Trump Embarrassed as US Banks back Canada Over US in Trade War!

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2:07So you can get in on the sports action no matter where you are. Including these places. May this year most rewarding season ever with Fandool. Age and location restrictions apply. Product availability varies by market. Cfandool.com for eligibility gambling problem called 1-800-Gemmar. Bet on maple bet on Canada. That's what Mark Carney is telling trillions of dollars of capital markets and financial services companies as he hosts and welcomes them to the first ever Canada investment summit. Today affair this week in Toronto. That is one of the ways that Canada elbows up is fighting back against Donald Trump bringing trillions with a D of dollars in from blackstone from black rock from Barclays from China's investment fund Saudi Arabia, UAE and Singapore and putting them all in the same room and telling them to bet on Canada.

3:21Now look how quickly Mark Carney was able to pull all of this together just the last several months and in the last several weeks in his successful fight against the United States and Donald Trump. A fight so successful that after the initial tariffs imposed on Canada are important strategic economic ally and brother and sisters to the north after that and Mark Carney's counter tariffs Donald Trump was out of moves. There's no counter counter tariffs what he had to do instead and said he sent Howard Lutton to Mexico is Congress secretary try to strike a bilateral deal in Mexico in an effort. I am sure unsuccessfully to back Ottawa into a corner and try to isolate them. So this isolationist strategy of Donald Trump has already back fired because major US financial services companies as I said black rock and Barclays and blackstone and others representing trillions of dollars are all coming together to bet on Canada.

4:29Let me show you a clip of Dominic Leblanc who is the trade representative. He's sort of the Jameson Greer and Howard Lutton, Nicol rolled into one for Canada brighter by far than both of them put together talking about how Canada is making sure under Mark Carney who is a central banker himself, formerly the central banker in the UK and in Canada, the equivalent of J Powell or the chairman of the Federal Reserve. Really smart when it comes to micro and macro economics monetary and fiscal policy that they have now quickly quickly recalibrated the entirety of the Canadian economy turned it on a dime pivoted it to make sure it's not dependent on any one trading partner play the clip of Dominic Leblanc in the last couple of days. It's a more work that we can accelerate one of the areas where we can accelerate and complete our work is around removing inter provincial trade barriers creating truly one Canadian economy.

5:32It's a responsibility. The prime minister has asked me to focus on I was in the Calaway a couple of weeks ago with my colleague colleagues provincial internal trade ministers, premier Houston came with me. He has been a driving force in terms of removing these remaining barriers to create one Canadian economy essential for the GDP of the country essential to create jobs across the country and it's one of the things that we can control ourselves as Canadian governments to create some economic growth that will not be dependent on a particular trading partner. Then you've got the provinces of Canada that contribute to our US economy, including Ontario and its premier done for to by the way, just as a side is a true conservative. I mean, I'm not but he's a true conservative business man and he won election three times.

6:38That probably sticks in Donald Trump's crawl. This is what Doug Ford had to say about we got a fight like never before play the clip. But these are the things we we have to move on quickly as fast as possible. It's not normal times anymore. It's economic wartime and we all have to put our political stripes aside and start all working together and moving forward. And then finally, let's focus on this economic summit, this financial investment summit. It's not just about a bunch of people sitting around and contemplating their navel and talking about broader economic, you know, think tank ideas. It's about investment right now, right away immediately in Canada. He's he's challenging. He's challenging these these Titans of the financial service world of the capital markets world of the sovereign wealth funds controlled by countries like Singapore and Saudi Arabia, UAE to say why aren't you investing in Canada.

7:42And then some of the statistics that they have put up on their website about this, um, Canada investment summit in Toronto, Ontario, Doug Ford is the premier, of course. Canada has what the world wants is the slogan choose Canada invest in Canada. The world is changing rapidly in response. Canada's focused on what we can we can control. Building a stronger economy with an ambitious plan to catalyst one trillion in total investment in Canada over the next five years, they need one trillion dollars. The summit, the Canada investment summit is a first of its kind gathering in Canada, bringing together leading global investors, Canadian CEOs and public sector representatives. That would be the government side for a two day event focused on accelerating investment in Canada hosted by Prime Minister Mark Carney. They say that Canada is a top global destination for investment and they remind everybody why it holds such a strong position, a strong leverage position.

8:44Canada has what the world wants, they say, and we are a reliable stable partner in a world that has anything but stop right there. Who do you think they're talking about when they're talking about in contrast, they don't say this, but in contrast to the other guy in North America that runs a country, we're reliable, we're stable in a world that is anything but it was until Donald Trump took over. That's by the way, that is exactly the same message that Chinese that the Chinese president is selling to the world. He's saying we're a stable alternative to that guy. It's like they're all wearing t-shirts. I'm not with that guy. China is going to be in the room too. I didn't mean to leave them out. China is going to be there because Canada has understandably pivoted towards China. It has to. Many of its industries rely on Chinese markets or Chinese to help them with their own economy. I just did a hot take recently about Canada having a very, very large supply of nickel that that mineral.

10:02And nickel is used in many, many things. Super alloys that build planes and jets and engines for things, you know, they can take a lot of heat. It's in the stainless steel manufacturing process is nickel in batteries. Of course, lithium batteries electric vehicles that type of thing all nickel 44% of the American need for nickel comes from Canada. Because America only has one nickel mine, one, the Eagle mine and the upper peninsula of Michigan up up north in Michigan. And it doesn't even have the ability to turn that nickel or once mind into anything. There's no, there's no supply chain around the Eagle mine. They have to go to Canada. They have to go to China. They have to export their nickel have a comeback fabricated and finished. So Canada has relationships with China over its nickel industry, for instance. Here's the sum of the stats. They also put up, which I think are also a little dig and a poke at Donald Trump because we are not. It says that the Canada holds a triple a credit rating and ranks number one in the G7, the group of seven for banking stability.

11:23We don't hold a triple a credit rating. Our credit rating was reduced under Donald Trump, meaning we have to pay more for our debt service for our amount of our debt. We have to pay higher interest rates because our credit rating sucks. It's like the equivalent of a person not having a good credit score. Canada's credit score, you know, 850, you know, for a lack of a better term. Canada has the lowest net debt debt to gross the price. To gross domestic product ratio in the G7 that includes America and foreign direct investment into Canada is the highest in two decades. It also has one of the most educated work forces in the world. Here's Mark Carney making his pitch about betting on Canada play the club. From a call to Victoria to Quebec City in St. John's and that consensus is that Canada is taking control of our future. We will build more. We will trade more with each other. We will trade more with the world and we will create sustainable prosperity here at home.

12:41Tomorrow, as you know, number of you have made this happen. Tomorrow, something remarkable will happen. The world's largest investors managing over 120 trillion dollars of assets will come to peer into our shop window because the world is looking at Canada differently. And I suggest we should look at ourselves differently too. It's not about who we aren't, but who we are. It's not about what's lost, but it's what we have and what we can create. We are kind, generous, hardworking and ambitious people. We have what the world wants, the energy, the resources, the talent, the technology, the capital. And our greatest strength is something that can't be found on any balance sheet. Trust.

13:46So this, if economic summit and how quickly Canada has not only pivoted but continues to troll appropriately America, who's they don't consider to be a serious counterparty in their negotiations. They don't even see this negotiations. They don't think that America is negotiating with them. They think America is shaking them down. It's not a legitimate good faith discussion between parties. It's one that's trying to destroy the other, which is why they call it the economic war. We're going to continue to follow this Canadian investment summit. There's going to be some great content coming out of that. You're going to want to watch it here on legal a F hit the free subscribe button. Help us to continue to grow our pro democracy channel. Come over to legal AF sub stack, where we're continuing to grow that parallel community. Hit the paid or free subscribe button there as well until my next report in about an hour of Michael Pope. Can't get your fill of legal AF mean either. That's why we form the legal AF sub stack. Every time we mention something in a hot take, whether it's a court filing or a oral argument.

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