Trump’s Trying to Squeeze Canada on Trade AGAIN. Here’s Why it Will Backfire
episode
Raging Moderates with Scott Galloway and Jessica Tarlov
45 min
6 speakers
5 chapters
transcribed 2 months ago
Transcript
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Transcript generated automatically by AI and may contain errors.
What is the main topic discussed in this episode?
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What does the ideal presidential candidate look like?
Donald Trump has shown you that to be not boring, to be a showman, can get you really, really far in this environment.
I'm Preet Bharara. And this week, The Atlantic staff writer Mark Leibovich joins me to discuss the latest chaos out of Washington and what to expect from the upcoming elections. The episode is out now. Search and follow Stay Tuned with Preet wherever you get your podcasts.
Welcome to Raging Moderates. I'm Scott Galloway.
And I'm Jessica Tarliff.
Please make sure to tune in to Raging Perspective tomorrow at noon Eastern time. Jess and Aaron will be live streaming on Substack and YouTube every Wednesday. Make sure to hit subscribe to get access to all of our content and help our show reach more folks. All right, let's bust into it. The Trump administration is racing toward a deadline. After the Supreme Court struck down Trump's emergency tariffs in February, the White House fell back on a 10% global tariff under Section 122 of the Trade Act. But that authority expires July 24th, leaving the administration scrambling for new ways to keep tariffs and the revenue they generate, or the revenue they lose. One place they could find it? Canada. Trump signed orders Monday imposing 50% tariffs on a range of Canadian goods, including wine, cement, and get this, hockey sticks.
That one hurts. Here's Scott Besant explaining the rationale.
What is the trade discrimination that is at hand causing the president to hike tariffs here on Canada?
Well, I think it's something that we've discussed with our Canadian colleagues for a long time, and they haven't done anything about it. They're highly discriminatory on dairy products. U.S. alcohol and beverages have been removed from Canadian shelves.
So this is really just reciprocity in terms of what they've done to our great U.S. companies. You got to feel bad for Scott.
Send me the talking points mid sentence.
Let me pretzel myself. They're taking our stuff off. What he missed was they took our stuff off of shelves after we decided to declare war on our ally. What are your thoughts here, Jeff?
You know, it's like really hard to push Canadians to the point where they will boycott you like what they did with Kentucky bourbon. But we've found the way. Right. Like you have aggravated the nicest people on the planet, basically. And it's such a good opportunity to take the off ramp. Right. Like the Supreme Court. is giving you the way, right? Just take the win, you know, and then walk away, maybe the tail between your legs a little bit. But this continual obsession with a tool that can be useful, used in small increments, right, for specific reasons, to make it this blunt instrument that is not eliciting the kind of results that you want is the height of absurdity. And I say it, I guess, about a lot of things that this administration does.
I just don't get it. Like now on a monthly basis, they are paying more out to companies that suffered from the tariffs that you're taking in and revenues. It's in double in June is what they saw. And they're quietly doing these updates to the White House Web site. Like yesterday, they admitted that the 50 percent aluminum tariffs aren't working. They wrote the domestic production and supply of primary aluminum, which is critical to the U.S. economy and defense industrial base, is still an insufficient supply. It's not working. It's not working. And no one believes you. that we have been taken advantage of brutally at this level by Canada or Brazil. And they certainly don't believe you when you say that you have a problem with forced labor practices, right?
Like we haven't done anything about what China does. And we talked about this yesterday.
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Chapters
5 chapters
1
What is the main topic discussed in this episode?
0:00–5:36
2
Why did the Trump administration announce 50% tariffs on Canadian goods and which products are targeted?
5:36–5:52
3
What legal authority is expiring July 24th and how does it affect tariff strategy?
5:52–26:05
4
How do Scott and Jessica explain the economic consequences of hitting Canada with tariffs?
26:05–26:22
5
Why do the hosts argue Canada is actually a bigger customer for U.S. goods than China?
26:22–44:45
Speakers
6 identifiedMore from Raging Moderates with Scott Galloway and Jessica Tarlov
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