take a quick pause because have you seen what Donald Trump is now proposing
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The American president has been at it again. As you probably know, he's imposing 50% tariffs
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on a growing range of Canadian goods after his own government, his own negotiators
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blew up trade talks with Canadian Prime Minister Mark Carney late last Friday. And remember
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this time last week, everybody thought that these trade talks were edging towards the possibility
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of success. But there was a whole load of last minute shenanigans that completely derailed them
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So everything blew up on Friday night. Tit for tat tariffs are kicking in madness between the two
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great North American neighbors. And today, Donald Trump is going for broke. He has taken to his
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social media feed to say, and I quote, the United States is giving serious consideration to changing
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the name of Lake Ontario to Lake America in that we don't expect to be doing much business with
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Ontario any longer. Now, that, of course, is very much in keeping with the president's decision when
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he first came back into power, recognised only by his most sycophantic supporters, to change the
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name of the Gulf of Mexico to the Gulf of America. But let's just drill down for a moment on the idea
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that the United States does not expect to be doing very much business with Ontario any longer
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Do you know what happens if Ontario were to cut electricity exports to the United States
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Take a wild guess. One and a half million homes and businesses in Michigan, Minnesota and New York
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rely almost entirely on Canadian electricity. Canada supplies the vast majority of US natural gas imports
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and about 60 of crude oil imports He says he doesn need Canada He wants to take our auto sector I love to see him run cars without any oil
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But if Doug Ford, the Premier of Ontario, decides to flip a switch
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he can literally turn the lights off in Michigan, Minnesota and New York
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So I wouldn't worry about getting your atlas out and scratching out the name of Lake Ontario
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and writing in Lake America anytime soon. Because whatever the President of the United States may be typing into Truth Social
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there is not a snowball's chance that this Lake America thing is going to catch on
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Is this another example of Donald Trump wanting or expecting the other side to back down
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and being taken aback when they refuse to do so? Firstly with Iran and now perhaps with Mark Carney in Canada too
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Well, you know, it's really a shame to see that Canada's gone in the direction it's gone
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Canada and China are the only two countries in the world that retaliated against President Trump's tariffs
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When he instituted tariffs because of the unfair, unbalanced, non-reciprocal trade around the world
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most countries have a huge trade surplus against us in the past, Canada and China retaliated
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So Mark Carney, working closely with China, is really doing a disservice to his country
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It could throw Canada into an economic recession or depression because 73% right now, sometimes more, sometimes less, but 73% of their exports go to the US
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And about half of their imports come from the US. We want great relationships with Canada
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We want a great relationship with the people, with the leader. Economically, they're a peaceful neighbour country
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You were saying that it was outrageous that Canada has slapped tariffs on the US
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even though that was only in response to Donald Trump slapping tariffs on Canada
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So how is it different? Well over the decades Canada had much higher tariffs on the US goods than the U had on Canadian goods So we been living in this trade deficit world for a long long time
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And the American growers and producers have suffered because of it. Canada blocked our stuff while they sent a lot of their stuff to us
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And they had high tariffs on our goods over the decades. That's not really fair, and it's certainly not reciprocal
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We want to have a good relationship with our neighbors. But Canada, at the same time, isn't increasing its defense budget
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They have a huge northern coast, huge exposure in the Arctic. They're part of NORAD
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But the U.S. military, U.S. taxpayers have been carrying Canada's water for it
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Canada needs to do its fair share. and under Carney, who has deep, deep ties with China
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he has long-time ties with China. Unfortunately for the Canadian people, I could see Canada ending up like a vassal state to China
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if Mark Carney doesn't put the Canadian people and their economy first
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What about the US? What about the producers and the manufacturers and the farmers that you're talking about, Carla
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who are now going to see their business with Canada and their trade with Canada decimated
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as a result of Donald Trump's decision to impose tariffs. This is only, this will harm the Canadian economy, quite possibly
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It will also do a lot of damage to the American one, won't it? The US one? Not really
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We have about 90% bigger economy than Canada. It's about 9 to 1 the size of their economy to our economy
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So it's not really going to affect the Americans. Now listen, will it affect people making whiskey in the US
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and things like that, distilled spirits. Yes, and that's unfortunate, but they're going to find new
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markets for it. It's a lot easier for the U.S. to absorb this than Canada. Canada, it's a great
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country We love the Canadian people It just unfortunate that Canada had these leftist leaders for the last more than a decade And so their economy hasn grown like it could have And the cost of housing has shot up
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They've taken in more illegal immigrants than I think any other country in the world
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percentage to their entire population. So there's a lot of people in the north now that don't share
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the values of the traditional Canadian citizens. So they're having societal challenges, high
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high cost of housing, not enough housing. And it makes it hard for everyday Canadians to become
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successful and live their Canadian dreams. That's true in a lot of parts of the United States as well, isn't it? I mean, the picture you're painting of Canada, all of that also applies
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to your own country. Well, we have a lot of illegals coming in through Canada. So they get
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to Canada and then they illegally migrate. So it's all the shortage of housing in parts
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of New York, for example, is all the fault of Canada. Well, that's not what I'm saying at all
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But again, I mean, listen, President Trump has had some tough words for Canada, but I think it
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comes from his sense of frustration that they have been taking advantage of our manufacturers
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and our growers for decades and not having fair and reciprocal trade. So here's one of the reasons
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why the trade talks collapsed, because Mark Carney was determined to continue to let that
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Chinese steel come into Canada. And it's a transshipment kind of thing. China dumps their
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steel in Canada. Canada does like a little something to it and then sends it to the U.S
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as Canadian steel. Well, that's illicit. And the United States trade representative was unwilling
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to let that continue. We are supporting our American steel manufacturers, and we don't want
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Chinese steel dumped here, whether Canada monkeys with it or not. In fact, it's going to affect
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Canada's truck and car manufacturing, auto parts, but we want good relations with Canada
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but they can't be a shill for China
