00:00It looks like those 50% tariffs, which were scheduled to go on hundreds of items, will not,
00:07although there's still some negotiating to be done, and there's a deadline that we're coming up against midnight tomorrow
00:13where that will be either those tariffs will be further delayed or we will have a deal that sort of
00:19takes them off the table.
00:21So not just your hockey equipment, but lots of other things, too.
00:24Things that homebuilders and industrial manufacturers in the U.S. might be interested in,
00:31stuff like plywood, certain cement items, there's consumer goods.
00:35It was this sort of mixed bag of things that the U.S. put out there and said,
00:40we're going to hit all these things unless you start negotiating.
00:44And on the face of it, at least, that pressure tactic seems to have worked.
00:50Derek, what's the feeling of Canadians as it relates to tariffs and the tariff,
00:56ongoing tariffs, I guess, discussions between the U.S. and Canada?
00:59Is there just fatigue about it all?
01:01Is there a sense of anti-Americanism?
01:05What's the feeling up in Canada these days as it relates to tariffs?
01:09I'd say, you know, it's complicated.
01:11And obviously, you know, it depends on the politics of who you talk to.
01:15So last year, there was, I would say, at the beginning of this, the overall sense was betrayal.
01:22What do you mean there's going to be all of these tariffs?
01:24You know, Trump signed a trade deal with Canada in his first term.
01:28That deal is not very old, you know.
01:30So I would say it's now a little bit more mixed.
01:34You know, that sense still exists.
01:36There are still anti-American signs and bumper stickers out there.
01:42There's also some fatigue, you know, within the business community.
01:46There is also a bit of a sense of, you know, we have to get some things that we get
01:51certainty so we can move on.
01:54Because the longer you have this hanging out there of tariffs could go up and down on any particular day,
02:01the harder it is, particularly for manufacturers, to make investment decisions.
02:05And so 18 months of this is quite a long time.
02:09And there has been a current of thinking in parts of the business community that, like,
02:15even if we have to accept something that looks like a bad deal, that is better than no deal.
02:20So it's complicated.
02:24You know, if you look at public opinion surveys, there's still a lot of appetite for people retaliating.
02:30And, you know, there's still lots of people avoiding trips and tourism from Canada to the U.S.
02:34All these things are still way down.
02:36Yeah.
02:37It's not just Canadians avoiding traveling to the U.S. for vacation or perhaps selling their second home.
02:42But also there are these bans on sales of U.S. wine and spirits.
02:46And I know this is something that the Trump administration has been very focused on.
02:49As much as there is a discussion between Canada and the U.S. on tariffs and whatnot,
02:56how much control or how much oversight does Mark Carney, the prime minister,
03:00and his administration have over what individual provinces do when it comes to banning sales of U.S. alcohol?
03:07I mean, the provinces control that.
03:10But Carney certainly, you know, he's got moral suasion.
03:14And that's what he's trying to exercise.
03:16He met with the premiers of the provinces yesterday to kind of outline, you know,
03:21some of the broad terms of the deal.
03:22We don't know how much detail he got into because the deal is not done yet.
03:27Aspects of this are still being negotiated.
03:29He can't actually force the premier of Ontario or the premier of Quebec to put that stuff back.
03:35But what he can say, and what we believe he is saying, is, you know, if you don't put it
03:39back,
03:39our whole deal is going to fall apart because that thing was such a visible, you know,
03:46in-your-face kind of countermeasure.
03:48And the reason that the provinces did it is it's actually one of the few levers they had, right?
03:53Provincial governments, they can't do tariffs.
03:56They don't control the border, you know, but they do control that.
03:59And that's why they went down that route.
04:02And it clearly bugged the U.S. side.
04:05And that's why they stuck with it.
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