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Late Friday Canadian Prime Minister Mark Carney went back on a deal nearly completed to form a US-Canada trade agreement. The sudden cancellation will immediately impose 50% tariffs on $20 billion worth of imports on goods from Canada under Section 338 of the Tariff Act of 1930. A trade deal was near completion with the U.S. agreeing to bring down steel and aluminum tariffs to 25% and reduce automotive parts duties to 15%. Additionally, lumber would be removed from a 10% tariff. But in the end it wasn’t good enough for Ottawa.
The US Trade Representative gave a harsh assessment of the collapse. The USTR posted on X: “Despite the U.S. offer to Canada to receive the best treatment of any major exporter to our market, new demands and walk-backs of other commitments by Canada have upended the careful balance reached in the past days. Canada has continued to maintain its prolonged retaliation against the United States, including flat-out prohibitions on certain American goods and services.”
Carney said “last-minute changes in the U.S. proposed terms were unfair, uneconomic, and called into question the reliability of any deal” and pledged to match US tariffs dollar for dollar. What he didn’t explain is who he’s really working for.
Carney is the former chairman of Brookfield Asset Management, a firm with an estimated $23 billion in China-linked assets. He traveled to Beijing earlier this year and declared he saw opportunity for “progress and partnership” with China — positioning both countries for what he called the “new world order.” His commercial ties to the East have never received adequate scrutiny from the press in Canada or the US.
Several commentators are pointing out that the midnight collapse occurs just weeks before critical US midterm elections. A prolonged US-Canada trade war creates economic headwinds for the Trump administration heading into November — which may be precisely the point. Julian Assange stated it plainly: “Carney suspended trade talks to influence the U.S. midterm elections. Carney takes his marching orders from the DNC. He’s betting the entire farm on the Democrats taking control of Congress.”
In walking away from the nearly completed deal, Carney cost Canadian workers a historic agreement covering USMCA formalization, critical minerals cooperation, aligned export controls, and joint enforcement of forced-labor import restrictions. The newly created crisis arrives at the worst possible moment for the Trump administration — engineered, critics say, right on time for election season.
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