Mike Moffatt
Appearances
Prof G Markets
Why Tariffs Could Crush Canada’s Economy — ft. Mike Moffatt
So we're about a $2 trillion economy and a population of about 40 million. We're a little bit more heavily reliant on manufacturing than the United States. As far as energy goes. I think we produce more oil per capita than most places outside of Norway and the Middle East. So, you know, like the United States, it's a pretty diverse economy. It's a very kind of regional economy.
Prof G Markets
Why Tariffs Could Crush Canada’s Economy — ft. Mike Moffatt
One of the big differences is we're far more reliant on trade. That trade is about 40 percent of our GDP relative to about 15 to the United States. And because of accidents of geography and history, needless to say that most of our trade is with the United States. We are very reliant on a single customer.
Prof G Markets
Why Tariffs Could Crush Canada’s Economy — ft. Mike Moffatt
Right now, the Liberals are having a leadership campaign. The new leader will be selected March the 9th. It will almost certainly be Mark Carney, who will kind of instantly become prime minister at that point. Two or three months ago, the Liberals were dead. It was, you know, they were going to be all but wiped out in the next election.
Prof G Markets
Why Tariffs Could Crush Canada’s Economy — ft. Mike Moffatt
But with Trudeau resigning, they got a little bit of a bounce back in the polls. But after all of this kind of Trump tariff Canada, the United States, we're starting to see a resurgence of the federal liberal party that Mark Carney is about even in the polls with the conservative leader, Polyev.
Prof G Markets
Why Tariffs Could Crush Canada’s Economy — ft. Mike Moffatt
And it feels like the next election is basically going to be a referendum on who is better positioned to deal with Trump. On the one hand, you have Polyev, who is a career politician, versus Mark Carney, who is a central banker in two G7 countries. Bank of England, right?
Prof G Markets
Why Tariffs Could Crush Canada’s Economy — ft. Mike Moffatt
Yeah, he absolutely is. But I think the big question up here is how much does monetary policy history affect your ability to do these things? But I think one of the things that Carney has in his favor is he was over at the Bank of England during the whole Brexit period.
Prof G Markets
Why Tariffs Could Crush Canada’s Economy — ft. Mike Moffatt
So he has some kind of experience dealing with these issues where you've got political unrest, you have these kind of geopolitical factors. So we're actually going to have a race up here. And it didn't look like we were going to have one even three months ago.
Prof G Markets
Why Tariffs Could Crush Canada’s Economy — ft. Mike Moffatt
Well, we can think of it essentially on the American side is it's the people who stayed loyal to the crown. It was a lot of the people who were on the other side of the American Revolution who settled up here. And obviously, as well, we have a large French component that Quebec makes up about 25% of the population. So we're culturally a little bit different. We're
Prof G Markets
Why Tariffs Could Crush Canada’s Economy — ft. Mike Moffatt
you know, oddly more conservative in ways in the cautious sense, not the sort of political sense. You know, we don't as much like big changes, you know, we're loyal to the crown. So, you know, we're more of a place of evolution.
Prof G Markets
Why Tariffs Could Crush Canada’s Economy — ft. Mike Moffatt
I think the other big difference is, you know, when it comes to integrating newcomers, you know, the United States has always had this kind of melting pot type approach, right? Where you come in from all over the world and you kind of add and you're all mixed together and creating one harm, hopefully harmonize culture.
Prof G Markets
Why Tariffs Could Crush Canada’s Economy — ft. Mike Moffatt
You know, Canada is more of a patchwork quilt that people hang on to their cultural identities for, for generations. So it could be Indo-Canadian or Scottish Canadian or French Canadian. So we're more comfortable with those, those differences up here.
Prof G Markets
Why Tariffs Could Crush Canada’s Economy — ft. Mike Moffatt
Edmonton Oilers. Connor McDavid. Yeah, that was a mixed blessing for me. I'm a huge Calgary Flames fan, which is the Oilers rival. So that was a tough day for me. I was like, I was so happy Canada won. But I'm like, why did it have to be the guy we call McJesus up here?
Prof G Markets
Why Tariffs Could Crush Canada’s Economy — ft. Mike Moffatt
You know, it'd be like being a Yankees fan and, you know, seeing the Red Sox, you know, win a baseball tournament for the Americans. It's kind of a mixed blessing.
Prof G Markets
Why Tariffs Could Crush Canada’s Economy — ft. Mike Moffatt
Yeah, so I think the first is the housing crisis. To put it in perspective, average single-family home up here is about $550,000 in the U.S. Which is $3 million Canadian, right? Yeah, something like that. It depends on the tariff track and how much the dollar has, the loonie has dropped in any given day. But we also have to realize that our incomes are a lot lower down here.
Prof G Markets
Why Tariffs Could Crush Canada’s Economy — ft. Mike Moffatt
And that was actually the impetus of us starting the Missing Middle Initiative here. is that it's priced at the young middle class across Canada. So we're seeing, you know, young people living with their parents longer. You know, all of these things that you're seeing in the U.S., I think we actually have more of it up here.
Prof G Markets
Why Tariffs Could Crush Canada’s Economy — ft. Mike Moffatt
You know, I think one of the things you can think about in Canada is, you know, we're kind of a blue state on steroids. And we have a lot of this kind of same blue state lifestyle. Thank you. Thank you. Thank you. Thank you.
Prof G Markets
Why Tariffs Could Crush Canada’s Economy — ft. Mike Moffatt
Thank you. Thank you. Thank you.
Prof G Markets
Why Tariffs Could Crush Canada’s Economy — ft. Mike Moffatt
Thank you. Thank you. Thank you. Thank you. Thank you.
Prof G Markets
Why Tariffs Could Crush Canada’s Economy — ft. Mike Moffatt
Thank you. Thank you. Thank you. Thank you.
Prof G Markets
Why Tariffs Could Crush Canada’s Economy — ft. Mike Moffatt
Thank you. Thank you. ,,,,,,, You know, because the United States specializes in, you know, the paper for drywall, that's going to be an issue. We specialize in the paper for toilet paper. So, you know, we might not be able to build homes, but you guys might not be able to do other things. And it's just not going to be good for anyone.
Prof G Markets
Why Tariffs Could Crush Canada’s Economy — ft. Mike Moffatt
It's not going to be good for anyone.
Prof G Markets
Why Tariffs Could Crush Canada’s Economy — ft. Mike Moffatt
Well, there is actually a market for it. Interesting. Yeah, it's about 12% to 15% of the population. Yeah, we've done a lot of grips up here at Get It have done a lot of polling on it. So there is a certain segment of the population that is more conservatively minded that thinks that that might not be a bad idea. Trump does have his supporters up here.
Prof G Markets
Why Tariffs Could Crush Canada’s Economy — ft. Mike Moffatt
It tends to only be about 20% to 22% of the population. But Yeah, for the rest of us, you know, we're just absolutely no way like we love our country. We love being Canadians. We want to stay Canadians. We love visiting the United States, particularly in February up here. So, you know, we want to be good neighbors and friends, but we don't want to move in together.
Prof G Markets
Why Tariffs Could Crush Canada’s Economy — ft. Mike Moffatt
Yeah, no, I appreciate that. And, you know, I think Canadians are recognizing that. And we're always trying to keep that in the back of our head that, you know, the American people are our friends. They're not our enemies. You know, this is this is coming from, you know, particular administration. And even folks who voted for Trump didn't necessarily vote vote for this like this.
Prof G Markets
Why Tariffs Could Crush Canada’s Economy — ft. Mike Moffatt
He did not campaign on it. So, you know, as kind of hurt and as offended as many of us are, I think we are being able to make that distinction. And again, I think we also recognize that, you know, we're not perfect in the Canada-U.S. relationship either. And, you know, we have areas where we need to improve. And, you know, we're just hopeful that, you know, we can find some common ground.
Prof G Markets
Why Tariffs Could Crush Canada’s Economy — ft. Mike Moffatt
Hockey. I was going to say. Hockey. I saw that coming. Hockey. I saw that coming. You're so close. I mean, made it to the final, made it to overtime. I'm a little bit worried, though. You know, over the last decade or so, that American team is really— USA's coming up. It's coming up. USA's coming up. You guys are nine times the size we are. So, you know, I'm worried.
Prof G Markets
Why Tariffs Could Crush Canada’s Economy — ft. Mike Moffatt
You're learning quickly, and you're bigger than us. But yeah, overall, you know, I think we can learn a lot from each other. And, you know, we can teach you hockey, you're teaching us baseball, and let's keep playing together.
Prof G Markets
Why Tariffs Could Crush Canada’s Economy — ft. Mike Moffatt
Oh, thank you for having me.