Morning Brew Daily – Episode Summary

Date: October 27, 2025
Hosts: Neal Freyman and Toby Howell

Overview

Today’s episode covers the rising tensions between the US and Canada after former President Trump imposed new tariffs in response to a Canadian ad campaign, the surprisingly strong results for Argentina’s economic reformist president and what it means for US policy, and innovative moves by Nike as it seeks a comeback. The hosts also discuss the viral expansion of Pop Up Bagels, the upcoming international priorities for President Trump, and key economic data setting the stage for markets this week.

Key Discussion Points

1. US–Canada Tariff Tensions Escalate

[02:54 – 07:59]

• Situation: Trump announced an additional 10% duty on all Canadian imports over an Ontario-funded TV ad featuring a 1987 Ronald Reagan speech critical of tariffs, aired during the World Series between the Dodgers and the Toronto Blue Jays (Ontario).
• Ad Drama: The ad’s use of Reagan audio was later condemned as misleading by the Reagan Foundation, though no specifics were provided. Trump called the ad hostile, suspended trade talks, and imposed new tariffs.
• Economic Context:
  • US–Canada bilateral trade hit $762 billion last year.
  • Notably, only goods outside of the USMCA (Trump’s renegotiated NAFTA) are impacted—around 20% of the trade.
  • Existing tariffs already cover steel and aluminum.
• Political Fallout: Ontario Premier Doug Ford (pro-ad) and Canadian PM Mark Carney (distancing himself from Ford) are on opposite sides; Carney now finds US negotiations tougher.
• Legal Angle: On November 5th, the Supreme Court will review the legal basis for Trump’s tariffs. Plaintiffs are likely to use this ‘threat’ as evidence that the tariffs are disproportionate to any real emergency.

Notable Quotes:

• "Trump slapped an additional 10% duty on imports from Canada on Saturday in retaliation for what he considered a misleading TV ad featuring former President Ronald Reagan criticizing tariffs." — Toby [02:54]
• "If I am Prime Minister Mark Carney right now, I'm a little bit annoyed at Ontario Premier Doug Ford." — Toby [05:16]
• "Does an ad, you know, critique bringing up Ronald Reagan's hatred of tariff amount to an emergency and an unusual and extraordinary threat against the United States?" — Neal [06:17]

2. Argentina’s Reform Mandate and US Bailout

[07:59 – 11:48]

• Election Result: President Javier Milei’s party won 41% in Argentina’s legislative elections—a strong showing seen as a mandate to pursue radical free-market reforms.
• US Interests: The strong outcome came just as Trump tied a $40B US bailout to Milei’s success, seeking stabilization of Argentina’s collapsing currency.
• Market Reaction: Expected rallies for Argentine stocks/bonds; Trump claims the results “made a lot of money for the United States.”
• Reforms:
  • Milei slashed regulations and public sector jobs, bringing inflation down from 200% to 32%, and generating the first fiscal surplus in 16 years.
  • However, poverty remains high and average incomes are still below pre-reform levels; market hopes the new mandate will allow phase two of reforms.

Notable Quotes:

• "This $40 billion was directly tied to the outcome of the election. According to Trump: the president said that if Milei didn't perform well in the vote, 'we're gone.' " — Neal [09:03]
• "He repealed 10,000 regulations and essentially cut a lot of public sector jobs. And that really has stabilized their finances and inflation… but about one in three people still live in poverty." — Neal [10:35]
• "This one just buys Milei time with some investors. He's got the IMF breathing down his neck. He had, you know, Trump breathing down his neck basically saying like, hey, if you do not win, our support is gone." — Toby [11:48]

3. Winner of the Weekend: Nike’s Futuristic Footwear

[12:10 – 16:06]

• Sneaker Innovation: Nike unveiled a motorized sneaker with a detachable mechanized calf arm—essentially a light “e-bike for your feet”—and a neuroscience-inspired slipper with foam nubs to stimulate feet and brain.
• Strategic Shift: After years of relying on retro lifestyle models (Jordans, Dunks), new CEO Elliot Hill is pushing rapid innovation. Nike has lagged behind emerging brands like ON and Hoka.
• Cultural Implications: These “moonshot” projects may appeal to “back of the pack” runners and those wanting tech-infused fitness aids, but mass adoption is uncertain.

Notable Quotes:

• "The buzziest new prototype it rolled out is a sneaker with a detachable mechanized arm that wraps around your mid calf and ever so slightly propels you forward with each step. That hits shelves in 2028." — Toby [12:55]
• "Nike is going full Willy Wonka, going back to its roots as an innovation center and it needs to do that because its business is really not in a good place." — Neal [13:35]
• "His new internal motto for the company is 'great epic beep.' Great epic stuff right there." — Toby [14:16]

4. Winner of the Weekend: Pop Up Bagels’ National Ambitions

[16:45 – 21:43]

• Expansion Plans: Pop Up Bagel, a viral social media favorite for its “grip, rip and dip” unsliced bagels, aims to go national with 300 planned stores.
• Success Factors:
  • Smaller franchise size and startup costs than Einstein Bros.
  • “Not famous but known” mentality, strong celebrity/PE backing.
• Challenges:
  • Bagel market dominated by local shops; consistency, low margins, and limited sales window are big hurdles.
  • Hosts wonder whether this is lasting or a Cronut-like fad.

Notable Quotes:

• "If you're unfamiliar with Pop Up Bagels, congrats on not being addicted to social media. These bagels have become a viral sensation for their grip, rip and dip approach." — Neal [17:38]
• "Is this a viral social media trend or is this a brand with staying power?" — Toby [21:12]
• "I went because I just wanted to try it...and they said, no, you need to get three bagels. And that kind of rubbed me the wrong way." — Neal [21:43]

5. Week Ahead Preview

[21:43 – 24:46]

• Global Events:
  • President Trump’s Asia tour (Malaysia, Japan, South Korea, meeting with Xi Jinping) raises hopes for a US–China trade truce, following an initial framework agreement.
  • Canadian PM Carney is also in Asia, highlighting global trade convergence.
• Markets:
  • The Fed is expected to cut interest rates for a second time this year after tame inflation data.
  • Stock markets surge, with the Dow closing above 47,000 for the first time.
  • Inflation highlights: Coffee +19%, beef +15%, deli meats hit record.
• Earnings Season:
  • Big tech (Meta, Microsoft, Alphabet, Amazon, Apple) dominate headlines, along with other major US brands.

Notable Quotes:

• "President Trump is in Asia for his first trip to the region in his second term, hitting Malaysia, Japan and South Korea before capping things off with a face to face meeting with Chinese President Xi Jinping." — Neal [21:43]
• "The Federal Reserve is expected to lower interest rates for the second time this year following a first cut in September." — Neal [23:18]
• "All this gave a huge boost to stocks on Friday, which shot up to record highs and the Dow closed above 47,000 points for the first time in history." — Neal [23:39]

Memorable Moments

• Reagan Ad Debate: The use—as ad “ammunition”—of Reagan’s 1987 speech by a Canadian province, and the rapid fallout, with legal and trade reverberations.
• Global Bagel Phenomenon: A tongue-in-cheek “if you haven’t heard of Pop Up Bagel, congrats on not being addicted to social media” [17:38].
• Nike’s Comeback: Hosts banter over whether “moonshot” motorized shoes will be a hit, and Nike’s desperate need to reclaim its innovation mantle, with jokes comparing them to “Heelys” and “Willy Wonka” [13:35].
• Inflation Watch: Noting the outsized inflation readings for coffee and beef—even tying it back to the inflation report’s “meat-based” breakfast pinch [23:39].

Timestamps for Important Segments

• [02:54] – Trump’s new tariffs on Canada: context, World Series ad drama
• [05:16] – Canadian political reaction, Ontario vs. Federal government
• [06:17] – Legal foundations and November 5 Supreme Court challenge
• [07:59] – Argentina’s elections & US bailout implications
• [10:35] – Progress and costs of Argentina’s radical reforms
• [12:10] – Nike’s “winner of the weekend”: futuristic footwear & innovation
• [16:45] – Pop Up Bagels and franchise expansion challenges
• [21:43] – The week ahead: Trump’s Asia tour & Fed rate cut preview
• [23:39] – Inflation surprise, stock market records, earnings calendar

Tone & Style

Witty, conversational, and informative, Neal and Toby balance deep-dive analysis with playful banter and pop culture analogies, making even international trade drama and bond markets feel accessible and engaging.

For Listeners Who Missed the Episode

This episode is a whirlwind tour through international trade drama, bold policy experiments, corporate comebacks, and social media food fads—all with a heavy dose of zingers, practical context, and forward-looking insights. It's an essential daily briefing for anyone tracking news at the intersection of politics, business, and culture.