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162 turns · 23 minTariffs stick. They're easy to put on, really hard to take off. It takes decades because look at your balance sheet, they are a steady, predictable source of revenue. And Donald Trump said that finally yesterday. "I love the revenue."
Welcome back to Friday Focus. It is the 11th of September, 2026. I'm Rudyard Griffiths, joined in studio by my co-host, Janice Gross Stein. Janice, great to see you.
Great to see you, Rudyard, and what a summer. I am hard pushed to think about one peaceful day.
Yeah. I miss these conversations, uh, with you. They... Uh, I know our audience did. We got a lot of emails asking when you'd be back, so great to be back here on September 11th of all days, where we mark an important anniversary, and that may color and touch a little bit of our conversation as we try to catch up, if we can, in a half an hour or so on, as you say, a very tumultuous summer. I've got to begin though, Janice, with the trade war because this-
Yeah
... is kind of top of mind for our viewers and listeners. Uh, you've taken a bit of flack, uh, this week. Uh, so have I, frankly, 'cause I think you and I share a similar view that this trade war is not without costs. It has real consequences. And it seems, Janice, and I want your thoughts on this, that there's almost a bit of a closing of debate right now in the country about this trade war, uh, why it's happening, what our response could or should be, how we should approach the Trump administration. Uh, the prime minister has used language like, "We are at war. We are under attack." I'm not blaming him, but the consequence, Janice, I think you felt it, I felt it, is that the range of debate has shrunk, and Canadians seeming tolerance for diverging points of view other than a, I guess, a somewhat maximal response to the Trump administration and its, uh, egregious threats and actions against Canada. Don't get me wrong, uh, the guy's an asshole. [laughs] But-
Beyond. Beyond
... but, uh, let's get your take on this 'cause you're an important voice in the conversation.
I think, I think you're absolutely right, Rudyard, and I think your explanation is right. People do feel under attack. They feel our economy is certainly under attack. A 40-year-old experiment, um, led by Brian Mulroney in the nine- in the 1980s at closer integration with the United States is under attack. Uh, people's livelihoods are under attack. And when that happens and you use the language of war and attack, you're getting, uh, a very patriotic, emotionally intense reaction from almost everybody. And it's like any war scenario. Um, it closes off debate, and we saw some stuff this week, Rudyard, which was surprising to me, uh, in which people were labeled disloyal for dissenting from a strategy. And I just mention that because that is not a good road for this country to go down. We need space for differing views, um, because leaders, like everything else, need to hear them. Now, having said that, uh, there is, like, I think some space is gonna open up very quickly because the prime minister, both in the forward guidance, which is great central bank language. Uh, people have asked me, "What is forward guidance?" You give it as a central bank
Episode notes
Friday Focus returns from its summer hiatus to unpack two major geopolitical flashpoints.
First, the trade war with the United States—and its consequences. There has been a narrowing of the debate around Carney's approach. People are being labelled disloyal for dissenting from his strategy, but we need space for differing views. Tariffs are easy to impose and difficult to unwind. Will Trump turn to more punitive measures against Canada—from natural gas pipelines to banking licenses and work visas? The longer this confrontation drags on, the greater the risk that an already heated situation takes an even more dangerous turn.
Then, the Iran war and a sharp escalation over the past week. The Houthis have made major advances in Yemen, seizing critical outposts and tightening their grip on the Red Sea, one of the world’s most important trade routes. After a period of stalemate that was working against Iran, Tehran appears to be pursuing an “escalate to de-escalate” strategy: increasing pressure on the U.S. and driving up oil prices in an effort to force an end to the blockade. Will the U.S. respond by escalating further and increasing the pressure on Iran? How much economic pain can Trump tolerate at home heading into the midterms? And could he simply wake up one day and declare the war over?
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