Programming Note: Friday Focus is taking a summer break. We will be back with new episodes starting September 11 (and, of course, if any significant geopolitical news breaks over the summer!). 

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Rudyard and Andrew unpack leaks from ongoing U.S.-Canada trade talks, which are focused only on the immediate threat of 50% tariffs on Canadian goods rather than negotiating a long-term deal. Even if Canada averts some of these tariffs, CUSMA negotiations lie ahead—and the leaks suggest we may not get full tariff relief on the issues that matter most, including steel, autos, software and lumber, while facing additional concessions on dairy supply management and digital policy.

How are these concessions consistent with Carney’s “elbows up” message? Andrew argues that trying to appease Trump risks feeding his appetite for further concessions. This isn’t a negotiation; it’s extortion. If the Trump administration continues to approach trade this way, Canada needs to mitigate this ongoing threat by becoming a more competitive market and diversifying trade.