"It's insane," said one Wall Street executive, who requested anonymity for fear of retaliation from the Trump administration.
“I can say for myself and 200 of my friends in finance, we're not getting anywhere near this. In another administration, this would be considered criminal."—NPR
I've been debating whether I want to keep weighing into this but here it goes. Long post.
Colby’s a smart guy, I read his stuff for years before he joined the admin. But the gaslighting on this is exactly why the middle power project exists in the first place, and I think he is smart enough that he must know this, but can't say it publicly.
Trump has talked about us as the 51st state over and over. His interventions in our politics were flagrant enough that they changed the outcome of our election in 2025 and revived a Canadian nationalism that had been more or less dead for a generation. He started a tariff war with us, we responded, obviously, and now his own people are hurt that we stood up for ourselves and have worked out that the Americans aren’t the reliable ally they used to be. And the broader MAGA world, which was going after us over wildfire smoke a few weeks ago, isn’t exactly hiding how it feels about this country, they hate Canada and revel in mockery of us. Then get annoyed when we notice, or when we stop pretending we trust them.
He has also said, more than once, that the US doesn’t need anything from Canada. Okay, fine. Then we diversify and lessen our dependence, because the dependence is what makes us weak and vulnerable in the first place.
On NATO he’s right that other NATO allies have dropped the ball on this for decades, Canadians can and should admit that. But now we're trying to solve this and also strengthen ties with other countries and people like Colby act perplexed when they see what Canada is doing. The president and the people around him muse about invading Greenland, which is the territory of a NATO ally, and again we're supposed to act like this isn't a massive wake up call?
The difference now is that we are spending, and we’re doing it in a way that builds our own capacity and doing it with countries in similar predicaments to our own. But now that us and other allies who’ve come to the same conclusion as us about how much they can count on Washington all of a sudden we're a problem? Give me a break.
I’d take criticism like this a lot more seriously if it came with even a partial acknowledgement that the reason countries like Canada are scrambling to look elsewhere is the conduct of this president and this administration. Instead we get surprise, and a sort of performed confusion about why any of it is happening.
It’s also been something to watch a certain subset of hyper online Canadians, who i suspect maga world have decided speak for Canadians when they definitely don't, repeat the American talking points back at the rest of us because it helps them build their online clout.
If the administration is upset about any of this they should look in the mirror. Treat your allies like shit and then expect them to come begging. What we’re actually doing is making sure we’re strong enough to stand on our own two feet, so the next time America has one of these psychotic breakdowns we aren’t as exposed as we were this time.
We’re stuck sharing a continent with them. Trudeau Sr’s sleeping with an elephant line still holds, and we can’t divorce America, economically or otherwise. But if this is how we’re going to get treated, it’s prudent to sleep in another room.
Canada, pay attention. A rare advantage of having been so negligent in our own defence is we can skip to embrace this new technology. Work with Ukraine. Make this Canada's specialty.
@BenWoodfinden Fair -- deleted my chain as well. I think I generally share your overall preference for a less partisan GG, but I just don't think it reflects history. Hnatyshyn was well respected, yes -- but was also Justice Minister during Morgentaler aftermath (divisive Justice dept. policy!)
King Charles III delivers an incredible speech, a strong defense of NATO, a clarion call for Ukraine, and a leader who understands the stakes in the fight for Western democracy.
Thank you 🙏🏼
🇨🇦 Mikael Kingsbury
2014 - Olympic silver
2018 - Olympic gold
2022 - Olympic silver
2026 - Olympic gold and silver
Delivering under pressure time and time again. He’s given his life to this sport. And has made his country so proud.
Thanks to Mayor @ScottGillingham & Councillors Mayes, Lukes, Dobson and Santos for joining us at Centreventure HQ on Tuesday. Congrats to the teams behind these four new Downtown Winnipeg commercial-to-residential heritage redevelopment projects!
Brian is 100% wrong. The outcome matters to Canada more than anything else at the moment.
Brian is being Brian. A Trumper - Pumper.
1. The Supreme Court Case Status: A Loss Is Plausible and Imminent
The consolidated cases challenge Trump's use of the IEEPA to impose broad tariffs, without clear congressional delegation.
Canada has a lot of support in Congress.
A decision against the administration is seen as likely, given the conservative majority's recent emphasis on curbing executive overreaching.
If lost, it wouldn't affect Section 232 (national security) tariffs but would invalidate the broader "emergency" ones, including those on Canada for fentanyl/trafficking and reciprocity.
2. Political Fallout: A Blow to Trump's Agenda and Domestic Standing
A defeat would be a major embarrassment, undercutting Trump. It's his flagship policy - tariffs as a tool for everything from immigration to trade deficits - and losing would signal limits on unilateral power, inviting more congressional pushback.
Politically, this would be brutal for Trump and his ego.
With midterms in November, this would amplify cost-of-living attacks - tariffs have raised prices, and their sudden removal (or refund chaos) will cost him electoral support.
Broader fallout includes eroded leverage in domestic fights, like Fed independence or budget battles, as allies question his invincibility.
In Canada-specific terms, the delay and uncertainty could drag on for years, weakening his hand in USMCA renegotiations set for July 2026.
Which is what Canada should be laser focussed on!
3. Negative Market Impacts:
Uncertainty, Refunds, and Economic Ripples
A loss would inject massive volatility into markets. IEEPA tariffs account for ~55% of recent collections ($135-200 billion annually), and invalidation could trigger refunds for importers—potentially $100-300 billion owed, straining Treasury and spiking borrowing needs.
This causes bond yields to rise, a dollar dip, and stock drops, with Trump facing a depression-like fallout.
Short-term: Supply chains recalibrate, with relief for sectors like autos and consumer goods (benefiting Canada), but chaos in refunds could tie up capital for years.
Longer-term: If Trump shifts to new tools (e.g., more Section 301 probes), it sustains uncertainty, hitting global shipping and manufacturing.
For Canada, this means cross-border trade (75% of exports to U.S.) faces less immediate pain, but without a deal, reversion to WTO rules plus extras could still cut exports 20-40%.
4. Weakened Global Position: Loss of Leverage in Trade and Security
Internationally, a ruling against IEEPA would dismantle Trump's "tariff hammer," reducing U.S. credibility in negotiations. Deals with allies (e.g., UK, Japan, South Korea) secured under tariff threats could unravel.
It signals to adversaries like China that U.S. executive power has limits, potentially emboldening them in areas like tech or IP.
Broader fallout: Expanded presidential powers if upheld could tax services/capital flows, but a loss reins it in, making Trump look diminished on the world stage.
For the Western Hemisphere, this directly pressures Trump on Canada/Mexico. Tariffs were tied to security (fentanyl, migration), so a loss weakens that narrative.
Recent escalations—like Trump's January 24 threats of 100% tariffs on Canada over its China EV deal—show bluster, but a Court defeat would blunt such tools, making a USMCA compromise more appealing.
A loss amplifies pressure points, making a Canada deal a low-hanging fruit for Trump to reclaim narrative control.
Oof. This is like when the Raptors got rid of the original purple dinosaur jerseys. Generational fumble. In 20 years, they'll go back to the originals and all the junior lawyers are gonna love the retro look.
@CamdenHutchison@Petewrestling Also no one has explained what: "with 90% of the profits going to the American people" means in any of these deals, despite being asked. That just isn't a thing.
Big changes are hitting Winnipeg streets, starting today. We have officially launched our new Neighbourhood Action Teams, one of the most significant shifts in how the City delivers frontline service in decades. Here’s what that means for your block.