I don’t agree with you on this one. The trade talks were stalled and would have gotten nowhere until this tax was gone. TRUMP WON’T BE THERE FOREVER and at this moment in time our Prime Minister had to do what he had to do in order to try to save Canadian jobs. That is his priority. That tax can be reinstated at a later date. We must remember that these tariffs are crushing our economy and we absolutely have to move forward with these talks.
Trade talks are necessary, but when Trump becomes insolent and refuses to deal in the talks, Canada should do whatever it takes to trade more with the EU and Japan and SEA Asia and S. Korea, to alleviate any loss of goods from the US. In fact, Canada should have done that earlier. Will Trump really care about saving Canadian jobs? He really doesn't care about saving American jobs, so why in Canada?
Canada needs to do whatever it needs to do to protect its citizens. Negotiate from a position of strength by not taking the tax off the table. Never trust anyone who has a history of lying and only interested in winning at any cost. And, if all the signs around on cars is any indication of what is in store for everyone in the future, as well as the ruminations from Congress and the Senate, Trump will be running again in 2028 and maybe beyond. Don't count on SCOTUS to prevent that from happening.
If it is not Trump, it will be Vance or Trump Junior. If one takes a cold hard look at how US government and law have been restructured, including the evisceration of the courts and constitutions, one cannot expect that the US will ever go back to being an honest ( or relatively honest) partner in international trade. Trump does not negotiate, he just pushes until people give him what he wants and he plays a zero sum game. Saving jobs for a few more months to negotiate a trade deal that will do nothing for Canada hardly seems worth losing significant tax dollars or giving Trump hope that Canada will become the 51st State.
I agree with you Georgette. As I understand it, the timing stunk given the unnecessary trade war which needs to be addressed now. I thought I'd read where Canada is looking to enter into the larger DST agreement with the EU later on. There is after all, power in numbers. I may stand corrected, but that was my take & I wouldn't assume the worst at this point.
Very disappointing take on this Dean. You are playing into tRump’s hand. Carney is not stupid and we do not need you to discredit him. Still elbows up but I am really disappointed you took this path. It underestimates strategic moves and plays into into the MSM realm. 🤦♀️👎🏻
Only time will tell. Carney is not always going to shine, and he's had a very golden beginning up to this point. Maybe this is just the reality of who our biggest trading partner still is. There hasn't been enough time for the other moves Carney has been making to kick in yet. Even Carney can't work miracles.
Guys, chill. Carney just came back from the Canada-EU Alliance Summit where an historic agreement was struck between the European Union and Canada.
Do we really think that they would leave Canada holding the bag on this and not be continuing to work together as allies who have always wanted a multilateral solution to taxation of these big corporations but had the US as the impediment? Now we don’t.
Remember, digital and security issues are key to new alliance without US blocking the deal, so that it CAN be multilateral and an international tax can be imposed without leaving Canada out to dry.
Carney is an economist strategist and an actual dealmaker. Let us not freak out just yet. It’s a surface level win, like when Carney slowly coordinated the bond sell-off without anyone noticing until it was done.
“Despite the move, Canada is still in active discussions with G7 allies to introduce an international tax, with Finance Minister François-Philippe Champagne leading that work, the PMO said.”
I'm not sure that I agree on your take on this one either. Maybe I'm just not in the mood to believe that Canada too would cave. I think that Prime Minister Carney "winked" - not "blinked." He is so intelligent, and an expert at making financial deals, I have to think that he has a strategy here. It wouldn't surprise me at all if he were working with a psychologist who deals with narcissistic psychopaths (like Trump) and is giving him direction as to how to placate Trump's ego while achieving the goals he wants for Canada. Making Trump think that he won, and actually helping Canada get exactly what we need.
Well put, thank you. If you feel disappointed with the decision, remind yourself of Carney’s knowledge and skills. We don’t know the details yet, so I am not going to worry about what his strategy is. I am confident that Mark Carney has this. He’s a great leader. Love you, Canada 🇨🇦!
The optics on this are admittedly bad for Carney on such a big issue. He has had a golden beginning, but unless he has some brilliant strategy he's waiting to unleash, chalk this up as a L. Time will tell. Keep your elbows up, but also watch out for your midsection!
Hope you're right. Carney is generally very prudent. Trump is not. Carney seems to know how to handle Trump. Nonetheless at this point the optics don't look so good.
You pivot faster than Trump. You've gone from "Carney just gave Canada her dignity back" to "Our elbows certainly weren't up!" What happened to watching the long game?
I also don't agree with you on this one. I like your stuff, Dean, and follow your commentary. But you just went from unconditional (and, I'd offer, maybe a bit over the top at times) Carney adoration to Trump 'dictating domestic policy' in such a swerve I suggest you take care not to give yourself whiplash!
The digital tax can just as easily be brought back. TACO Trump ''blinks' at least about once every week. He also is an unstable, incompetent man baby who needs his fragile toddler like ego constantly stroked. I'd expect Carney is well aware of all this and is prioritizing Canadian citizens by his actions.
Carney has made it very clear that Canada will negotiate with Trump from a point of strength. He has and I expect that he will continue to do so. Though Trump doesn't give a good shit about America or American workers, that Carney very much does care about Canada and Canadian workers must also drive his decisions...and negotiations.
You might consider trusting Carney and see what happens next before going to such a total dismissal of him and the process. Just as the digital tax can be brought back, criticism of Carney can as well. I think it just a bit premature at the moment, however.
I agree with Dean that the optics are bad for Carney here. He has only had a short tenure as PM, and so far, he's gotten a lot of accolades worldwide. Only time will tell if he can live up to those accolades. One thing to remember is, the deals he has been making with other countries haven't had time to kick in yet. We still live next to a superpower, if a fading one, in the meantime. Perhaps the threats being made against Canada by Trump left Carney feeling he had no choice but to fold on this one.
It pains me to see Mark Carney and Canada buckle to Donald Trump. Trump has a very simple psychology: he is a bully. Bullies are never satisfied. I don’t buy that this is some kind of a “four dimensional chess game” and Mark Carney and Donald Trump have all these complicated plans that we, as mere mortals, just can’t begin to understand. One capitulation will not lead to a “deal.” Trump will shake Canada down again and again until he gets what he truly wants, which is the 51st state. I could not be more disappointed and disheartened by Canada’s so-called “blink.” Trump is a liar and a cheat. He does not keep his word. Canada should go its own way and make trade deals with other countries with more trustworthy leaders. I had such high hopes the Canada would take a position as the leader of the free world. Instead, I fear this is the beginning of the end.
Yon, Dean, t was you who Blinked, get up under the table, its only turkey's that there with YOU! Carney is looking at a bigger picture as an intelligent finance whiz-kid that he is, you give to get, it's the way you have to deal with the Trumpets, nothing wrong in giving to GET, that's how the dumbest man in the world works! TRMP IS FUCKED UP.
ITS CALLED "Give and 'GET"! It's brilliant with a Tyrant! Carney would rather take a transparent loss to "elbow-up" gain a WIN in the long run, he's knows money intelligence from being in International trade and as British finance minister, and with knowledge of Trump's weakness as giving him a feeling of a mulligan(in informal golf) an extra stroke allowed after a poor shot, not counted on the scorecard, and signs of severe flaws of character and/or personality.
Canada gave a mulligan to Trump to scrap the tax in a bid to salvage the trade negotiations, the Canadian government said it would soon introduce legislation in Parliament to cancel the tax.
"Prime Minister Carney and President Trump have agreed that parties will resume negotiations with a view towards agreeing on a deal by July 21, 2025," wrote the federal government.
"Canada's merchandise trade deficit with the world widened from $2.3 billion in March to $7.1 billion in April. This was the largest deficit on record," Statistics Canada says.
Trump's deadly sins laid out: Illusion of invulnerability, Collective rationalization, Belief in inherent morality, Stereotyping outsiders, Direct pressure on dissenters, Self-censorship, Illusion of unanimity, and Mind guards who shield the group from dissenting information.
Canada is the 2nd largest trading partner after China, it's massive!
Trump really has no choice but to concede, Carney has the cards, and Trump is so jealous of this threat. and this is how business is done, yaw it doesn't sound good to you, right now, because you think he is giving in, but it's how a grown-ups play with a toddler, and Trump is a woos, his trade advisers know how to play this game... It will be in Canada's best Interest financially, not the looks of it in propaganda, if that you're look for Ann, it's big money and its finance not politics theater. money over the looks is smart!
“Despite the move, Canada is still in active discussions with G7 allies to introduce an international tax, with Finance Minister François-Philippe Champagne leading that work, the PMO said.”
Remember, Canada-EU Alliance now is stronger and working together behind the scenes.
Yes, and doing that will take time. Carney can't make everything happen at once. The world doesn't work that way. But he has been laying the groundwork for a more sovereign Canada. Admittedly, the optics on this one aren't initially great for Carney or Canada, but we'll see how it plays out longer term.
I checked the press release and my understanding is that they said they would introduce legislation to rescind the bill but parliament is not currently sitting so that won’t occur until September. Is it possible that this is a stall?
Me too!😀 It is only speculation but I wanted a sliver of hope. There is also the fact that the EU is looking at a broader law that is intended to stop this offshoring of profits to avoid tax and maybe we are a part of that. 🤞
I don’t agree with you on this one. The trade talks were stalled and would have gotten nowhere until this tax was gone. TRUMP WON’T BE THERE FOREVER and at this moment in time our Prime Minister had to do what he had to do in order to try to save Canadian jobs. That is his priority. That tax can be reinstated at a later date. We must remember that these tariffs are crushing our economy and we absolutely have to move forward with these talks.
Trade talks are necessary, but when Trump becomes insolent and refuses to deal in the talks, Canada should do whatever it takes to trade more with the EU and Japan and SEA Asia and S. Korea, to alleviate any loss of goods from the US. In fact, Canada should have done that earlier. Will Trump really care about saving Canadian jobs? He really doesn't care about saving American jobs, so why in Canada?
Canada needs to do whatever it needs to do to protect its citizens. Negotiate from a position of strength by not taking the tax off the table. Never trust anyone who has a history of lying and only interested in winning at any cost. And, if all the signs around on cars is any indication of what is in store for everyone in the future, as well as the ruminations from Congress and the Senate, Trump will be running again in 2028 and maybe beyond. Don't count on SCOTUS to prevent that from happening.
He won’t run again. Not only would it be a third term, he’d be in early 80s. He may not even live that long or his health might fail.
We can only hope
Trump will stay in power until he either dies or is forced out. That's a pretty safe bet. He's afraid of going to jail otherwise.
We can only hope for as much, and not have Vance as the candidate.
Agree.
Trump will be running in 2028 and beyond? Honestly, given the rate he is obviously declining at this time, I can't see him lasting nearly that long.
Agree there.
If it is not Trump, it will be Vance or Trump Junior. If one takes a cold hard look at how US government and law have been restructured, including the evisceration of the courts and constitutions, one cannot expect that the US will ever go back to being an honest ( or relatively honest) partner in international trade. Trump does not negotiate, he just pushes until people give him what he wants and he plays a zero sum game. Saving jobs for a few more months to negotiate a trade deal that will do nothing for Canada hardly seems worth losing significant tax dollars or giving Trump hope that Canada will become the 51st State.
Doesn’t even need to be reinstated unless it’s revoked via legislation.
This is all just to flatter Trump’s idiot ego.
I don’t know what is best but I do know that Appeasement Always Backfires.
I agree with you Georgette. As I understand it, the timing stunk given the unnecessary trade war which needs to be addressed now. I thought I'd read where Canada is looking to enter into the larger DST agreement with the EU later on. There is after all, power in numbers. I may stand corrected, but that was my take & I wouldn't assume the worst at this point.
I’m not sure that Canada will gain anything. Trump is irrational and prone to sudden changes.
I don’t even know what the tax was about.
Very disappointing take on this Dean. You are playing into tRump’s hand. Carney is not stupid and we do not need you to discredit him. Still elbows up but I am really disappointed you took this path. It underestimates strategic moves and plays into into the MSM realm. 🤦♀️👎🏻
There may be more to this than meets the eye.
Only time will tell. Carney is not always going to shine, and he's had a very golden beginning up to this point. Maybe this is just the reality of who our biggest trading partner still is. There hasn't been enough time for the other moves Carney has been making to kick in yet. Even Carney can't work miracles.
Agree totally, Sandra! ❤️🇨🇦
Guys, chill. Carney just came back from the Canada-EU Alliance Summit where an historic agreement was struck between the European Union and Canada.
Do we really think that they would leave Canada holding the bag on this and not be continuing to work together as allies who have always wanted a multilateral solution to taxation of these big corporations but had the US as the impediment? Now we don’t.
Remember, digital and security issues are key to new alliance without US blocking the deal, so that it CAN be multilateral and an international tax can be imposed without leaving Canada out to dry.
Carney is an economist strategist and an actual dealmaker. Let us not freak out just yet. It’s a surface level win, like when Carney slowly coordinated the bond sell-off without anyone noticing until it was done.
“Despite the move, Canada is still in active discussions with G7 allies to introduce an international tax, with Finance Minister François-Philippe Champagne leading that work, the PMO said.”
💯
I'm not sure that I agree on your take on this one either. Maybe I'm just not in the mood to believe that Canada too would cave. I think that Prime Minister Carney "winked" - not "blinked." He is so intelligent, and an expert at making financial deals, I have to think that he has a strategy here. It wouldn't surprise me at all if he were working with a psychologist who deals with narcissistic psychopaths (like Trump) and is giving him direction as to how to placate Trump's ego while achieving the goals he wants for Canada. Making Trump think that he won, and actually helping Canada get exactly what we need.
Well put, thank you. If you feel disappointed with the decision, remind yourself of Carney’s knowledge and skills. We don’t know the details yet, so I am not going to worry about what his strategy is. I am confident that Mark Carney has this. He’s a great leader. Love you, Canada 🇨🇦!
The optics on this are admittedly bad for Carney on such a big issue. He has had a golden beginning, but unless he has some brilliant strategy he's waiting to unleash, chalk this up as a L. Time will tell. Keep your elbows up, but also watch out for your midsection!
Hope you're right. Carney is generally very prudent. Trump is not. Carney seems to know how to handle Trump. Nonetheless at this point the optics don't look so good.
I think it’s pure outmanoeuvring on PMMC’s part:
https://substack.com/@digitalcanary/note/c-130731395
Nothing changes except our tone until & unless the DST legislation is repealed via Pariliament.
Trump’s ego has been fed, the tax man can chill for another few weeks, and then it’s back to DST unless the trade talks yield something better.
Don’t believe the mass media hype, Dean: as you know, most are owned by Americans who simply don’t want to see that tax implemented.
Let PM Tae Kwon Do do his thing, please 🙏
You pivot faster than Trump. You've gone from "Carney just gave Canada her dignity back" to "Our elbows certainly weren't up!" What happened to watching the long game?
Our elbows were up, but we got hit low and suffered a knockdown. However, the fight isn't over yet.
I also don't agree with you on this one. I like your stuff, Dean, and follow your commentary. But you just went from unconditional (and, I'd offer, maybe a bit over the top at times) Carney adoration to Trump 'dictating domestic policy' in such a swerve I suggest you take care not to give yourself whiplash!
The digital tax can just as easily be brought back. TACO Trump ''blinks' at least about once every week. He also is an unstable, incompetent man baby who needs his fragile toddler like ego constantly stroked. I'd expect Carney is well aware of all this and is prioritizing Canadian citizens by his actions.
Carney has made it very clear that Canada will negotiate with Trump from a point of strength. He has and I expect that he will continue to do so. Though Trump doesn't give a good shit about America or American workers, that Carney very much does care about Canada and Canadian workers must also drive his decisions...and negotiations.
You might consider trusting Carney and see what happens next before going to such a total dismissal of him and the process. Just as the digital tax can be brought back, criticism of Carney can as well. I think it just a bit premature at the moment, however.
I agree with Dean that the optics are bad for Carney here. He has only had a short tenure as PM, and so far, he's gotten a lot of accolades worldwide. Only time will tell if he can live up to those accolades. One thing to remember is, the deals he has been making with other countries haven't had time to kick in yet. We still live next to a superpower, if a fading one, in the meantime. Perhaps the threats being made against Canada by Trump left Carney feeling he had no choice but to fold on this one.
Carney who was looking like a badly needed global hero now appears weak and untrustworthy. It only takes one stupid move and this was one.
WRONGO🥴
HUH?!
It looks bad and it feels bad. I hope Carney is playing 4-D chess and really understands that his opponent is the proverbial pigeon. 🫤
Well ugh. The world appears to be kissing this toddlers ass to placate him but he will only want more.
It pains me to see Mark Carney and Canada buckle to Donald Trump. Trump has a very simple psychology: he is a bully. Bullies are never satisfied. I don’t buy that this is some kind of a “four dimensional chess game” and Mark Carney and Donald Trump have all these complicated plans that we, as mere mortals, just can’t begin to understand. One capitulation will not lead to a “deal.” Trump will shake Canada down again and again until he gets what he truly wants, which is the 51st state. I could not be more disappointed and disheartened by Canada’s so-called “blink.” Trump is a liar and a cheat. He does not keep his word. Canada should go its own way and make trade deals with other countries with more trustworthy leaders. I had such high hopes the Canada would take a position as the leader of the free world. Instead, I fear this is the beginning of the end.
Yon, Dean, t was you who Blinked, get up under the table, its only turkey's that there with YOU! Carney is looking at a bigger picture as an intelligent finance whiz-kid that he is, you give to get, it's the way you have to deal with the Trumpets, nothing wrong in giving to GET, that's how the dumbest man in the world works! TRMP IS FUCKED UP.
ITS CALLED "Give and 'GET"! It's brilliant with a Tyrant! Carney would rather take a transparent loss to "elbow-up" gain a WIN in the long run, he's knows money intelligence from being in International trade and as British finance minister, and with knowledge of Trump's weakness as giving him a feeling of a mulligan(in informal golf) an extra stroke allowed after a poor shot, not counted on the scorecard, and signs of severe flaws of character and/or personality.
Canada gave a mulligan to Trump to scrap the tax in a bid to salvage the trade negotiations, the Canadian government said it would soon introduce legislation in Parliament to cancel the tax.
"Prime Minister Carney and President Trump have agreed that parties will resume negotiations with a view towards agreeing on a deal by July 21, 2025," wrote the federal government.
"Canada's merchandise trade deficit with the world widened from $2.3 billion in March to $7.1 billion in April. This was the largest deficit on record," Statistics Canada says.
Trump's deadly sins laid out: Illusion of invulnerability, Collective rationalization, Belief in inherent morality, Stereotyping outsiders, Direct pressure on dissenters, Self-censorship, Illusion of unanimity, and Mind guards who shield the group from dissenting information.
Mulligan schmulligan....Trump has had 2 major concessions from Canada:
First Ford was cutting off the water supply and that didn't last.
And now Carney is reneging on a long overdue tax.
Trump doesn't respect this kind of 'deals'
And playing footsie with a Putin bag man like Trump, is playing into Putin's hands....
Canada is the 2nd largest trading partner after China, it's massive!
Trump really has no choice but to concede, Carney has the cards, and Trump is so jealous of this threat. and this is how business is done, yaw it doesn't sound good to you, right now, because you think he is giving in, but it's how a grown-ups play with a toddler, and Trump is a woos, his trade advisers know how to play this game... It will be in Canada's best Interest financially, not the looks of it in propaganda, if that you're look for Ann, it's big money and its finance not politics theater. money over the looks is smart!
This was a terrrrrrrible capitulation on Carney's part.
Where are the 'elbows up' now????
“Despite the move, Canada is still in active discussions with G7 allies to introduce an international tax, with Finance Minister François-Philippe Champagne leading that work, the PMO said.”
Remember, Canada-EU Alliance now is stronger and working together behind the scenes.
I wasn’t expecting this . It seems Trump is really getting away with everything !
That’s what we need Trump to think while we continue plotting to divest ourselves of his influence.
Yes, and doing that will take time. Carney can't make everything happen at once. The world doesn't work that way. But he has been laying the groundwork for a more sovereign Canada. Admittedly, the optics on this one aren't initially great for Carney or Canada, but we'll see how it plays out longer term.
I checked the press release and my understanding is that they said they would introduce legislation to rescind the bill but parliament is not currently sitting so that won’t occur until September. Is it possible that this is a stall?
Hope you are right.
Me too!😀 It is only speculation but I wanted a sliver of hope. There is also the fact that the EU is looking at a broader law that is intended to stop this offshoring of profits to avoid tax and maybe we are a part of that. 🤞