“Shark Tank” co-star Kevin O’Leary said Monday about the Fox business that President Donald Trump’s looming tariffs on steel and aluminum imports will have a broad impact on US-Canadian relations.
Between exterior In “The Evening Edit,” O’Leary discussed the impact of tariffs as the start of a significant negotiation. He said there is a possibility of wider economic integration between the US and Canada. Trump schedule It will impose a 25% tariff on imports from Mexico and Canada, and an additional 10% tariff on Canadian oil, natural gas and electricity. Despite these substantial numbers, Trump only imposes 10% tariffs on oil, the cheapest US import. O’Leary said this was just an opening move in what could be merely a transformative economic negotiation.
“So for me, if you separate the signal from the noise, forget about the noise. The signal, let’s put together the economic unions,” O’Leary said. O’Leary said there is a global uproar over the proposed 25% tariffs in the US and mutual tariffs from countries like India.
“These are two different baskets. Obviously, it’s India that people are talking pretty well tonight. They have up to 23% of certain product services in different sectors. Now, we’ve got to them On the other hand, we have mutual tariffs on the United States. [Indian Prime Minister Narendra] Modi flies to Washington soon. Negotiations are going to begin,” O’Leary said.
However, O’Leary said the situation in Canada is different from the rest.
“It’s the same everywhere. The situation in Canada is unique. The nearly 200 million deficit the president is talking about comes from a single source. That’s the energy coming out of the Irving refinery on the east coast to Boston. And all that oil is 4.3 million barrels a day coming west to Alberta,” Ollary said. “And that’s the cheapest oil [that] The US imports. That’s why he only puts 10% tariff on it. But that’s the beginning of a huge negotiation. Aluminum, 70% of aluminum is found in the United States, which is made in Canada for one singular reason. ”
Some skeptics doubt Canada’s willingness to fuse the economy, but as the number of Canadians grows, O’Leary is open to exploring such possibilities. He said.
“What are the tables at which 43% of Canadians want to explore more now? Forget all these tariffs. Join two economies, perhaps becoming a common currency, then challenge China. Let’s do it,” O’Leary added. “I mean, that’s really what we’re talking about here. We’re talking about North safety, not the 49th parallel.”
When asked about what the US can get from such tariffs beyond economic leverage, O’Leary said it was about the broader geopolitical interests:
“Let me guarantee that 11 of the 10 Canadians will exchange Trudeau’s pesos for US dollars. They already have an US dollar account. Trudeau has 41% of its net worth over the past nine years. They wiped out. They want an economic coalition because they are good for business. Everyone understands that. The two countries are very intertwined, both democracy and freedom of speech, freedom, And I believe in everything else,” Ollary said. (Related: “I’m confused”: Mark Halperin says Trump’s “enemy” has failed to block his agenda completely)
O’Leary was asked what Trump would benefit American consumers and American voters in exchange for these tariffs.
“Energy security,” O’Leary said.
“Alberta has five times more oil and gas across the US. All of Canada’s incredible resources, with only 41 million people there, and they have access to it in a free flow. Full security in Canada. No customs duties.”
Trump actively adopted tariffs, making concessions aimed at enforcing Canada and Mexico to resolve the crisis at the southern border. In response, Canada has pledged to strengthen security along the northern border, while Mexico has agreed to broadcast 10,000 National Guard troops to the border.
During former President Joe Biden’s tenure, around 8.5 million immigrants were encountered on the US-Mexican border, and during this period there was also an increase in fentanyl attacks, driven primarily by Chinese chemical companies. Meanwhile, although not often, illegal intersections at the northern border also surged during the Biden administration.
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