00:00Trump threatened Canada with 100% tariffs if Canada makes a deal with China.
00:06So does Canada see this U.S. threat as actually credible and or how prepared is the Canadian economy if such tariffs were actually imposed by the U.S.?
00:19We have to know that assuming that the U.S. does not impose 100% tariff increase but 50% tariff increase,
00:28which is most probable if Canada doesn't comply, you know, because Canada can retaliate also in the U.S.
00:36You know, most of the Canadian oil is bought by the U.S.
00:41So there will be, as I was saying, you know, an economic war which we need to avoid across the globe.
00:47Everything can be done in negotiation, you know, in agreements.
00:51It's not about imposing something on someone because someone believes that the other can accept it.
01:01No, imposing increase in tariffs 100% or 50% can heavily impact the economic growth, lead to unemployment increase,
01:12lead to destruction of the purchase power of the household, lead to weakening of the Canadian currency.
01:21And this is not acceptable.
01:23Are the Canadians ready for that?
01:24No, of course not, because for the last 20 years they were globalizing and using, you know, external, you know, trades as taken for granted.
01:33Now every country is trying to stabilize.
01:36But stabilization needs time.
01:38You cannot transform your economy that was shaped for 20 years or 15 years towards something, towards a local economy with self-sufficient.
01:48So it's a tricky equation, but I think every country today, and maybe in Europe, we can talk about it as well,
01:56they are starting analyzing and understanding that globalization is not the right approach.
02:03There should be some very important localization in very strategic, you know, areas like defense, like agriculture, like food, like commodities.
02:16All these, all these need to be looked at, and mainly energy.
02:19All these need to be looked at and mainly energy.
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