Munk Dialogue with Andrew Coyne: the Canada-US trade deadline looms and Iran calls Trump’s bluff

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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August 19 is fast approaching, and despite efforts to reach a deal, there is a real possibility that negotiations could collapse altogether. Do Canadian concessions actually reduce threats from Trump, or simply invite more demands? And if Trump agrees to a deal, will he renege later and demand more? Andrew argues that “ragging the puck”—stretching negotiations out as long as possible—may be Canada’s best strategy. The discussion also turns to Canada’s dairy subsidy and protection system: does protecting domestic dairy producers actually serve Canadian farmers, when it leaves Canadian consumers paying up to twice as much for dairy products?

In the second half of the show, Rudyard and Andrew turn to the continuing standoff over the Strait of Hormuz. How long can the crisis last? The United States appears trapped in a conflict it cannot easily walk away from. Iran is now the side issuing demands, while making a mockery of Trump’s threats and exposing the limits of American power. The damage isn’t just military—it has undermined the credibility of U.S. threats and security guarantees to its allies, which may prove even more consequential.