BREAKING: Carney Humiliated As “MAGA” Speech Backfires And Canada Enters Recession

Added: 2026-06-04

[00:00:00]Our old relationship with the United States is over. Should include a new partnership with Canada, a true partnership.

[00:00:08]>> We can't rely on our most important trading relationship as we once did.

[00:00:14]>> Canada and the United States have had our differences over the centuries. We have always worked and eventually work through them. Canada is projected to have the second fastest growth in the G7 this year and next. The Canadian economy has slipped into a technical recession according to new data from Statistics Canada. Oops.

[00:00:38]>> Mark Carney probably wishes he slept in this morning after just yesterday declaring he wanted to help make America great again and bragged about how strong Canada's economy was and how great he was as a leader. Canadians are confused, concerned, and wondering which corner they are actually in if they voted Liberal in the last election. If that contradiction wasn't enough, Carney's own agency declared that Canada has now entered a technical recession after Canada's economy shrunk over the last two quarters. Something that hasn't happened since 2020. And before we get to his speech yesterday that everybody's talking about, we just wanted to remind you of a few things that he said a little over a year ago.

[00:01:26]Let's take a look. As I've been warning for months, America wants our land, our resources, our water, our country. President Trump is trying to break us so that America can own us.

[00:01:44]And while that will never happen, our world has fundamentally changed.

[00:01:50]Our old relationship with the United States is over. The system of global trade anchored on the United States that Canada has relied on since the end of the Second World War. A system, while not perfect, but one that has helped deliver prosperity for our country for decades, is over.

[00:02:11]Based on Donald Trump's performance so far and based on your limited conversation with him, what makes you think you can influence how he interacts with Canada? And at the risk of taking you back to a dark place, what lessons of Brexit will you apply?

[00:02:30]>> Well, I think the uh the lessons of Brexit are beginning to be applied to the United States. um you know when you break off or substantially rupture trade relationships uh with your major trading partners, Canada including most important trading partner, the United States, you end up with slower growth, higher inflation, higher interest rates, volatility, um lower weaker currency, a weaker economy.

[00:02:56]Mr. Carney, this might be one of the few times that I actually agree with you.

[00:03:02]Now, the United States hasn't behaved well, let's just say they haven't behaved as if they're the best behaved child in the class. Um, we disagree with the tariffs that have been put on Canada. We think it's hurting Canada.

[00:03:18]There's a lot of decisions that Donald Trump has made that I think are not in the best interest of Canada, but his job isn't to be prime minister of Canada.

[00:03:27]So, that's where we stand on that. But Canada also hasn't really been behaving too well ourselves. We've been violating KUSMA. That has been called out and we've been forced to withdraw the digital services tax because we violated KUSA.

[00:03:43]We're in danger of doing that again with the new triple increase in the streaming tax. Well, CRTC doesn't want to call it a tax. They want to call it, you know, fees to subsidize the Canadian media landscape.

[00:03:58]>> But it's a tax. Tax is a tax.

[00:04:00]>> I mean, Canadians are the ones who are going to end up paying it, >> right?

[00:04:04]And we also violated KUSA almost immediately after Koozma began around the whole entering of dairy products from the United States, which we've covered in a previous video. So, we are not the innocent player here. And we were we were actually the first to violate the agreement.

[00:04:26]Anyhow, um you know, if we're going to talk about things, we have to talk about them honestly and we have to talk about them objectively.

[00:04:33]So, it's interesting that while Mark Carney campaigned on I'm going to get the best deal for Canada. I know how to handle Donald Trump. I know how to influence Donald Trump. I know I know I know me me.

[00:04:45]What has he done?

[00:04:47]>> He's been ignoring the United States since what, like July of last year.

[00:04:51]>> Well, yeah. Ar and arguably even even before. and he has turned away from the our largest training partner pump. Some people will say, "Well, they turned away from us." Well, the United States, from what we heard, and the mainstream media will even report uh on this, they've been looking to engage with Canada ever since, and they've been saying, "We're not hearing anything from them." Mark Carney on record while he was traveling all over the world was asked, "When's the last time you talked to Donald Trump?" and he's on record as saying, "Who cares?"

[00:05:25]So, this isn't some sort of conspiracy theory speculation that's going on. This is this is documented.

[00:05:30]>> Yeah. Rooted in documented fact. So Mark Carney, this is way back way back during the uh um the early days of 2025. He is saying that if you look at Brexit and if you take the lessons from that and if you turn your back on your trading partners, it will lead to a slower economy, a weaker dollar.

[00:05:58]Well, that's interesting because we have a slower economy, a weaker dollar, and a more volatile landscape when it comes to Canadians doing business.

[00:06:06]>> Well, and the ironic part is he was speaking about the United States in that clip that we just saw, saying that, oh, well, the United States is turning its back on Canada and they're going to face all these repercussions.

[00:06:17]But that's not the reality, is it? It was more like Canada just gave up on trying to fix things with the United States. And now we as Canadians are facing all these repercussions, >> right? And Carney turned his rhetoric to, well, we have the best deal. We have the best deal in the world with the United States based on Koozma, something he didn't even negotiate. And you know, he would have Canadians think that, well, you've never had it better.

[00:06:44]Well, that's interesting. Why do we keep losing hundreds of thousands of jobs under this prime minister? Then that's the question.

[00:06:51]And we know that ship building isn't just central to our history and our character. It's essential to our future.

[00:07:00]But that future, that economic future for our country is caught up in a storm.

[00:07:06]Caught up in a storm as the United States fundamentally reshapes all of its trading relationships.

[00:07:13]And to be clear, Canada currently has the best deal of any of the United States trading partners in the world.

[00:07:22]85% of our trade with the United States has no tariffs. It's tariff-free. And we have the lowest average tariff rate of any country. But we've learned a lesson over the course of the last several months is that our relationship with the US is changing and we can't rely on our most important trading relationship as we once did.

[00:07:45]>> Okay. So, we have the best deal. Well, the best deal is one that you didn't even negotiate, Mr. Carney. Well, and I find it interesting that he makes reference to the fact that 85% of goods are tariff-free. And well, that's because of KUSA.

[00:08:03]>> And the KUSMA renewal is right now. This video, as you saw, was only from uh well, I guess it's more than a couple months ago now. This is late last year.

[00:08:13]But it's just interesting that he tries to pass off. Well, I couldn't get a a deal with Donald Trump, so I'm just going to say that we have the best deal right now, and Canadians should just stop worrying about tariffs.

[00:08:26]Meanwhile, everything is getting worse, and people are losing their jobs, and businesses are leaving this country.

[00:08:31]He's trying to say that, oh, well, you know, we're catalyzing a trillion dollars worth of investment coming into Canada. Meanwhile, as we've seen, the venture capital investment in Canada when it comes to the growth stage of of businesses in the first quarter was zero.

[00:08:51]>> That's bad.

[00:08:53]>> Where is this investment coming from, Mr. Carney? You're trying to say, "Oh, well, you know, Canada's the most attractive for for infra infrastructure investment." Really? Then why is Embridge and everybody else saying, "I'm not touching Canada." Sorry, not with your regulations the way they are. Not with the volatility in your political environment the way they are.

[00:09:13]Why would you? You can't take that risk.

[00:09:17]And then he tries to offset that by starting the Canadian sovereign wealth fund by taking our money and using it to backs stop any investment, trying to get any, and I mean any company to come into Canada and invest in infrastructure projects to say, "Well, if you lose your money, we'll give it back to you."

[00:09:35]That's what the sovereign wealth fund really is for based on all the analysis out there.

[00:09:39]>> And we did an entire video about that.

[00:09:41]>> Right now, let's go to what Mr. Carney said yesterday. And we're going to let it play for a little bit because, well, it is important to hear and it's important because we're going to talk about it.

[00:09:58]>> We're just getting started, but the early results are encouraging. Canada is projected to have the second fastest growth in the G7 this year and next. We already have the strongest fiscal position in the G7. And we're reinforcing that advantage by cutting 10% of the federal civil service, 20% of our spending on consultants, and reducing the annual growth of operational spending from over 8% per year, which is where it's been for the past 10 years, to less than 2%, which is where it's been since I came into government and where it will stay.

[00:10:31]Just kidding. He was pretty quick with that. Okay, everybody.

[00:10:37]We have We're going to have the fastest growing economy in the G7. We have the strongest fiscal position.

[00:10:44]Well, let's just deal with that one first. We have to talk about this seemingly every single time Mark Carney opens his mouth. But when he says we have the strongest fiscal position in the G7, that's because they're including the Canada Pension Plan assets along with and they saddle that right up against our federal national debt. And you can't do that, >> right? Because the government is not permitted to touch that money. We've we've been over that a few times as well in several videos. And even though they're not allowed to touch that money, they include it as part of this calculation and it makes us look like we have the best the best fiscal position in the G7. But because they can't use that money, we really don't. That's like saying, you know, you have a million dollars of debt on your mortgage of your house and your neighbor who has a $2 million h house has their mortgage paid off and you're saying, "I have one of the strongest fiscal positions on my block because you're including the fact that your neighbor has paid off their $2 million house." So, you're trying to say that your net asset on your property is plus $1 million.

[00:11:56]You can't do that because you can't touch your neighbor's money just like Mark Carney and the federal government can't touch the CPP. It's in law. You can't do it.

[00:12:04]>> But on paper, they try to make it look good.

[00:12:07]>> Now, let's address this whole thing about we have the fastest growing economy in the G7.

[00:12:14]Well, look what Statistics Canada dropped this morning. Oops.

[00:12:19]>> We make a start with some breaking news.

[00:12:22]The Canadian economy has slipped into a technical recession according to new data from Statistics Canada. Economic growth stalled in the first quarter and real cross domestic product was slightly negative on an annualized basis according to the new numbers released within the last hour. The agency mainly blames higher imports of gold and a weak month for Canada's resource extraction industries in March for dragging down recent economic activity. Real GDP has now declined for two consecutive quarters which meets the definition of a technical recession.

[00:12:58]>> So not the best news that Mr. Economist, Mr. Banker, Mr. Mr. Financial Genius who was elected on that platform probably wanted to hear this morning. Now the interesting thing is is economists were pro were forecasting a 1.5% growth of the economy in the last quarter. that didn't happen and they uh it it actually contracted by 0.1% in the first quarter of 202 uh6. So the economy is not going where all of the liberals and Mark Carney wants it to go.

[00:13:36]>> Well, and he's telling us that affordability has never been better in the last 10 years.

[00:13:41]>> Right? When like think about this. This is a prime minister who came in with all of this song and dance about how great he was and how he was going to fix the economy. Well, under his watch, the economy has now slipped into a technical recession for the first time since Oh, yeah. What was that? What was that event that hit the world? Oh, yeah. COVID.

[00:14:03]Right. Right. So, this is what you've done.

[00:14:10]Wow. Congratulations, Mark Carney, because this is not accomplishing what you promised everybody it was going to.

[00:14:18]>> Well, and I think the reality is that if you talk to different Canadians in different socioeconomic classes, they'll tell you different things, right? So, people who are well off are really not feeling the pinch as much. The middle class and those under the poverty line are absolutely feeling the pinch. And our middle class is disappearing.

[00:14:39]And the thing is is why why is this happening? Well, a lot of us know why. A lot of people watching this know why. But just in case you don't, it's kind of hard to see how it wouldn't happen because what really has Mark Carney done? Has he green lit all kinds of brand new resource extraction projects? Nope. Um, has he repealed regulation that allows investment into resource and infrastructure? Nope. What has he done?

[00:15:09]He's flown all over the world, spending millions of dollars of taxpayer money, signing quote unquote trade agreements that actually don't really mean anything.

[00:15:17]>> Well, and our deficit is probably the biggest I've ever seen it.

[00:15:23]>> Well, it's the biggest deficit spend on a federal budget outside of COVID. Like, it's it's it's insanity. And even when they had more tax dollars coming in to help offset that deficit, they spent them, >> right? They said, "Oh, well, you know, we got more and that's because of, you know, the the gas taxes and all the oil prices." So, they didn't say, "Well, you know what? We're going to be fiscal stewards and uh and keep that." No, no, we're going to spend it because we're liberals and we don't know how to save money at all.

[00:15:54]>> Non- US exports are up sharply and we're on track to double them, which is our target over the next decade. and foreign investment is now running at twice the rate of our nearest G7 peer.

[00:16:06]On some measures, we we are ranked as the most attractive country in the world for infrastructure investment.

[00:16:14]>> Are we really though?

[00:16:15]>> No, because you just have to look at the press release that was just dropped today. So what remember what he said?

[00:16:22]Non US exports are up sharply.

[00:16:26]But what real GDP means is that we're actually making less and less and less.

[00:16:32]So how does that make sense? How can you say they're up sharply when our real GDP is going down?

[00:16:39]>> Well, that's because our exports to the United States are something like 75%.

[00:16:44]So with that other 25% if you've got it up to I don't know 28% maybe then yeah that's up but it's going to be down significantly to the states that's the math doesn't add up >> above all as you would expect we're focused on things that are good for Canada. This is good for all Canadians, but it's also good for the United States because a stronger Canada is a better ally. And we know we know that while Canada and the United States have had our differences over the centuries, we have always worked and eventually work through them because we share values and our common interests run deep.

[00:17:34]You know, I will say that I am pleased that the Liberal government and Mark Carney are finally trying to work with the United States instead of against them, but I am very disappointed the way he's trying to make himself out to be the hero.

[00:17:49]>> Well, and this is why we showed those first couple of clips because in those first couple clips, he's saying our relationship with the United States is over.

[00:18:02]And now he's saying, "Well, we've had our differences, but we've always worked our way through them."

[00:18:09]Okay. So, before you were saying, "We're breaking up with the United States." And now you're saying, "Well, we've always had fights in the past, but we've always gotten back together, so let's do that."

[00:18:23]>> Yeah. Um, I'm pretty sure that the last fight that we had was in 1812, >> right?

[00:18:30]And uh it's hard to actually work on a relationship, Mr. Carney, when you actually don't pick up the phone, when all you do is you insult the United States and our trading partner, when you actively encourage all of the media and Canadians to demonize all Americans.

[00:18:52]Um that's not how a a good partner acts.

[00:18:57]Now, people will say, well, you know, Trump is saying this. I'm not talking about Donald Trump, >> right?

[00:19:02]>> I'm talking about Mark Carney, >> right? We're focusing on Carney right now. And again, it seems like he's been flying all over the world trying to find a different partner, right? and found out that what's out there isn't isn't as good as the relationship that we had with the United States. Because geographically, we are in a perfect position to send huge amounts of goods down to the United States, not on containers, but just by transport truck.

[00:19:33]>> Well, in all these countries out there, I imagine they're saying, "Yeah, Mark Carney, pull away from the United States. Pull away from the United States." Do you know why? because those leaders are going back to their economic adviserss and saying, "Okay, there's going to be a gap that's opening up for the United States and we're going to shoot into that and we're going to pick up the slack where Canada is leaving and Canada will never get it back." That's what's going on here. And I don't remember Donald Trump telling Americans, don't go to Canada. I don't remember Donald Trump pulling all the Canadian booze off of the uh off the shelves.

[00:20:04]>> Well, and that may have even been a uh KSMA violation. We're not 100% sure.

[00:20:10]Canada is America's largest customer. We buy more goods from America than China, Japan, and Germany combined.

[00:20:17]Those common interests run through our supply chains where 70% of Canadian exports are inputs to American cars, homes, aircraft, machinery, finished goods, creating hundreds and hundreds of billions of dollars of US value ad. They run through our energy partnership where at a time of a global energy crisis, Canada provides the United States with reliable power with critical minerals that help fuel American growth, 99% of US natural gas imports, 85% of electricity imports, 60% 60% of crude oil imports. That is mutual strength.

[00:20:58]Let's be absolutely clear. Canada strong will help make America great again.

[00:21:05]>> Well, now >> wait a minute.

[00:21:10]So, for the last eight years, every liberal that can get in front of a microphone has been demonizing the Make America Great Again crowd. And then Christopher Freeland came up with this cringy, ridiculous term to call conservatives, which is maple magga, which doesn't even make sense. Maple make America great again. It doesn't it it makes no sense whatsoever.

[00:21:41]So now you have Mr. Carney, who is anti-Donald Trump, anti-MAGA, now saying, "We want to help make America great again.

[00:21:58]Who did you vote for liberals?

[00:22:02]And the problem is is the answer after this is I don't think you know. I really don't think you know because who is Mark Carney?

[00:22:12]I was watching some of the political pundits talk about this and holy moly the spin that was going on there you would get whiplash.

[00:22:21]So Marco Menduchccino and uh um and and some of the other folks that were pro liberal, they're trying to say, "Oh, well, you know, he has this elasticity in his uh in his messaging, so he can be whatever he needs to be for the audience that he's in front of." Well, ladies and gentlemen, that's what Justin Trudeau was.

[00:22:40]>> And that's what I would call a liar, >> right?

[00:22:45]Saying he has elasticity means you're inconsistent.

[00:22:50]And when you're inconsistent in the way you're talking, that means you're lying to somebody. Who is it?

[00:22:58]He's lying to these business people right then. And most of them are probably looking at him smirking because they know they knew the report that was coming because they're plugged into this stuff. This is their business every single day. They knew that Canada was about to be announced as going into a technical recession. You know who isn't going into a technical recession?

[00:23:18]>> The States. the United States of America.

[00:23:21]That future should include a new partnership with Canada, a true partnership that reimagines cooperation in specific sectors that are deeply challenged by global competition. a partnership with a different Canada, a stronger Canada, a more confident Canada, a country that is applying the lessons from past crisis, a country unleashing its enormous potential. A country aggressively translating our belief in openness into dozens of new partnerships. A country that's predictable, reliable, and principled in a world that's anything but.

[00:24:00]Okay, Mark Carney was basically just saying, "We need a new partnership, and here's all the great reasons that you should pick me. Pick me. Pick me. We're reliable. We're predictable." Okay, so what he's trying to imply there is the United States is reliable and predictable. Why else would he be saying these things?

[00:24:23]Well, he said this back in January.

[00:24:26]>> Prime Minister Martinez Davis, New York Times. Um, after your visit, is it fair to say that you're concluding that China is a more predictable and maybe reliable partner to Canada than the United States is today?

[00:24:44]>> Well, um, let me answer it. I'm I'm I'm going to answer it directly with respect to the relations with China, uh, and our engagement with China. And I will say that um from the first conversation I had with Premier Lee, telephone conversation, then the meeting in New York, uh the long meeting with President Xi uh in Korea and then the meetings over the course of the last few days.

[00:25:09]There are a number of specific issues and I've outlined them that and and uh that where we've made progress in our strategic partnership. But we spent a fair bit of time in all of those meetings about uh the guard rails, if you will, of the relationship where we felt we could cooperate, where we had differences of opinion, uh where we had differences of view in the uh in the system, uh respecting each other's differences in the system. And that sort of candid and consistent dialogue, frank dialogue, that leads to a more predictable and effective relationship.

[00:25:47]>> But have we not heard in the American I don't know the equivalent the the Senate, the legislature, the House that it's Canada not communicating with their American counterparts?

[00:26:00]>> Yes. And look at what Mark Carney stances have been over the last year.

[00:26:06]They have been anything but consistent.

[00:26:09]You have liberal pundits today saying that Mark Cardi has an elasticity to his messaging.

[00:26:16]>> Meaning, I'll tell you one thing one day and tell somebody else something completely opposite the next day.

[00:26:22]>> Right? So just objectively, folks, whether you like Donald Trump or hate Donald Trump, like Mark Carney or hate Mark Carney, just look at this objectively.

[00:26:30]Mark Carney has been denigrating the United States.

[00:26:34]He comes to the United States and he says, "Oh, you guys are great." And then he goes to China and then he goes to Davos and says, "You know, guess what?

[00:26:42]>> We're not going to be bullied.

[00:26:43]>> We're not going to be bullied." And you know, uh, don't you know who you're messing with? And all but says that the United States is is an evil hedgeimon.

[00:26:53]Um, and then he goes back like it how how is anybody supposed to understand the position of Canada when the leader of the country keeps changing his position more often than people change underwear?

[00:27:05]>> Well, and how is anybody supposed to understand the position of the governing party when they do things like take in conservative MPs that have very right-leaning views that do not match what the Liberal Party says.

[00:27:19]>> Right? And this comes back to Mark Carney talking about values. When your values are malleable based on whomever you're talking to, then what that means is you have no real values at all because having values means you have principles. And principles are principles that you stand by and you will be willing to fight for. So when Mark Carney is willing to sacrifice the values that Canada traditionally has on forced labor or slave labor and not denigrate them, when you are changing your values based on Israel, when when you're changing your values based on Palestine, when you're changing your values based on our most longest secure and stable trading partner and military ally in the history of the modern world, when you keep changing your values on this, you're demonstrating and signaling to every world leader out there that my values don't matter at all and I have none and I will become a chameleon and change my skin based on whomever I'm around and that singles I think the most important aspect to all this is you cannot trust Mark Carney for his word on anything people point to Donald Trump on this and they may have a case they may not but we're not talking about Donald Trump we're talking about Mr. Carney, are you a conservative? Are you a liberal? Are you a far-left NDP? And the answer that Mark Carney would tell you is yes. I am all of those things. And I will be any of those things that I need to be in order to secure power.