TRUMP FURIOUS as U.S. BOYCOTT GOES GLOBAL—U.S. EXPORTS to CANADA COLLAPSE 85%, $138B FLEES U.S. DEBT

Added: 2026-06-01

[00:00:00]In this video, we cover three developments. First, the global boycott of American products that Goldman Sachs estimates could cost up to $83 billion.

[00:00:09]With Canada alone wiping out 536 million in alcohol trade, and 91% of Canadians now saying they want less reliance on the United States. Second, the Trump administration's decision to impose yet another round of tariffs on Canadian export. And third, the $138 billion that left US Treasury in a single month. And what the CEOs of Canada's two largest banks said today about where global capital is heading instead. Let's begin with the boycott. Distilled Spirits Council CEO, Chris Swonger used a single word to describe the impact of the Canadian boycott on the American spirits industry, devastating. US spirits exports to Canada fell 85% during the second quarter of 2025, dropping below $10 million.

[00:00:59]The full scale of the damage extends well beyond spirits. Total US alcohol exports to Canada, wine, spirits, and beer combined, collapsed from $744 million to $208 million.

[00:01:12]Wiping out $536 million in trade in a single year. Wine plunged from $460 million to $103 million. Spirits fell from $238 million to $89 million. Beer dropped from $47 million to $17 million.

[00:01:29]Eight of 10 provinces imposed partial or full bans. And those restrictions remained in place even after the two countries reached a partial deal exempting half of CUSMA compliant goods from tariffs. Brown-Forman, the maker of Jack Daniel's and Woodford Reserve, reported that Canadian sales declined 62%.

[00:01:49]CEO Lawson Whiting went further than any American executive has in describing the impact, calling the boycott worse than a tariff and a very disproportionate response. Jim Beam halted bourbon production at its primary distillery in Clermont, Kentucky for all of 2026, citing reduced demand linked to the boycott. According to the Kentucky Distillers Association, whiskey exports have fallen to their lowest level in a decade, with Canada responsible for half of that decline. The Wine Institute reported that US wine exports to Canada fell 91% three-month period from March to July compared to the year before, an even sharper collapse than the annualized figures suggest. Prior to the trade dispute, Canada was the largest overseas market for American wine, representing 36% of all US wine exports.

[00:02:41]By 2025, that figure had fallen to 12%.

[00:02:45]The annual decline of $357 million accounted for 81% of all global US wine export losses. Following Canada, the second largest reduction was in exports to China, down $69 million.

[00:03:00]No other national market came anywhere near the losses associated with Canada.

[00:03:05]And while American alcohol exports to Canada collapsed, the trade flow has reversed in an unexpected direction. The United States is now importing more spirits than ever from Canada, including whiskeys and ready-to-drink cocktails from brands like neutral vodka and Ole.

[00:03:20]Canada is not just refusing to buy American, it is selling more of its own products to the American market that used to sell to it. To appreciate the magnitude of what is taking place, it is important to remember what sparked it, because this was not an organic shift in consumer behavior.

[00:03:37]It was a direct reaction to a series of comments and actions by Trump that many Canadians viewed as an attack on their sovereignty. In January 2025, Trump referred to Canada as the 51st state and described the border separating the two countries as an artificially drawn line.

[00:03:55]He later told Canadians that Canada lives because of the United States. On Truth Social, he posted, "We don't need your cars. We don't need your lumber. We don't need your energy.

[00:04:05]And very soon you will find that out."

[00:04:07]He imposed 25% tariffs on Canadian automobiles and 50% tariffs on steel and aluminum, transforming what had been a duty-free integrated supply chain into one of the costliest in the world. He threatened 100% tariffs if Canada entered into a trade agreement with China. He also prevented the opening of a bridge that Canada had financed and constructed.

[00:04:29]Canada's response was strong. Consumers began making personal choices, canceling trips, switching grocery products, removing American wine from store shelves, selecting Canadian products instead of Californian ones, and deciding not to cross the border. What makes the damage long-term rather than temporary is that Canadian producers are filling the gap. Sales of Ontario VQA wines rose 58% in 2025. At Westcott Vineyards in Niagara, sales doubled within 6 months and are expected to double again. In Nova Scotia, spirit sales increased 24% while wine sales rose 15%. Wineries in British Columbia are reporting their strongest performance in 10 years. The domestic infrastructure to absorb the shift was already in place. The number of Canadian breweries alone grew from 676 in 2017 to 1,165 by 2022. 10 provinces and one territory have signed an interprovincial alcohol trade agreement that removes barriers which previously treated wine from another province as though it were a foreign import. The boycott has also become a formal negotiating issue. US Trade Representative Jameson Greer explicitly warned that conducting a successful review of the USMCA hinged on provinces lifting their alcohol bans, elevating what started as a consumer movement into a condition of the trade deal itself. The administration that caused the boycott is now demanding its reversal as a prerequisite for talks, and the boycott has expanded beyond Canada. It has crossed the Atlantic and the numbers are substantial. In Germany, a survey by the University of Cologne found that one out of every three German consumers now refuses to purchase American products altogether. 61% reported actively avoiding particular US brands with Tesla cited most often. In France, an Ifop poll found that 62% of respondents support boycotting American goods, while the country's favorable view of the United States has fallen to 25%, its lowest level in four decades. 48% said they intend to boycott Coca-Cola. 47% named Tesla. 44% identified McDonald's.

[00:06:44]A French application was even created specifically to help shoppers identify and avoid American-made products. In Denmark, where Trump's threat to take Greenland generated the strongest reaction, a Megafon survey found that nearly half of Danes have deliberately avoided buying an American product since Trump's inauguration. Danish retailers now mark European products with a special star to help consumers choose alternatives. In Sweden, a Facebook boycott group attracted more than 63,000 members. In Norway, the country's largest port operator announced that it would immediately cease fueling American vessels. Goldman Sachs estimated that foreign boycotts, driven primarily by Canada and the European Union, could reduce US GDP by between 28 billion and 83 billion dollars. What began in Canadian liquor stores has evolved into a movement spanning two continents. Now, let's turn to what may be the strangest escalation in this entire dispute, because the United States has now imposed tariffs on Canadian mushrooms.

[00:07:46]On May 13th, the US Commerce Department announced preliminary countervailing duties ranging from 1.6% on fresh Canadian mushrooms, including white button and portobello varieties.

[00:07:59]The rationale was that Canadian mushroom producers benefit from agricultural tax exemptions that the Commerce Department considers unfair subsidies. There is one significant issue with that argument.

[00:08:11]The United States provides the same tax exemptions to its own agricultural producers. Ryan Kooslag, Executive Vice President of the Canadian Mushroom Growers Association, described the decision as deeply flawed and difficult to reconcile given that comparable agricultural tax treatment exists in the United States as well. But the broader concern extends beyond the mushroom industry itself.

[00:08:36]A $750 million Canadian sector that sends 48% of its exports to the US.

[00:08:43]The real concern is the precedent this establishes. Using general tax exemptions as justification for countervailing duties is, according to Kooslag, unprecedented.

[00:08:54]And it creates a pathway that Washington may eventually regret. This not only has a broader implication to Canadian agriculture, but also to the American agriculture producer, Kooslag warned.

[00:09:06]They've really opened themselves up to having other countries identify that, "Hey, if the United States is going to start using tax exemptions as a countervail weapon, then we'll do the same against the United States. So, I think it could be a slippery slope for them in the long run."

[00:09:22]In other words, countries importing American agricultural products could now apply the same reasoning to justify duties on US exports. And finally, let's look at where the money is going.

[00:09:33]Because while the boycott drains American revenue and the tariffs create new vulnerabilities, something is happening on the other side of the border that the CEOs of Canada's two largest banks described today in terms that would have been unthinkable five years ago. On Wednesday, Scotiabank CEO Scott Thompson told analysts after reporting second quarter earnings, "You have seen a significant change in tone from international investors to Canada.

[00:10:00]Over the last 15 years, and I've lived this, you've seen a lot of foreign money leave Canada. And now, you have a lot of foreign money looking at Canada."

[00:10:10]He pointed to Shell's $13.6 billion acquisition of ARC Resources last month, the biggest deal in the Canadian energy sector in over a decade, as evidence that the trend has reversed. For years, international oil majors were steadily selling Western Canadian assets and leaving. Now, they are buying back in at scale. Thompson said higher oil prices, driven by the same Iran war and Hormuz closure that is squeezing American consumers, have boosted Canadian government finances through higher tax revenue, giving Ottawa more fiscal capacity to help regions hit by US tariffs. "As you look out to 2027, I'm actually relatively optimistic about the outlook for Canada," he said. "We're an oil exporting nation. You've got a new business-friendly government that is trying to get things done. And Canada's own pension funds, which control approximately $10 trillion in assets and have historically invested the majority of that abroad, are pivoting. Pension funds in Canada have historically looked outside of the borders," Thompson said.

[00:11:14]"Now, I think they're increasingly looking inside of the borders."

[00:11:18]Bank of Montreal CEO Darryl White echoed the optimism on a separate earnings call the same day, saying he sees the possibility of stronger growth in Canada. He praised government measures, including firm deadlines for project reviews within 1 year, special economic zones, national trade corridors, and simplified regulatory reporting. The numbers behind the shift are substantial. Foreign direct investment into Canada reached 96.8 billion dollars in 2025, an 18-year high. The UAE committed approximately 50 billion.

[00:11:52]Shell committed 13.6 billion. The Canada Strong Fund was launched with 25 billion dollars.

[00:11:59]A sovereign wealth vehicle that allows ordinary Canadians to invest alongside institutional capital. And in September, Carney will host an investment summit in Toronto targeting 1 trillion Canadian dollars in new investment co-hosted by the Canada Pension Plan Investment Board and PSP Investments with BlackRock, GIC, and the world's largest sovereign wealth funds invited. The Royal Bank of Canada calculated that over the past decade, for every dollar invested in Canada from abroad, two dollars exited. Carney's explicit goal is to reverse that flow using the investment summit, the Major Projects Office, the pipeline deal, the LNG expansion, and the defense industrial strategy to create domestic investment destinations that justify keeping capital at home. And here is the contrast that connects all three stories in this video. While American alcohol producers lose 536 million dollars in Canadian trade, and Goldman Sachs warns the global boycott could cost up to 83 billion, the CEOs of Canada's largest banks say foreign money is flowing in. While Trump imposes tariffs on Canadian mushrooms using logic that could boomerang onto American agriculture, Canada's FDI hits an 18-year high. While the US Treasury saw 138 billion dollars in bonds sold by foreign governments in March alone, with Japan, China, Saudi Arabia, India, and the UAE all reducing their holdings, Canada is preparing to host a trillion-dollar investment summit. If you've stayed with us to the end, you may be looking for a voice beyond corporate and government-backed media.

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