Business
From Smug to Subservient, Justin Trudeau Bows to MAGA Realities at Mar-a-Lago
After years of mocking Trump and betting on a woke Washington, Trudeau now finds himself groveling to save Canada’s economy from MAGA’s hardball tactics.
Justin Trudeau has spent years mocking and deriding the MAGA movement, banking on a continuation of woke, progressive leadership in Washington. He bet everything on a Kamala Harris presidency, believing the days of Donald Trump’s America-first agenda were a distant memory. Now, with Trump back in office, Trudeau finds himself groveling at Mar-a-Lago, trying to salvage what’s left of Canada’s crumbling economic future.
This is the same Justin Trudeau who painted MAGA as a dangerous fringe movement, aligning himself with global elites and lecturing Americans on their supposed moral failings. He openly scoffed at Trump’s tariffs, his immigration policies, and his tough-on-China stance. Trudeau’s bet? That a Democrat-controlled America would reward his sycophantic pandering with favorable trade deals and continued subsidies for his progressive fantasies.
But Trudeau’s gamble failed. Trump is back, and Trudeau’s entire house of cards is collapsing. Canada’s economy, propped up by unfair trade advantages and U.S. energy consumption, is suddenly exposed. The 25% tariff threat on Canadian imports has Trudeau scrambling, not with bold leadership, but with empty promises and nervous laughter at Mar-a-Lago.
In a moment of pure irony, Trudeau, who once lectured Trump about values, now finds himself kneeling to kiss the ring. MAGA, what? Gone is the smug defiance, replaced by desperate platitudes about border security and economic cooperation. But let’s be clear: Trudeau isn’t there to protect Canadian interests; he’s there to save face. His government is woefully unprepared for Trump’s hardball tactics, and the Prime Minister’s office knows it.
During a recent dinner at Mar-a-Lago, President-elect Donald Trump reportedly suggested that Canada could become the 51st U.S. state if it couldn’t handle the economic impact of proposed tariffs. This remark came after Prime Minister Justin Trudeau expressed concerns that a 25% tariff on Canadian imports would “kill” Canada’s economy.
Trump’s comment underscores the significant economic interdependence between the two nations. In 2022, trade between the U.S. and Canada exceeded $900 billion, with the U.S. accounting for 63.4% of Canada’s global trade. This deep economic integration means that shifts in U.S. trade policy can have profound effects on Canada’s economy.
Trump’s quip about Canada becoming the “51st state” wasn’t just a joke; it was a power move, a reminder of who holds the cards in this relationship. While Trudeau nervously laughed, the message was clear: Canada needs the U.S. far more than the U.S. needs Canada. Trudeau’s weakness has brought us here. Instead of securing energy independence, he’s strangled Alberta’s oil industry with crippling regulations. Instead of standing up to China, he’s kowtowed to Beijing while relying on U.S. trade to keep his agenda afloat.
And now, Trudeau is at the mercy of a man he spent years mocking. Trump’s tariffs are a direct consequence of Trudeau’s inability to lead. His failure to address illegal immigration and the fentanyl crisis has made Canada not just a bad neighbor, but a liability.
Trudeau’s Liberals have always been more concerned with appearances than action, more focused on virtue signaling than real governance. But now, the bill has come due. And the man holding the ledger is none other than Donald J. Trump.
So here we are: Justin Trudeau, the woke globalist, reduced to pleading for mercy at Mar-a-Lago. His smugness replaced by desperation, his rhetoric exposed as hollow. MAGA what, indeed.
From the Canadian Taxpayers Federation
By Devin Drover
The Canadian Taxpayers Federation is demanding the Canada Revenue Agency immediately halt enforcement of the proposed capital gains tax hike which is now estimated to kill over 400,000 Canadian jobs, according to the CD Howe Institute.
“Enforcing the capital gains tax hike before it’s even law is not only undemocratic overreach by the CRA, but new data reveals it could also destroy over 400,000 Canadian jobs,” said Devin Drover, CTF General Counsel and Atlantic Director. “The solution is simple: the CRA shouldn’t enforce this proposed tax hike that hasn’t been passed into law.”
A new report from the CD Howe Institute reveals that the proposed capital gains tax hike could slash 414,000 jobs and shrink Canada’s GDP by nearly $90 billion, with most of the damage occurring within five years.
This report was completed in response to the Trudeau government’s plan to raise the capital gains inclusion rate for the first time in 25 years. While a ways and means motion for the hike passed last year, the necessary legislation has yet to be introduced, debated, or passed into law.
With Parliament prorogued until March 24, 2025, and all opposition parties pledging to topple the Liberal government, there’s no reasonable probability the legislation will pass before the next federal election.
Despite this, the CRA is pushing ahead with enforcement of the tax hike.
“It’s Parliament’s job to approve tax increases before they’re implemented, not the unelected tax collectors,” said Drover. “Canadians deserve better than having their elected representatives treated like a rubberstamp by the prime minister and the CRA.
“The CRA must immediately halt its plans to enforce this unapproved tax hike, which threatens to undemocratically take billions from Canadians and cripple our economy.”
From the Daily Caller News Foundation
By David Blackmon
The chances of achieving the goal of net-zero by 2050 are basically net zero
Just a few years ago, ESG was all the rage in the banking and investing community as globalist governments in the western world focused on a failing attempt to subsidize an energy transition into reality. The strategy was to try to strangle fossil fuel industries by denying them funding for major projects, with major ESG-focused institutional investors like BlackRock and State Street, and big banks like J.P. Morgan and Goldman Sachs leveraging their control of trillions of dollars in capital to lead the cause.
But a funny thing happened on the way to a green Nirvana: It turned out that the chosen rent-seeking industries — wind, solar and electric vehicles — are not the nifty plug-and-play solutions they had been cracked up to be.
Even worse, the advancement of new technologies and increased mining of cryptocurrencies created enormous new demand for electricity, resulting in heavy new demand for finding new sources of fossil fuels to keep the grid running and people moving around in reliable cars.
In other words, reality butted into the green narrative, collapsing the foundations of the ESG movement. The laws of physics, thermodynamics and unanticipated consequences remain laws, not mere suggestions.
Making matters worse for the ESG giants, Texas and other states passed laws disallowing any of these firms who use ESG principles to discriminate against their important oil, gas and coal industries from investing in massive state-governed funds. BlackRock and others were hit with sanctions by Texas in 2023. More recently, Texas and 10 other states sued Blackrock and other big investment houses for allegedly violating anti-trust laws.
As the foundations of the ESG movement collapse, so are some of the institutions that sprang up around it. The United Nations created one such institution, the “Net Zero Asset Managers Initiative,” whose participants maintain pledges to reach net-zero emissions by 2050 and adhere to detailed plans to reach that goal.
The problem with that is there is now a growing consensus that a) the forced march to a green energy transition isn’t working and worse, that it can’t work, and b) the chances of achieving the goal of net-zero by 2050 are basically net zero. There is also a rising consensus among energy companies of a pressing need to prioritize matters of energy security over nebulous emissions reduction goals that most often constitute poor deployments of capital. Even as the Biden administration has ramped up regulations and subsidies to try to force its transition, big players like ExxonMobil, Chevron, BP, and Shell have all redirected larger percentages of their capital budgets away from investments in carbon reduction projects back into their core oil-and-gas businesses.
The result of this confluence of factors and events has been a recent rush by big U.S. banks and investment houses away from this UN-run alliance. In just the last two weeks, the parade away from net zero was led by major banks like Goldman Sachs, Morgan Stanley, Citigroup, Bank of America, Wells Fargo, and, most recently, JP Morgan. On Thursday, the New York Post reported that both BlackRock and State Street, a pair of investment firms who control trillions of investor dollars (BlackRock alone controls more than $10 trillion) are on the brink of joining the flood away from this increasingly toxic philosophy.
In June, 2023, BlackRock CEO Larry Fink made big news when told an audience at the Aspen Ideas Festival in Aspen, Colorado that he is “ashamed of being part of this [ESG] conversation.” He almost immediately backed away from that comment, restating his dedication to what he called “conscientious capitalism.” The takeaway for most observers was that Fink might stop using the term ESG in his internal and external communications but would keep right on engaging in his discriminatory practices while using a different narrative to talk about it.
But this week’s news about BlackRock and the other big firms feels different. Much has taken place in the energy space over the last 18 months, none of it positive for the energy transition or the net-zero fantasy. Perhaps all these big banks and investment funds are awakening to the reality that it will take far more than devising a new way of talking about the same old nonsense concepts to repair the damage that has already been done to the world’s energy system.
David Blackmon is an energy writer and consultant based in Texas. He spent 40 years in the oil and gas business, where he specialized in public policy and communications.
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