The essential argument made by Prime Minister Justin Trudeau during this interview was already addressed in the preview segment prior to broadcast – SEE HERE – However, here is the full interview as broadcast on NBC Meet The Press with Chuck Todd.
The interview is a typical narrative engineering attempt by Chuck Toad; however, beyond the narrative, for those who pay close attention to the economic issues, there are some key elements which deserve attention:
- @04:05 Trudeau admits the problem with corporate transshipment of Chinese Steel into the U.S. market – through Canada via the NAFTA loophole. While Justin from Canada frames the issue from their own national efforts to stop the practice, you’ll note how he avoids taking ownership…. it’s called ‘willful blindness‘.
- More importantly at @08:17 the topic of NAFTA surfaces. Pay close attention. Not only does Trudeau speak in past tense (reinforcing the reality that all parties have accepted that NAFTA is essentially dead), but moments later @09:00 he admits the Canadian trade and manufacturing economy is set up as a brokerage (ie. multinational corporate investment) dependent, exclusively dependent, on access to the U.S. market.
Once you see the strings on the marionettes, you can never go back to a time when you didn’t notice them.
This ridiculously absurd politicization of the reasoning for U.S. steel and aluminum tariffs, and the political narrative now being pushed by Trudeau is further evidence that NAFTA is now a “dead-man-walking” trade deal. Stick a fork in it, and conduct your financial affairs accordingly, because NAFTA is dead.
If there was any possibility of a renewed deal, and/or if Justin from Canada wasn’t told of the pending doom by his advisers therein, he would never get himself so far out in direct opposition to U.S. President Donald Trump.
The only thing missing is the official U.S. announcement withdrawing from NAFTA… But don’t worry, that announcement is coming. Both Canada and Mexico are fully aware #NAFTA is dead. Their political positioning is now entirely framed around blame casting.
Unfortunately for the politically-minded Justin Trudeau and Foreign Minister Chrystia Freeland what they both don’t understand is that President Trump doesn’t care about their delicate sensibilities and blame-casting maneuvers. POTUS Trump was elected specifically because he doesn’t apply a political prism in front of economic or national security decisions.
NAFTA is dead, all three countries know it, and the aspect that both Canada and Mexico have only recently become aware of is Trump is in no rush to announce it. President Trump is in no rush to announce it because the effects of withdrawal are already well underway. Investors are not going to invest in Canada and Mexico while the looming uncertainty of a U.S. NAFTA exit looms in the air.
As previously shared, prior to joining the administration NEC Chairman Larry Kudlow knew businessman Donald Trump tangentially. However, now that Kudlow’s got a front row seat to Trump’s trade and economic policy, he too has realized President Trump means what he says.
What PM Trudeau doesn’t mention [nor FM Chrystia Freeland ] is that most exported Canadian Steel is actually supply chain U.S. steel as a result of U.S. auto-sector steel being shipped just across the border into Canada to be used in U.S. owned manufacturing plants in Canada and returned to the U.S. in finished goods (vehicles). Take that away and the entire “Canada exporting steel to the U.S.” narrative is lost.
Canada doesn’t make much steel and aluminum, because the Trudeau-minded do-gooder environmentalists in Canada have killed off their heavy manufacturing industrial base. Which is exactly what President Trump is attempting to ensure doesn’t happen in the United States.
Worlds Top Ten Steel Producers HERE
CNN analysis on Global Steel Production and Use HERE
World Steel Industry Statistics and Resources HERE
2018 pdf link on World Steel Production HERE
Do you remember the list of items the dynamic duo Justin Trudeau and Chrystia Freeland selected as targets for their counter-tariff position? Check it out here. What do: “felt pens”, “rubber boats”, “orange juice” and “tomato ketchup” have to do with the U.S. steel and aluminum tariffs?
See The Answer HERE.
….And when Justin and Chrystia from Canada get all done with their U.S. media tour, guess what?
NAFTA is still dead.