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The USMCA is a good deal, but the speaker had a bad relationship with a person who worked for Trudeau's predecessor because they disagreed on the deal. The speaker claims to have called Trudeau "governor Trudeau," which may have hurt his election. The speaker questioned Trudeau about why the US was taking Canada's cars and suggested a 25% tariff on Canadian cars, to which Trudeau allegedly responded that it would mean the end of Canada. The speaker finds it hard to justify subsidizing Canada, potentially to the tune of $200 billion a year, while the US protects Canada militarily. The speaker believes it's hard for the American taxpayer to be happy about subsidizing Canada.

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President Trump stated that the proposed 25% tariffs on Mexican and Canadian goods will be implemented on March 4 as planned. This is due to his claim that drugs are flowing into the U.S. from those countries. Trump said that drugs continue to pour into the country, killing hundreds of thousands of people, and that the U.S. is losing substantially more than 100,000 people. He stated that families are destroyed as a result.

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Speaker 0 is down $7,000,000 in stocks and crypto due to Trump's tariffs. Speaker 0 has been trying to understand the tariffs, which they see as a trade deficit tariff. The speaker suggests the tariffs are based on a formula to even up the amount of goods traded between countries. According to the speaker, everything is in bad shape because of these tariffs.

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The world has been cheating the U.S. for decades with tariffs and non-tariff barriers like VAT taxes, dumping, currency manipulation, and technical and agricultural barriers. These barriers transfer $1.2 trillion of wealth abroad annually, and $18 trillion since the U.S. started running deficits. The president's strategy is to charge other countries what they charge the U.S. It's easy to calculate the tariff differential, but non-tariff barriers are much higher. The U.S. paused for ninety days, knowing countries would want to bargain, and anticipates potentially having 90 deals in 90 days. The speaker believes this pause was a success for President Trump, and they are going to get this done for the American people.

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President Trump spoke with Canadian Prime Minister Mark Carney, who described it as an extremely productive call. This occurred after Carney criticized Trump's tariffs, promising retaliatory trade actions with maximum impact in the US. A commentator stated that Carney is stirring up anti-US rhetoric to stay in power, as his party devastated Canada's economy. He added that Carney is a global elitist and supporter of carbon taxes. According to the commentator, this anti-American rhetoric will disappear after the election, leading to NAFTA three negotiations. He noted Senator Kennedy's argument for zero tariffs between the US and Canada. Reciprocal tariffs are set to begin, causing market nervousness. The commentator believes this is the start of a negotiation, as 17 US states' largest trading partner is Canada, and 75% of Canadian output is purchased by Americans. He stated that it would be stupid for the countries to go to war and that there should be no tariffs on the 49th Parallel.

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The President has initiated a complete restructuring of the international trading system with a fair and reciprocal plan. For too long other countries have damaged our defense industrial base and threatened our national security. Take Europe, for example. The US runs a $230 billion trade deficit with them, especially in the auto industry. A Cadillac faces tariffs and VAT taxes that significantly increase its price in Germany, while a BMW coming to the US gets rebates, allowing it to be sold much cheaper. This disparity explains why Germany sells us eight times more cars than we sell them. To address this, we're going to identify how countries are unfairly exploiting us through tariffs and non-monetary barriers. Then we will determine reciprocal tariffs to counteract this unfairness, ensuring fair treatment for America. This isn't a political issue, it's an American issue. We want jobs, factories, and a strong defense industrial base here at home so we can be safe, secure, and prosperous.

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Canada has been charging the United States tariffs for years, including a 270% tariff on milk, 245% on cheese, and nearly 300% on butter. There are also tariffs on chicken, sausages, barley seed, meat, cars, HVAC, vacuums, cable boxes, TVs, steel, aluminum, and copper. Now that the United States wants to impose tariffs, suddenly we're the bad guys. The United States is tired of one-sided relationships where Canada benefits without offering fair trade in return. Canada is draining billions from the United States. Before criticizing President Trump, Canada should consider how much they've taken from the United States. Without America, Canada's economy would plummet.

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According to a report from the USTR, over 50 countries have contacted the president to start negotiations. These countries supposedly understand they bear much of the tariff burden. The speaker anticipates minimal impact on US consumers. The speaker believes the persistent long-run trade deficit is due to countries with very inelastic supply, such as China, dumping goods to create jobs.

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You are imposing tariffs on regular Americans, and we will respond. Canada is a crucial market for U.S. exporters, larger than China, Japan, the UK, and France combined. The anger in Canada is palpable, with the entire country rallying behind Prime Minister Trudeau. The tariffs are higher than those against China, which feels like a betrayal to a loyal ally. The justification regarding fentanyl and border security is flimsy, as only a tiny fraction of fentanyl comes from Canada. Canadians are proud of their sovereignty and will retaliate against these unjustified measures. The relationship between our countries has historically been beneficial, and we want to maintain that partnership. The current situation is seen as self-harm for America, and Canadians are uniting in support of their government.

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Check out these insane tariffs that Canada imposed on the US last year: 250% for milk, 291% for butter, and over 200% for whey and cheese. Meanwhile, we charged them far less for the same goods. Since Trump announced tariffs, everyone suddenly became an economics expert. I don't know how tariffs will affect the economy, and neither does anyone else. But I do know tariffs led Apple to build a new factory and hire 20,000 Americans. Honda is building Civics here instead of Mexico. Taiwan Semiconductor is investing $100 billion to build five chip factories in the US. Tariffs pressure China, Mexico, and Canada to stop the flow of fentanyl. Tariffs are one tactic in an economic strategy. Are we willing to tolerate short-term disruption for long-term gain? Macroeconomics are complicated and take time to play out. Are you listening to people who want the President to fail, even if it hurts America?

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Long threatened tariffs from President Donald Trump have plunged the country into trade wars abroad, with the on again, off again new levies escalating uncertainty. Tariffs don't cause inflation, they cause success. There could be some temporary short term disruption, and people will understand. On February 1, Trump began by signing an executive order to impose tariffs on imports from Mexico, Canada and China. It prompted swift outrage from all three countries with promises of retaliatory measures. But on February 3, he agreed to a thirty day pause on that plan for Mexico and Canada, as both countries took steps to appease his concerns over border security and drug trafficking. The next day, 10% tariffs on all Chinese imports went into effect. China retaliated, and on February 13, Trump announced a plan for reciprocal tariffs.

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Canada rescinded its digital services tax to restart trade negotiations with the U.S. after President Trump halted talks, calling the tax on U.S. tech companies a "direct and blatant attack." The Canadian tax would have imposed a 3% charge on Canadian revenue over $20 million for U.S. tech companies. Trump also suggested the EU's digital rules are on the table in trade talks, implying the EU might make concessions on big tech laws to avoid U.S. tariffs. He criticized the EU's Digital Markets Act and Digital Services Act, which impose fines for noncompliance. The European Commission denied Trump's suggestion, asserting the sovereignty of its decision-making process and stating its digital laws are "untouchable." The U.S. should be demanding free speech principles from allied countries, but an agreement is more likely regarding digital service taxes than free speech.

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Tariffs imposed by the Trump administration are unjustified, as only about 0.2% of fentanyl entering the U.S. comes from Canada. If border security were the real concern, it could be easily addressed. Canada is also focused on stopping illegal U.S. guns that contribute to violence in Canada and is open to collaborating on asylum seeker issues. However, the president's comments about Canadian sovereignty, suggesting that becoming the 51st state would eliminate tariffs, have angered Canadians. They value their sovereignty and are committed to standing up against these tariffs, emphasizing their desire to maintain a strong partnership with the U.S. while being proud of their national identity.

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President Trump mentioned expanding the U.S. footprint, and it started when Trudeau said that evening out the trade relationship would mean Canada would cease to exist as a country. The President responded that if Canada can't exist without cheating in trade, then it should become a state. Canada is our friend and partner, but for decades, the U.S. allowed uneven trade imbalances. During the Cold War, we wanted countries to be strong economically, even if they were cheating. But these are rich, developed economies now. Whatever they charge us, we should charge them. If they don't allow American companies to operate, we shouldn't allow their companies here. American banks can't even operate in Canada. There has to be reciprocity and fairness. The days where countries take advantage of us have to end because it's not good for the global order and creates friction. This is the case with Canada and other allies.

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Canada will respond to U.S. trade actions with 25% tariffs on $155 billion of American goods. This includes immediate tariffs on $30 billion starting Tuesday, followed by additional tariffs on $125 billion in 21 days. This delay allows Canadian companies and supply chains to explore alternatives.

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Tomorrow, February 1st, President Trump will implement tariffs in response to the illegal fentanyl crisis. A 25% tariff will be imposed on Mexico and Canada, and a 10% tariff on China. These measures are aimed at addressing the distribution of fentanyl, which has resulted in the deaths of millions of Americans. This action reflects the president's commitment to his promises.

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Tariffs have become a hot topic, raising questions about their implications for the US, Canada, and Mexico. The current situation highlights the leverage the US holds in negotiations. Mexican exports to the US account for 35% of their GDP, while Canadian exports make up 22%. In contrast, US exports to Mexico and Canada are only 1.2% and 1.5% of their GDP, respectively. This disparity suggests that Mexico and Canada cannot afford to prolong a trade standoff. The US is pushing for negotiations, not out of bullying, but in response to serious issues like the fentanyl crisis and illegal immigration, which have significant impacts on American society. The message is clear: those contributing to these problems must face consequences.

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We also recognize potential challenges in the relationship with The United States, and we are ready for that. When targeted, unfairly or arbitrarily, the European Union will respond firmly. This weekend, we witnessed how steep tariffs were imposed on Canada and Mexico. Those tariffs raise business costs. They harm workers and consumers. They create unnecessary economic disruption and drive inflation. We do not see much good coming out of this. At the same time, the European Union remains also steadfast in its multilateral commitments, be it from our development aid to our climate targets.

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Speaker 0 questions why Australia was "whacked with a tariff" despite a free trade agreement and a trade surplus, especially considering their importance as a national security partner. Speaker 1 states they are addressing the $1.2 trillion deficit left by President Biden. They claim Australia bans US beef and pork and is preparing measures against US digital companies. Speaker 1 says there is a global tariff on everything. Speaker 0 argues that "whacking" both friends and foes undermines national security, insults Australia, and damages our partnership. Speaker 0 expresses concern about the lack of trust from friends and allies due to this policy, set to take effect at midnight.

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If the US forces our hand, we will inflict the biggest trade blow they have ever endured with dollar-for-dollar retaliation. Any tariff imposed on Canada will be met with a smart and targeted response. The US tariffs are across the board and will hurt them. For example, aluminum is basically electricity in solid form, and imposing a 25% tariff on Canadian aluminum is like putting a 25% tax on electricity, which they need for the AI race with China. Our retaliation will be surgical, targeting American stakeholders who matter to the White House. I propose a 100% tariff on all Teslas and call on other affected countries to join us. We will also target specific Trump constituencies, like Wisconsin dairy farmers, by no longer allowing them to sell their products in Canada.

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Tariffs are being imposed without justification, as only about 0.2% of fentanyl entering the U.S. comes from Canada. If border security were truly the concern, it could be easily addressed. Canada is also affected by the smuggling of U.S. guns that lead to violence in Canadian cities, and both countries could collaborate to manage asylum seekers. The recent threat to Canadian sovereignty, suggesting Canada could become the 51st state to avoid tariffs, has angered Canadians. They value their national pride and sovereignty, and any aggressive actions will be met with a strong response. Canada wants to maintain a friendly partnership with the U.S. while standing firm on its identity.

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President Trump is threatening a 50% tax on all imports from the EU and a 25% tariff on Apple products if iPhones aren't made in America. These proposed tariffs on the EU, a long-standing US ally, are higher than the 30% tariffs on China, a geopolitical rival. The reduction of tariffs on China was intended to facilitate negotiations between Washington and Beijing. Trump is reportedly upset by the lack of progress in trade talks with the EU, which is pushing for zero tariffs, while Trump wants to maintain at least a 10% tax on most imports.

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There’s nothing that China, Canada, or Mexico can do tonight to prevent the tariffs from being implemented tomorrow. This is not a negotiating tool; it’s an economic decision due to significant trade deficits. Canada has a nearly $200 billion deficit with the U.S., and it’s unfair for the U.S. to subsidize Canada. Mexico has a $250 billion deficit, and while border crossings have decreased, the past administration allowed many criminals to enter the U.S. Fentanyl, primarily produced in China, is a major issue, with much of it coming through Mexico and Canada. Overall, these countries have not treated the U.S. fairly.

The Rubin Report

JD Vance Makes Host Go Quiet with This Brutal Warning for These Major Countries
Guests: JD Vance
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Dave Rubin hosts JD Vance on the Rubin Report, discussing the current political climate, particularly focusing on President Trump's impending tariffs on China, Canada, and Mexico. Trump plans to impose 25% tariffs on Canada and Mexico and a 10% tariff on China, aimed at leveraging economic pressure to address illegal drug trafficking and migration issues. Vance emphasizes that these tariffs are a response to decades of exploitation by these countries, asserting that the U.S. is done being taken advantage of economically. The conversation highlights Trump's negotiation tactics, suggesting that the tariffs are a means to compel Canada and Mexico to cooperate on border security. Vance notes that Mexico has historically facilitated drug trafficking and illegal migration, and the tariffs serve as a wake-up call for these nations to improve their policies. Rubin and Vance also touch on the reactions from Canada, where Prime Minister Justin Trudeau announced retaliatory tariffs, but Rubin argues that Canada needs the U.S. more than vice versa. They discuss the broader implications of these trade policies and the potential for economic shifts in response to Trump's actions. Additionally, they mention the recent agreement with Mexico to deploy soldiers to the border to curb illegal migration, showcasing the immediate effects of Trump's tariff threats. The discussion concludes with reflections on the Democrats' struggles and the evolving political landscape, emphasizing the need for stronger border security and fair trade practices.

Breaking Points

Trump BLINKS On Canada Tariffs After Markets FREAK
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Washington Post reporter Jeff Stein discusses Donald Trump's recent comments regarding Canadian tariffs and electricity exports. Trump praised Ontario's Doug Ford for not imposing a tariff on electricity, which could have negatively impacted American consumers. Stein notes that the Canadian government had threatened to raise electricity prices and potentially cut off supply to the U.S. The conversation highlights the uncertainty surrounding Trump's tariff policies, particularly the proposed increase of steel and aluminum tariffs from 25% to 50%. Stein suggests that Trump's approach may aim to raise revenue while also addressing perceived trade imbalances, but these goals are often contradictory. The discussion touches on the potential risks to the U.S. economy and the global perception of the dollar as a reserve currency amid Trump's aggressive trade tactics. The conversation concludes with reflections on the implications of Trump's actions for U.S.-Canada relations and the broader geopolitical landscape.
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