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Wednesday, January 28, 2026
Trump's latest salvo against Canada 'an empty threat': Scotia economist!
A proposed 100% tariff on Canadian goods slammed as not "remotely credible"
In a note sent to clients Monday, he notes that the specifics of the tariff threat are unclear, as is what constitutes a trade deal with China that would trigger the hypothetical levy. But any such manoeuvre is “an empty threat,” Holt says, for various economic and legal reasons.
Trump issued the threat on Saturday in a social media post that referred to Prime Minister Mark Carney as “Governor Carney” — consistent with a recent, more acrimonious turn in the relationship between the two leaders. Carney’s January 20 speech at the World Economic Forum in Davos was widely praised as a call to action against a changing global order under Trump. A day later, in his own speech, Trump singled out Carney, calling him “ungrateful.”
In a speech at the World Economic Forum in Davos, Switzerland, U.S. President Donald Trump singled out Canadian Prime Minister Mark Carney's speech from the day before.
U.S. President Donald Trump’s weekend threat to impose a 100 per cent tariff on Canadian exports if Canada signs a trade deal with China “would never see the light of day,” Scotiabank economist Derek Holt argues.
In a note sent to clients Monday, he notes that the specifics of the tariff threat are unclear, as is what constitutes a trade deal with China that would trigger the hypothetical levy. But any such manoeuvre is “an empty threat,” Holt says, for various economic and legal reasons.
Trump issued the threat on Saturday in a social media post that referred to Prime Minister Mark Carney as “Governor Carney” — consistent with a recent, more acrimonious turn in the relationship between the two leaders. Carney’s January 20 speech at the World Economic Forum in Davos was widely praised as a call to action against a changing global order under Trump. A day later, in his own speech, Trump singled out Carney, calling him “ungrateful.”
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