The MeidasTouch Podcast: "Furious Canada Freezes Out Trump and Walks Out"

Release Date: August 4, 2025
Host/Authors: Ben, Brett, and Jordy Meiselas
Description: In this episode, the Meiselas brothers delve into the escalating trade tensions between Canada and the United States under President Donald Trump's administration. Combining sharp political analysis with their signature brotherly banter, they explore the implications of Canada's response to the U.S. tariffs and the broader impact on North American trade relations.

1. Introduction to the Trade Conflict (00:29 - 03:05)

The episode kicks off with Ben Miceli outlining the recent developments in U.S.-Canada trade relations. The U.S. Trade Representative, Jameson Greer, criticizes Canada's retaliatory tariffs, suggesting that President Trump is displeased with Canada's actions following the U.S. declaration of a trade war.

Ben Miceli explains:

“Canada stuck the dagger in Donald Trump and they twisted it. The Trade Minister of Canada, Dominique LeBlanc, went on American media and he was asked, so why don't you just remove the retaliatory tariffs? ... We're going to protect Canadian interest and we're going to look towards reliable trading partners.”
[00:29]

2. Analysis of U.S. Trade Policies (03:05 - 10:28)

The brothers dissect the motivations behind the U.S. tariffs, highlighting President Trump's inconsistent stance on trade with China and other Asian economies. Ben critiques Jameson Greer's approach, suggesting that the U.S. is not genuinely seeking to decouple from China but is instead engaging in selective trade practices.

Ben Miceli comments:

“Maybe they remove the retaliatory tariffs against us, then maybe there's some room. Watch the gaslighting by the United States Trade Representative Jameson Greer here.”
[05:00]

They play clips featuring Dominique LeBlanc, the Canadian Trade Minister, who emphasizes Canada's focus on protecting national interests and maintaining a strong trading relationship with the U.S., despite the tensions.

3. Perspectives from U.S. and Canadian Officials (10:28 - 18:24)

The podcast features excerpts from interviews with key figures:

• Mark Carney, Canadian Prime Minister, discusses the importance of the steel and aluminum sectors, advocating for collaborative efforts to mitigate the impact of tariffs.

  Mark Carney states:

  “We believe there's a great deal of common ground between the United States and Canada in terms of building two strong economies that work well together.”
  [07:13]

• Pete Hoekstra, U.S. Ambassador to Canada, responds to President Trump's comments about Canada becoming the "51st state," dismissing them as not genuine threats but rather political maneuvers.

  Pete Hoekstra remarks:

  “The president does not invite people onto his team, or to grow our team with the belief that by doing so, we're going to weaken America or weaken them.”
  [13:32]

• Doug Ford, Premier of Ontario, provides a critical perspective on President Trump's trade tactics, emphasizing the need for Canada to bolster its manufacturing sectors and reduce dependence on U.S. imports.

  Doug Ford passionately asserts:

  “We can build anything here in Canada. Absolutely anything... Don't let them hoodwink you. I'm going to call them out again.”
  [22:11]

• Stephen Harper, former Canadian Prime Minister, reflects on the shifting stance towards the U.S., advocating for diversification of trade partners and increased defense spending.

  Stephen Harper explains:

  “Just because we have that geographic proximity does not justify the degree of dependence that we have on a single market, which is sometimes disadvantageous.”
  [23:00]

4. Economic Implications and Future Outlook (18:24 - 29:10)

The discussion shifts to the broader economic impacts of the tariffs. Ben highlights Canada's significant investment in U.S. Treasuries and the strain caused by American boycotts on Canadian products, which adversely affects tourism and bilateral trade.

Ben Miceli notes:

“Prime Minister Carney recognizes that Canada holds close to $1 trillion in United States Treasuries. I think he realizes that Canada is the biggest customer and client of the United States...”
[16:18]

Kevin Hassett adds to the conversation, questioning whether the tariff rates are indeed locked in or subject to further negotiations. The brothers express skepticism about the stability of these tariffs, citing President Trump's unpredictable decision-making.

Kevin Hassett states:

“The president will decide what the president decides. But... the president likes those deals.”
[27:39]

Dominique LeBlanc acknowledges ongoing negotiations but remains firm on protecting Canadian interests, indicating potential for future dialogue despite current tensions.

5. Conclusion and Final Thoughts (29:10 - End)

Ben wraps up the episode by emphasizing the resilience of Canada in the face of U.S. economic pressures. He underscores the importance of Canadians supporting local industries and warns against complacency in the trade war.

Ben Miceli concludes:

“Prime Minister Carney recognizes that overwhelmingly the people are with him. They don't want a bad deal to happen.”
[23:18]

He also reflects on the potential legal challenges to Trump's trade policies, suggesting that upcoming court rulings could significantly alter the current state of affairs.

Key Takeaways:

• Trade Tensions: The U.S. imposed substantial tariffs on Canadian goods, prompting retaliatory measures from Canada aimed at protecting national interests.

• Canadian Strategy: Canada, under Prime Minister Carney, seeks to balance maintaining a strong relationship with the U.S. while asserting its sovereignty and protecting its economic sectors.

• Political Maneuvering: President Trump's administration is portrayed as unpredictably aggressive in trade negotiations, leveraging threats of further tariffs to pressure Canada.

• Economic Impact: The tariffs have strained bilateral trade, affected tourism, and led to significant economic repercussions for both nations.

• Future Prospects: Ongoing negotiations and potential legal challenges to the tariffs suggest that the trade relationship between the U.S. and Canada remains volatile and subject to change.

This episode provides a comprehensive analysis of the current trade war between Canada and the United States, highlighting the strategic responses from Canadian leadership and the broader economic implications for both countries. The Meiselas brothers effectively break down complex trade issues, offering listeners valuable insights into international relations and economic policy.