Business
Trudeau BLOWS through his deficit guardrail

From the Canadian Taxpayers Federation
The Canadian Taxpayers Federation is demanding spending cuts after the federal government broke through its own budget guardrail by running massive deficits and wasting $1 billion every week on debt interest charges as outlined in todayāsĀ Fall Economic Statement.
āPrime Minister Justin Trudeau went $20 billion over budget with his deficit,ā said Franco Terrazzano, CTF Federal Director. āTrudeau said he had a guardrail in place to keep Canadaās finances safe and he just drove the deficit right through it.
āItās dangerously irresponsible to blow through fiscal guardrails and the federal government needs to hit the brakes on spending immediately.ā
The federal government repeatedlyĀ promisedĀ to keep the 2023-24 deficit within its own fiscal guardrail āat or below $40.1 billion.ā However, todayāsĀ Fall Economic StatementĀ shows the 2023-24 deficit was $61.9 billion. This yearās deficit is projected to be $48.3 billion.
The debt will total almost $1.3 trillion this year. When Trudeau first became prime minister, the debt wasĀ $616 billion. That means the Trudeau government is responsible for doubling the national debt.
Interest charges on the debt will cost taxpayers $53.7 billion this year. For context, the government will spend $52.1 billion through the Canada Health Transfer this year.
āInterest charges on the government credit card are costing taxpayers more than $1 billion every week,ā Terrazzano said. āYears of massive deficits mean the government is wasting more money on debt interest charges than itās sending to the provinces in health transfers.ā
Budget 2024Ā forecasted spending this year to be $534.6 billion, but the Fall Economic Statement now forecasts spending to increase to $539.5 billion.
āTrudeau has lost control of the finances and our kids and grandkids will be paying the price for years to come,ā Terrazzano said. āCanadians canāt afford to keep paying for a reckless government in Ottawa. Canadians need our federal government to cut spending and balance the budget.ā
Agriculture
Liberal win puts Canadaās farmers and food supply at risk

This article supplied by Troy Media.
A fourth Liberal term means higher carbon taxes and trade risks. Could Canadaās farmers and food security be on the line?
The Liberal Party, now led by Mark Carney, has secured a fourth consecutive term, albeit once again with a minority mandate. This time, however, the Liberals have a stronger hand, as they can rely not only on the NDP but also the Bloc QuƩbƩcois to maintain power.
This broader base of parliamentary support could provide much-needed political stability at a crucial time, particularly as Canada prepares for a new round of trade negotiations with the United States and Mexico.
For the agri-food sector, the implications are significant. From carbon taxes to trade rules, federal decisions play a decisive role in shaping the costs and risks Canadian farmers face.
First and foremost, carbon pricing will remain a central issue. Carney has made it clear that the industrial carbon tax will stayāa policy that continues to erode the competitiveness of Canadaās agri-food sector, where fuel, fertilizer and transportation costs are especially sensitive to carbon pricing. The tax, currently set at $95 per metric tonne, is scheduled to climb to $170 by 2030.
While consumers may not see this tax directly, businesses certainly do. More concerning is the Liberalsā intention to introduce a border carbon adjustment for imports from countries without equivalent carbon pricing regimes. While this could theoretically protect Canadian industry, it also risks making food even more expensive for Canadian consumers, particularly if the U.S., our largest trading partner, remains uninterested in adopting similar carbon measures. Acting alone risks undermining both our food security and our global competitiveness.
Another looming issue is supply management. Although all parties pledged during the campaign not to alter Canadaās system for dairy, poultry and eggs, this frameworkābuilt on quotas and high import tariffsāis increasingly outdated. It is almost certain to come under pressure during trade negotiations. The American dairy lobby, in particular, will continue to demand greater access to Canadian markets. The Liberals have a chance to chart a more forward-looking path. Modernizing supply management could lead to a more competitive, resilient industry while providing consumers with greater choice and better prices.
The previous Parliamentās passage of Bill C-282, which sought to shield supply managed sectors from all future trade negotiations, was a deeply flawed move.
Fortunately, the new parliamentary makeup should make it far less likely that such protectionist legislation will survive. A more pragmatic approach to trade policy appears possible.
On the domestic front, there are reasons for cautious optimism. The Liberals have promised to eliminate remaining federal barriers to interprovincial trade and to improve labour mobility, longstanding obstacles to the efficient movement of agri-food products across Canada. For example, differing provincial rules often prevent products like cheese, meat or wine from being sold freely across provinces, frustrating farmers and limiting consumer choice. Momentum was building before the election, and it must continue if we are serious about building a stronger domestic food economy.
Infrastructure investment is another bright spot. The Liberals pledged more than $5 billion through a Trade Diversification Corridor Fund to upgrade Canadaās severely undercapitalized export infrastructure. Strategic investment in trade gateways is overdue and critical for agri-food exporters looking to reduce reliance on the United States and expand into global markets.
Finally, the Liberal platform was alone in explicitly committing to support food processing in Canada, a crucial pillar of domestic food security. An increased focus on manufacturing will not only create jobs but also reduce reliance on imported food products, making Canada more resilient in the face of global disruptions.
Farmers have long felt sidelined by urban-centric Liberal governments. The past four years were marked by regulatory and trade clashes that deepened that divide. The hope now is that with greater political stability and a clearer focus onĀ competitiveness, the next four years will bring a more constructive relationship between Ottawa and Canadaās agri-food sector.
If the Liberals are serious about food security and economic growth, now is the time to reset the relationship with Canadaās farmers, not ignore them yet again.
Dr. Sylvain Charlebois is a Canadian professor and researcher in food distribution and policy. He is senior director of the Agri-Food Analytics Lab at Dalhousie University and co-host of The Food Professor Podcast. He is frequently cited in the media for his insights on food prices, agricultural trends, and the global food supply chain.
Troy Media empowers Canadian community news outlets by providing independent, insightful analysis and commentary. Our mission is to support local media in helping Canadians stay informed and engaged by delivering reliable content that strengthens community connections and deepens understanding across the country.
Business
Trumpās bizarre 51st state comments and implied support for Carney were simply a ploy to blow up trilateral trade pact

From LifeSiteNews
Trumpās position on the Canadian election outcome had nothing to do with geopolitical friendships and everything to do with America First economics.
Note from LifeSiteNews co-founder Steve Jalsevac: This article, disturbing as it is, appears to explain Trumpās bizarre threats to Canada and irrational support for Carney. We present it as a possible explanation for why Trumpās interference in the Canadian election seems to have played a large role in the Liberalsā exploitation of the Trump threat and their ultimate, unexpected success.
To understand President Trumpās position on Canada, you have to go back to the 2016 election and President Trumpās position on the North American Free Trade Agreement (NAFTA) renegotiation. If you did not follow the subsequent USMCA process, this might be the ah-ha moment you need to understand Trumpās strategy.
During the 2016 election President Trump repeatedly said he wanted to renegotiate NAFTA. Both Canada and Mexico were reluctant to open the trade agreement to revision, but ultimately President Trump had the authority and support from an election victory to do exactly that.
In order to understand the issue, you must remember President Trump, Commerce Secretary Wilbur Ross, and U.S. Trade Representative Robert Lighthizer each agreed that NAFTA was fraught with problems and was best addressed by scrapping it and creating two separate bilateral trade agreements. One between the U.S. and Mexico, and one between the U.S. and Canada.
In the decades that preceded the 2017 push to redo the trade pact, Canada had restructured their economy to: (1) align with progressive climate change; and (2) take advantage of the NAFTA loophole. The Canadian government did not want to reengage in a new trade agreement.
Canada has deindustrialized much of their manufacturing base to support the āenvironmentalā aspirations of their progressive politicians. Instead, Canada became an importer of component goods where companies then assembled those imports into finished products to enter the U.S. market without tariffs. Working with Chinese manufacturing companies, Canada exploited the NAFTA loophole.
Justin Trudeau was strongly against renegotiating NAFTA, and stated he and Chrystia Freeland would not support reopening the trade agreement. President Trump didnāt care about the position of Canada and was going forward. Trudeau said he would not support it. Trump focused on the first bilateral trade agreement with Mexico.
When the U.S. and Mexico had agreed to terms of the new trade deal and 80 percent of the agreement was finished, representatives from the U.S. Chamber of Commerce informed Trudeau that his position was weak and if the U.S. and Mexico inked their deal, Canada would be shut out.
The U.S. Chamber of Commerce was upset because they were kept out of all the details of the agreement between the U.S. and Mexico. In actuality, the U.S. CoC was effectively blocked from any participation.
When they went to talk to the Canadians the CoC was warning them about what was likely to happen. NAFTA would end, the U.S. and Mexico would have a bilateral free trade agreement (FTA), and then Trump was likely to turn to Trudeau and say NAFTA is dead, now we need to negotiate a separate deal for U.S.-Canada.
Trudeau was told a direct bilateral trade agreement between the U.S. and Canada was the worst possible scenario for the Canadian government. Canada would lose access to the NAFTA loophole and Canadaās entire economy was no longer in a position to negotiate against the size of the U.S. Trump would win every demand.
Following the warning, Trudeau went to visit Nancy Pelosi to find out if Congress was likely to ratify a new bilateral trade agreement between the U.S. and Mexico. Pelosi warned Trudeau there was enough political support for the NAFTA elimination from both parties. Yes, the bilateral trade agreement was likely to find support.
Realizing what was about to happen, Prime Minister Trudeau and Chrystia Freeland quickly changed approach and began to request discussions and meetings with USTR Robert Lighthizer. Keep in mind more than 80 to 90 percent of the agreement was already done by the U.S. and Mexico teams. Both President Andres Manuel Lopez Obrador and President Trump were now openly talking about when it would be finalized and signed.
Nancy Pelosi stepped in to help Canada get back into the agreement by leveraging her Democrats. Trump agreed to let Canada engage, and Lighthizer agreed to hold discussions with Chrystia Freeland on a tri-lateral trade agreement that ultimately became the USMCA.
The key points to remember are: (1) Trump, Ross, and Lighthizer would prefer two separate bilateral trade agreements because the U.S. import/export dynamic was entirely different between Mexico and Canada. And because of the loophole issue, (2)Ā a five-year reviewĀ was put into the finished USMCA trade agreement. The USMCA was signed on November 30, 2018, and came into effect onĀ July 1, 2020.
TIMELINE:Ā The USMCA is now up for review (2025) and renegotiation in 2026!
This timeline is the key to understanding where President Donald Trump stands today. The review and renegotiation is his goal.
President Trump said openly he was going to renegotiate the USMCA, leveraging border security (Mexico) and reciprocity (Canada) within it.
Following the 2024 presidential election, Prime Minister Justin Trudeau traveled to Mar-a-Lago and said if President Trump was to make the Canadian government face reciprocal tariffs, open the USMCA trade agreements to force reciprocity, and/or balance economic relations on non-tariff issues, then Canada would collapse upon itself economically and cease to exist.
In essence, Canada cannot survive as a free and independent north American nation, without receiving all the one-way benefits from the U.S. economy.
To wit, President Trump then said that if Canada cannot survive in a balanced rules environment, including putting together their own military and defenses (which it cannot), then Canada should become the 51st U.S. state. It was following this meeting that President Trump started emphasizing this point and shocking everyone in the process.
However, what everyone missed was the strategy Trump began outlining when contrast against the USMCA review and renegotiation window.
Again, Trump doesnāt like the tri-lateral trade agreement. President Trump would rather have two separate bilateral agreements; one for Mexico and one for Canada. Multilateral trade agreements are difficult to manage and police.
How was President Trump going to get Canada to (a) willingly exit the USMCA; and (b) enter a bilateral trade agreement?
The answer was through trade and tariff provocations, while simultaneously hitting Canada with the shock and awe aspect of the 51st state.
The Canadian government and the Canadian people fell for it hook, line, and sinker.
Trumpās position on the Canadian election outcome had nothing to do with geopolitical friendships and everything to do with America First economics. When asked about the election in Canada, President TrumpĀ said,Ā āI donāt care.Ā I think itās easier to deal, actually, with a liberal and maybe theyāre going to win,Ā but I donāt really care.ā
By voting emotionally, the Canadian electorate have fallen into President Trumpās USMCA exit trap. Prime Minister Mark Carney will make the exit much easier. Carney now becomes the target of increased punitive coercion until such a time as the USMCA review is begun, and Canada is forced to a position of renegotiation.
Trump never wanted Canada as a 51st state.
Trump always wanted a U.S.-Canada bilateral trade agreement.
Mark Carney said the era of U.S.-Canadian economic ties āare officially declared severed.ā
Canada has willingly exited the USMCA trade agreement at the perfect time for President Trump.
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