Canada's prime minister tells Trump: You'll never own us

Summary

Marketplace Morning Report: Canada's Prime Minister Tells Trump "You'll Never Own Us"

Release Date: April 29, 2025
Host: Stuart Clarkson (in place of Liana Byrne)
Transcript Duration: 6 minutes and 33 seconds

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1. Canada's Political Turnaround

Mark Carney's Historic Victory

In a surprising turn of events, Mark Carney, a former central banker with no prior political experience, has been re-elected as Canada’s Prime Minister in a snap election. This victory marks a significant shift in Canadian politics, overcoming the Liberal Party's recent double-digit deficit.

Key Factors:

• US-Canada Relations: The election was heavily influenced by Canada's relationship with the United States, particularly tensions sparked by former US President Donald Trump's aggressive stance towards Canada.
• Defiance Against US Dominance: Carney's campaign capitalized on nationalistic sentiments, positioning himself as a defender of Canadian sovereignty against perceived US encroachment.

Notable Quote:

Mark Carney (00:55): "As I've been warning for months, America wants our land, our resources, our water, our country. Never. But these are not, these are not idle threats. President Trump is trying to break us so that America can own us. That will never, that will never, ever happen."

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2. Election Dynamics and Rivalry

Defeating Conservative Opposition

Carney's triumph was also a rebuke to his main rival, Conservative Party leader Pierre Poliev, who not only lost his parliamentary seat but also failed to secure the prime ministerial position. The absence of Donald Trump from the ballot did not deter Trump's influence, as his rhetoric was a central campaign theme.

Michael Ignatieff's Analysis:

Former Liberal Party leader Michael Ignatieff provided insights into the challenges ahead for Carney's administration:

Michael Ignatieff (02:08): "It doesn't have immediate options. It's just very difficult to take an economy that has had 85% of its market in the United States and build linkages in Asia or linkages in Europe. Everybody knows that that's what has to happen. But that's a 10-year project."

Challenges Highlighted:

• Economic Dependency: Canada's heavy reliance on the US market poses significant hurdles in diversifying trade relationships.
• Domestic Unity: Carney emphasized the need for national unity amidst internal issues, including regional tensions over Canada's future.

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3. Economic Landscape and Corporate Pressures

BP's Profit Decline and Strategic Shifts

British oil and gas giant BP reported a 50% reduction in profits for the first quarter of 2025, totaling $1.38 billion. The decline is attributed to falling crude oil prices and mounting pressure from investors to pivot focus from renewable energy to fossil fuels.

Expert Insight:

Ashley Kelty, Oil and Gas Research Analyst (03:51): "They need to really ditch the low margin renewables business. They're just clearly not very good at it. It doesn't generate the same returns that oil and gas want."

Implications:

• Investment Trends: BP faces demands to prioritize high-return fossil fuel projects over renewables, especially with renewable subsidies potentially decreasing due to Europe's reinvestment in military capabilities.
• Operational Adjustments: The company must streamline operations to maintain profitability amidst shifting market dynamics.

Other Corporate News:

• Lufthansa's Financial Struggles: The German airline reported a net loss of $1 billion in Q1 2025, citing increased airport costs and uncertain trade tensions with the US impacting future forecasts.
• Adidas' Varied Performance: Sportswear giant Adidas experienced significant sales growth in Europe (14%) and Latin America (26%) but only a modest 3% increase in North America.

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4. European Union Developments

Malta's Golden Passport Program Quashed

The European Court of Justice has ruled against Malta's "golden passport" scheme, which allowed wealthy foreigners to obtain EU citizenship in exchange for significant investments. The court deemed the program an infringement of EU law.

Consequences:

• Investment Impact: Potential investors seeking expedited citizenship will face stricter regulations.
• EU Integrity: The ruling underscores the EU's commitment to maintaining uniform citizenship and investment standards across member states.

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5. Energy Infrastructure Challenges in Iberia

Blackouts in Spain and Portugal

A widespread power outage disrupted daily life in Spain and Portugal, causing trains and planes to be stranded, businesses to close, and schools to send children home. The blackout has been linked to either a cyberattack or an unusual weather event, though investigations are ongoing.

Field Report:

Guy Hedgeko, BBC (05:27): "People in Madrid applauded when power returned after spending much of yesterday without electricity... The cause of the blackout is still not known, with a cyber attack or a freak weather phenomenon seen as possible culprits."

Government Response:

• Spain: King Felipe is set to lead a national security meeting to address the crisis.
• Portugal: Authorities have urged the public to limit phone use and travel as the country works to restore full normalcy.

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6. Closing Notes

The Marketplace Morning Report delivered a comprehensive overview of pivotal political shifts in Canada, significant economic developments affecting major global corporations, critical EU legal decisions, and urgent infrastructure issues in the Iberian Peninsula. Mark Carney's re-election signifies Canada's resilient stance against US pressure, while ongoing economic and energy challenges highlight the interconnectedness of global markets.

Credits:

• Producer: Neil Morrow
• Editor: Naomi Rainey

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This summary is based on the transcript provided and aims to encapsulate the key discussions and insights from the Marketplace Morning Report episode titled "Canada's prime minister tells Trump: You'll never own us."

Transcript

[Stuart Clarkson]

Canada's newly elected Prime Minister has a message for Donald Trump. You'll never own us. Live from the uk, this is the Marketplace morning report from the BBC World Service. I'm Stuart Clarkson in for Liana Byrne. Good morning. Former central banker Mark Carney has been re elected as Prime Minister of Canada in a snap election dominated by the country's relationship with the US. BBC's Lee Doucet reports from the country's capital, Ottawa.

[Lee Doucet]

It's an extraordinary moment in Canadian political history. Only months ago, the Liberal Party was trail by double digits. Only months ago, the former banker Mark Carney had no political experience. But he has led his party to a fourth term due in large part to his political rival who wasn't on the ballot, US President Donald Trump, who has repeatedly threatened to take over Canada. In his victory speech, Mr. Carney reiterated that would never happen.

[Mark Carney]

As I've been warning for months, America wants our land, our resources, our water, our country. Never. But these are not, these are not idle threats. President Trump is trying to break us so that America can own us. That will never, that will never, ever happen.

[Lee Doucet]

Mr. Carney also stressed repeatedly that he would be a Prime Minister for all Canadians, including the millions who didn't vote for him. He called for unity in a country which confronts its own internal problems, including regional tensions over Canada's future lease to set there.

[Stuart Clarkson]

And in the last hour, Canadian broadcaster CBC is reporting that Carney's main rival, the Conservative Party leader Pierre Poliev, has lost his parliamentary seat as well as the race to become prime minister. Well, President Trump's tariffs and repeated calls for Canada to become the US's 51st state and what that means for Canada's economy were major issues in the campaign. Michael Ignatieff is a former leader of Canada's Liberal Party. He says the incoming government would face challenges in moving away from the trading relationship with the us.

[Michael Ignatieff]

It doesn't have immediate options. It's just very difficult to take a economy that has had 85% of its market in the United States and build linkages in Asia or linkages in Europe. Everybody knows that that's what has to happen. But that's a 10 year project. So Canada goes into those negotiations in some difficult. But at the same time, I think Trump has underestimated the fury that he has awakened in Canada and the determination the whole country faces regardless of how they voted in the election to stand up to Trump. And there are some vulnerabilities on the American side. They're very dependent on Canadian energy, Canadian resources, and we make things together across the border and have done for 30, 40 years. And so there'll be pressure from American employers, American manufacturers, American auto companies, on the US Administration, getting them to understand the interdependence of the two economies and the fact that this is good for the United States. So Canada will fight hard on one side and then I think they can count on quite a lot of support from American economic interests.

[Stuart Clarkson]

That's the former leader of Canada's Liberal Party, Michael Inactiev. Profits at British oil and gas giant BP halved in the first quarter of the year to $1.38 billion, hit by a slump in crude oil prices. Bosses there are under pressure from key investors to focus less on renewables and more on fossil fuels. Ashley Kelty's an oil and gas research analyst with Pam Muir Leburum.

[Ashley Kelty]

They need to really ditch the low margin renewables business. They're just clearly not very good at it. It doesn't generate the same returns that oil and gas want. I think investors want them to focus on oil and gas. The problem is renewable subsidies are going to be cut with the large push to rearm across Europe. So it's going to be bombs over wind farms, I think for a few years. But for oil and gas, there is still high returns. They are under pressure, but they need to reduce costs.

[Stuart Clarkson]

That's the energy analyst Ashley Kelty. Now let's do the numbers. And the German airline Lufthansa has reported a net loss of $1 billion in the first quarter of 2025. It's blamed rising costs at airports, but says trade tensions between the US now make it difficult to forecast what will happen later in the year. And sports brand Adidas says its first quarter sales were up 14% in Europe and 26% in Latin America, but rose just 3% in North America. Now the European Court of Justice has ruled that Malta's so called golden passport program that allows wealthy foreigners to obtain citizenship is an infringement of EU law. The scheme granted foreigners a passport and thereby the right to live and work in any EU country in return for an investment of around 1.14. Officials in Spain and Portugal are investigating the cause of widespread blackouts that disrupted the countries yesterday. Engineers worked through the night to restore power. The operator of the Spanish power grid says it's now back on across most of the mainland. The BBC's Guy Hedgeko is in Madrid.

[Guy Hedgeko]

People in Madrid applauded when power returned after spending much of yesterday without electricity. The blackout left many trains stranded and planes grounded as businesses were forced to close and children sent home from school. Mobile phone coverage was also severely affected. Portugal faced a similar situation. Despite power returning, the government has asked people to keep phone calls short and avoid travel where possible as the country returns to normal. Spain's King Felipe will preside a national security meeting today. The cause of the blackout is still not known, with a cyber attack or a freak weather phenomenon seen as possible culprits. The Spanish government has said it's not ruling out any hypothesis.

[Stuart Clarkson]

That's the BBC's Guy Hedgeko in Madrid. Our producer today was Neil Morrow. Our editor is Naomi Rainey. In the uk, I'm Stuart Clarkson with the Marketplace Morning Report from the BBC World Service. Have a great day.

[Janeli Espinal]

If there's one thing we know about social media, it's that misinformation is everywhere, especially when it comes to personal finance. Financially Inclined from Marketplace is a podcast you can trust to help you get serious about your money so you can build a life you've always dreamed of. I'm the host, Janeli Espinal, and each week I ask experts important money questions, like how to negotiate job offers, how to choose a college that you can afford, and how to talk about money with friends and family. Listen to Financially Inclined wherever you get your podcasts.