Thanks for articulating what, I think, a lot of us are feeling. Doing the right thing has such value in its self. Standing up for integrity and good intentions is what we are made for. That is also what I personally respect most in a politician. I don't think PM Carney can do no wrong...who of us can claim that attribute? But I do think we are damn lucky he's here and standing up for all of us. We owe each other the same. Hoping there are some specific recommendations coming our way. Boycott American goods was one thing, but now we must support our own. Should hockey players buy two sticks this year instead of one? Local honey for sure! Check labels. Spend a little more for local produce! I would love a list of all the small ways each of us can help.
For specific details on how to resist through supporting our own, I highly recommend the videos and website of Tod Maffin. He is detailed, funny and committed.
The comment about sangfroid related to sharpie markers and kiddie maps of Lake ONTARIO was spit-out-your tea satisfying. The sentence that included "Ivy League fraternity discard pile . . ." was also nice and chewy to read aloud, and effectively models the required collective spunk-snark to which you are referring. Thanks for the smile about the freaky news.
Come on Jen. Rabbit? Road runner was just sitting there waiting to be used! Also, based on my in-depth knowledge of the cartoon (and forthcoming movie) as a child, it also makes a better metaphor!
Finally, Jen, we're back in agreement. However, a "win" will also include a better, more independent and lower victimhood country. I'd like Carney to announce "Operation Juno" as our economic vertical finger to Trump.
Not confident Canada will be able to maintain a united front.
Too many folks eager to score domestic political points, too many folks eager to lick the boot, too many folks poisoned by parochial grievances, too many folks eager for a cudgel against their perceived tormentors, regardless of its shape or provenance.
It is a point in time that has happened over and over again. The end of a bloated crumbling corrupt empire. Rather uncomfortable having the front row seat for it.
Does Carney have any "endgame" on this trade dispute with Trump?
Other than waiting him out, hoping for impeachment or imprisonment in 2027?
How much economic cost will Carney impose on Canada to preserve an Ontario auto industry?
An industry that Trump is dedicated to repatriate to the US?
Is it even an industry worth trying to preserve?
As usual, Carney is never transparent or forthright on that visceral question.
As well, Carney is so eager to defend supply management and "labelling/discoverability" for the sake of Quebec, oblivious to the costs they impose on Canadians, adding needless irritants to any trade negotiation with any US administration.
Canada is a deeply economically dysfunctional country.
Enjoying close to zero tariffs with the US for most of the last 40 years as been a singular achievement of economic rationality. Accomplished in the face of leftist resistance.
Carney has never relented in the imposition of extremist climate demands on Alberta - decarbonization mandates, open ended uncompetitive carbon taxes and fuel standards.
And yet fools like Kenney and Notley cannot even concede how antithetical the Carney regime has been to actually embracing greater oil sands production from Alberta.
Trump is a fool for the costs he has imposed on the world moving off a zero tariff trading environment.
Carney's response has been to date only to add cost to Canada. That is reality.
And for what? Defending Central Canada's uncompetitve, atrophying industries, while thwarting Alberta's economic futile.
Albertans should be thinking very deeply about all of this.
Not simply default to high risk "elbows up" reaction.
"Canada is a deeply economically dysfunctional country."
Our bonds are now a full point lower than U.S. bonds. Do you know why?
It's not the first time a few mouth-breathers with something personal to gain made a whole province pay for their ignorance, but it will fail, and at least the majority won't be stuck in the U.S., circling a financial bowl. Hopefully the few will move. We are truly better off without them.
Like so many people, you mistakenly see this as a trade dispute. This is nothing of the sort. Trump has been quite clear about what he wants to achieve: subjugation of Canada to the US. This is what Carney is fighting against, not the auto sector.
It is people like you who are trying to turn this into a regional issue within Canada. All economic activity in Canada contributes to Canada’s economic health and Carney undoubtedly knows this better than you.
Dennis, as to your thought about MC wanting to preserve an Ontario auto industry .... Hopeless? Don't know.
Yes, DJT wants to re-shore a whole lot of jobs "lost" to other countries and that very much includes the auto industry. Prior to 1965, when the Auto Pact was signed, Canada had it's own relatively small auto industry. It was, of course, dominated entirely by the big three but they produced vehicles for the Canadian market. Pretty well all cars sold here were entirely Canadian built, usually (somewhat) identical to US models but at a far higher cost to consumers than an analogous US model.
In those days you could buy a US model in the US and import it but the Canadian tariffs were notable (notably high, that is).
So, is that the future that DJT wants for Canada? Truly, I don't think that he has thought about it that far except to want all vehicles sold in the US to be built in the US. To me, I expect that we would not go back to the pre-1965 basis but would, instead, import just a whole lot of Japanese and Korean built vehicles. And, of course, courtesy of MC, Chinese vehicles.
"lost" = every manufacturer in the U.S. chose a pricing advantage by choosing lower labour rates in 3rd world countries. It was cheaper to manufacture in countries with no indoor plumbing and ship across the Pacific.
Wellllll ...... yessssss, but .... They do have a (limited, but real) point.
For example:
- the US prohibits child labor but that cheap labor is allowed in some countries
- the US "unreasonably" thinks workers should be paid properly
- the US, again, "unreasonably" thinks environmental rules are important
The truth is that there are good reasons to look offshore that simply aren't related to dodging reasonable rules but a lot of companies aren't interested in thinking about principles. So, in that respect, I feel that a lot of companies actually do need to be brought up short.
Sure, yes. When the jobs purge happened in the U.S. 1970s - 90s (and Canada) I remember thinking... ok, we let the market be the market, but consequences? No appetite for intervention at the time; very little discussion about possible downsides.
Related, it's kinda funny to vilify the Chinese (who oppress their people in the worst ways) for being powerful when we handed them the tools, money, experience... sent our engineers to show them how to get it right.
The key to the capitalism marxism debate is that human bias, self-interest in decision making is the issue to be managed.
Marxism is a weak system relying on humans directly to distribute resources (a small committee of thoughtful people, using data... lol!) We shouldn't trust them.
Capitalism is a stronger system that separates humans from the distribution of resources by one order, at least.
In both cases SOME humans do what they can to corrupt it for their own ends, and they succeed, but there's no self-correction built into Marxism. It's totalitarian. You're just fucked with no hope.
I am still hoping that I can get BC wine here in Ontario at the LCBO.
The proposed 25% tariffs on heavy truck exports will make it difficult to reopen the Ford plant in Oakville, which is supposed to build F-250s, and the GM plant in Oshawa, which makes Chevy Silverados.
The reduction from 25 to 15% for cars would help keep the Toyota & Honda plants open.
If there is no deal, all the plants are at risk of closing.
The federal government should consider eliminating the GST on cars produced in Canada.
My husband does a lot of work in the U.S., and the idea of a Line that is more U.S./Canada focused is an idea we are batting around - simply because we think there's a business opportunity there in the current environment. So, yeah, in all honestly, not ruling out a move to DC. Or Toronto. Or Ottawa. But the decision hasn't been made. JG
Ah, interesting, thanks for the details and the honesty.
Edit: I lived in the U.S. for five years myself, no judgement on what has to be done for one’s own family financial situation, but if you stop writing articles like this it’ll be a bit of heartbreak for all of us.
(And I wouldn't stop writing articles like this. Right now we just don't have enough people dedicated to the U.S. Canada file, and I actually think neither country is well served by that. JG)
Yeah, in all honestly, it's a decision we're struggling with. I think there's a way for me to be of use to Canada from DC, and that's the way I would think of it. But we're also not enormously excited by the prospect of raising kids in America. JG
I know so many Americans who would read your words with gratitude and enthusiasm. You would be an asset for Canada there, and you can help Matt see the place with clarity. (a dig; I'm weak.) Also, the immersion is healthy for a Canadian.
I had relatives working at the Canadian embassy, living in Foggy Bottom, a friend at Rand Corp... spend as much time at the embassy as you can. It's cool. Some neat people.
Here, I think Canada has many ways to annoy the US Administration and their increasingly shrinking support base in the American electorate. Certainly the liquor bans / boycotts have their attention. Our indifference to or clever mocking of the increasingly unhinged whining about how awful Canadians are, or the absolutely childish renaming of a lake, will play in our favour.
Solidarity - to a point:
I hate it that we must rally around a bunch of unprincipled pricks like the LPC, but frankly, this is a non-partisan issue. Even if Carney is full of himself and often full of something else, I must say he's ten times the political operator / communicator his predecessor PM was, and he's running circles around the unfortunate Leader of the Opposition. Having said that, we must leave room for dissenting opinions in our own country; they reveal the naive (who can be forgiven) and the traitorous swine (who should be encouraged to emmigrate to the USA).
Foreign allies:
Again, Carney has been doing this - I'd rather it was not with states like Saudi Arabia and China, but rather with Australia, New Zealand, the UK, France, Germany, and other European countries. We have to encourage them to resist as we are attempting to, and while doing so, set the frameworks in place for us to trade and defend ourselves as an alliance outside the USA, while leaving the door open for them to return to the allied fold in the increasingly dubious event the USA can purge themselves of their MAGA delusions of invicible grandeur.
Straining their will to continue while strengthening our own resolve not to yield:
Here is the toughest part - we have to dodge, weave, evade, even hide, and take economic hits to survive over months or even years while inflicting enough mosquito bites of our own. This will be the largest test of Canadian resolve.
Ultimately, I hope sanity some day returns to the USA, as they remain our most obvious trading partner to mutual advantage, but until there are sustained signs that has happened, we have to deal with the increasingly obvious evidence they are in late stage empire mode, and plan our future survival accordingly.
"I hate it that we must rally around a bunch of unprincipled pricks like the LPC."
Look, I have some PTSD over JT's hopeless incompetence, and harm to our county. But I've been similarly depressed by governments of every stripe at one time or another, so I struggle to accept these generalizations.
There's a dirty little secret that certain jobs attract some people for awful reasons. (Police is a great job if you love violence, absolute power.) And some of the attributes needed to get to the top come with stubborn, selfish people. Maybe we have to accept that the wrong people slip into politics because they loooooooove the environment. Maybe some cynical people use those people anyway, knowing how unqualified they are.
I put it to you that the tribe is not the problem, but tribalism might be. Our community is richer for the diversity of opinions, even the really stupid ones, lol. We ABSOLUTELY must be vigilant, find and eject the deaf, selfish idiots who serve themselves. There's lots in every party.
I don't believe Carney is one of them, btw. (Frankly, why the F would he do this when he could sit on a beach anywhere and read a good book.)
Watching Carney face Trump in pics reminds me of a very satisfying day when I fired a 350 lb American in Europe who earned 7 figures, charged him $12,000, and sent him home for an openly racist tirade against Muslims, triggered because he had to wait too long for a cab. I'm 5'8" and very fit.
The American target is Mark Carney, Globalism and net zero. Carney is an existential threat to our capitalist way of life and the Americans are defending themselves. Also, Canada is a house divided. It is unlikely that Alberta and Saskatchewan will join the team Canada approach and unlikely to sacrifice our resources to the cause. Canada betrayed these two provinces with the energy policies of the liberals in the last 15 years. Lots of potential for mischief for the Americans that could totally undermine our resistance.
I'm sure both countries will pour salt in each others wounds yes.
The U.S. has size but not much more. Our PM has 70%+ support. Orange baby has 37%. Our bonds are currently trading a full point below the U.S. and Bessent is clearly, and rightly, worried. We were attacked by an emotionally disregulated narcissist who described his last Canada-US deal as the greatest ever, and the whole world sees.
Using "resistance is futile" repeatedly without a single explicit Borg reference is just Jen baiting me, everyone.
"The line must be drawn here! This far and no further! And I will make them pay for what they've done!"
Wondered if that was passive-agressiveness at work.
Now confirmed.
There are four lights.
As a fellow Trekkie--it was well-played.
Pour one out for our bro, Hugh. Resistance is not futile because Georgie does not wish it.
😂
O what a piece of work is man!
We were all waiting for the Jen column this week given what's unfolded and this absolutely did not disappoint.
Thanks for articulating what, I think, a lot of us are feeling. Doing the right thing has such value in its self. Standing up for integrity and good intentions is what we are made for. That is also what I personally respect most in a politician. I don't think PM Carney can do no wrong...who of us can claim that attribute? But I do think we are damn lucky he's here and standing up for all of us. We owe each other the same. Hoping there are some specific recommendations coming our way. Boycott American goods was one thing, but now we must support our own. Should hockey players buy two sticks this year instead of one? Local honey for sure! Check labels. Spend a little more for local produce! I would love a list of all the small ways each of us can help.
For specific details on how to resist through supporting our own, I highly recommend the videos and website of Tod Maffin. He is detailed, funny and committed.
And where there are no Canadian alternatives, I’ll be buying other than American, if I can.
Mexican lettuce, anyone? Hells ya.
The comment about sangfroid related to sharpie markers and kiddie maps of Lake ONTARIO was spit-out-your tea satisfying. The sentence that included "Ivy League fraternity discard pile . . ." was also nice and chewy to read aloud, and effectively models the required collective spunk-snark to which you are referring. Thanks for the smile about the freaky news.
I chewed slowly on those as well. Lovely.
Fine writing, once again, Jen.
Jen does her best writing when she is emotional (deservedly, of course) about the subject.
I too am emotional but cannot come close to being as articulate.
Come on Jen. Rabbit? Road runner was just sitting there waiting to be used! Also, based on my in-depth knowledge of the cartoon (and forthcoming movie) as a child, it also makes a better metaphor!
Finally, Jen, we're back in agreement. However, a "win" will also include a better, more independent and lower victimhood country. I'd like Carney to announce "Operation Juno" as our economic vertical finger to Trump.
Oh 1000%.
"Lower victimhood" hell yeah, and nature is taking it's course. These ideas, like too many, were artificially outsized by the twitter pit toilet.
That was f*cking beautiful. I genuinely wept towards the end.
Not confident Canada will be able to maintain a united front.
Too many folks eager to score domestic political points, too many folks eager to lick the boot, too many folks poisoned by parochial grievances, too many folks eager for a cudgel against their perceived tormentors, regardless of its shape or provenance.
Just check out the Line comments.
It is a point in time that has happened over and over again. The end of a bloated crumbling corrupt empire. Rather uncomfortable having the front row seat for it.
Well written indeed.
Does Carney have any "endgame" on this trade dispute with Trump?
Other than waiting him out, hoping for impeachment or imprisonment in 2027?
How much economic cost will Carney impose on Canada to preserve an Ontario auto industry?
An industry that Trump is dedicated to repatriate to the US?
Is it even an industry worth trying to preserve?
As usual, Carney is never transparent or forthright on that visceral question.
As well, Carney is so eager to defend supply management and "labelling/discoverability" for the sake of Quebec, oblivious to the costs they impose on Canadians, adding needless irritants to any trade negotiation with any US administration.
Canada is a deeply economically dysfunctional country.
Enjoying close to zero tariffs with the US for most of the last 40 years as been a singular achievement of economic rationality. Accomplished in the face of leftist resistance.
Carney has never relented in the imposition of extremist climate demands on Alberta - decarbonization mandates, open ended uncompetitive carbon taxes and fuel standards.
And yet fools like Kenney and Notley cannot even concede how antithetical the Carney regime has been to actually embracing greater oil sands production from Alberta.
Trump is a fool for the costs he has imposed on the world moving off a zero tariff trading environment.
Carney's response has been to date only to add cost to Canada. That is reality.
And for what? Defending Central Canada's uncompetitve, atrophying industries, while thwarting Alberta's economic futile.
Albertans should be thinking very deeply about all of this.
Not simply default to high risk "elbows up" reaction.
"Canada is a deeply economically dysfunctional country."
Our bonds are now a full point lower than U.S. bonds. Do you know why?
It's not the first time a few mouth-breathers with something personal to gain made a whole province pay for their ignorance, but it will fail, and at least the majority won't be stuck in the U.S., circling a financial bowl. Hopefully the few will move. We are truly better off without them.
Like so many people, you mistakenly see this as a trade dispute. This is nothing of the sort. Trump has been quite clear about what he wants to achieve: subjugation of Canada to the US. This is what Carney is fighting against, not the auto sector.
It is people like you who are trying to turn this into a regional issue within Canada. All economic activity in Canada contributes to Canada’s economic health and Carney undoubtedly knows this better than you.
Dennis, as to your thought about MC wanting to preserve an Ontario auto industry .... Hopeless? Don't know.
Yes, DJT wants to re-shore a whole lot of jobs "lost" to other countries and that very much includes the auto industry. Prior to 1965, when the Auto Pact was signed, Canada had it's own relatively small auto industry. It was, of course, dominated entirely by the big three but they produced vehicles for the Canadian market. Pretty well all cars sold here were entirely Canadian built, usually (somewhat) identical to US models but at a far higher cost to consumers than an analogous US model.
In those days you could buy a US model in the US and import it but the Canadian tariffs were notable (notably high, that is).
So, is that the future that DJT wants for Canada? Truly, I don't think that he has thought about it that far except to want all vehicles sold in the US to be built in the US. To me, I expect that we would not go back to the pre-1965 basis but would, instead, import just a whole lot of Japanese and Korean built vehicles. And, of course, courtesy of MC, Chinese vehicles.
"lost" = every manufacturer in the U.S. chose a pricing advantage by choosing lower labour rates in 3rd world countries. It was cheaper to manufacture in countries with no indoor plumbing and ship across the Pacific.
The U.S. blames everyone else...? I mean, huh?
"...The U.S. blames everyone else...?"
Wellllll ...... yessssss, but .... They do have a (limited, but real) point.
For example:
- the US prohibits child labor but that cheap labor is allowed in some countries
- the US "unreasonably" thinks workers should be paid properly
- the US, again, "unreasonably" thinks environmental rules are important
The truth is that there are good reasons to look offshore that simply aren't related to dodging reasonable rules but a lot of companies aren't interested in thinking about principles. So, in that respect, I feel that a lot of companies actually do need to be brought up short.
Sure, yes. When the jobs purge happened in the U.S. 1970s - 90s (and Canada) I remember thinking... ok, we let the market be the market, but consequences? No appetite for intervention at the time; very little discussion about possible downsides.
Related, it's kinda funny to vilify the Chinese (who oppress their people in the worst ways) for being powerful when we handed them the tools, money, experience... sent our engineers to show them how to get it right.
As I recall, it was Marx who said that capitalists would sell the Communists the rope by which the capitalists would be hung, so, same, same.
Yes! lol.
The key to the capitalism marxism debate is that human bias, self-interest in decision making is the issue to be managed.
Marxism is a weak system relying on humans directly to distribute resources (a small committee of thoughtful people, using data... lol!) We shouldn't trust them.
Capitalism is a stronger system that separates humans from the distribution of resources by one order, at least.
In both cases SOME humans do what they can to corrupt it for their own ends, and they succeed, but there's no self-correction built into Marxism. It's totalitarian. You're just fucked with no hope.
I am still hoping that I can get BC wine here in Ontario at the LCBO.
The proposed 25% tariffs on heavy truck exports will make it difficult to reopen the Ford plant in Oakville, which is supposed to build F-250s, and the GM plant in Oshawa, which makes Chevy Silverados.
The reduction from 25 to 15% for cars would help keep the Toyota & Honda plants open.
If there is no deal, all the plants are at risk of closing.
The federal government should consider eliminating the GST on cars produced in Canada.
What’s beautiful article. Thank you.
Doug Moffat, East Lansing MI, by way of Winnipeg
God damn, this is going to be an all-timer.
(As an aside, what is with the Twitter / comment-dregs slurs that Jen is thinking of moving to the U.S.? I assume there’s no truth there)
My husband does a lot of work in the U.S., and the idea of a Line that is more U.S./Canada focused is an idea we are batting around - simply because we think there's a business opportunity there in the current environment. So, yeah, in all honestly, not ruling out a move to DC. Or Toronto. Or Ottawa. But the decision hasn't been made. JG
Ah, interesting, thanks for the details and the honesty.
Edit: I lived in the U.S. for five years myself, no judgement on what has to be done for one’s own family financial situation, but if you stop writing articles like this it’ll be a bit of heartbreak for all of us.
(And I wouldn't stop writing articles like this. Right now we just don't have enough people dedicated to the U.S. Canada file, and I actually think neither country is well served by that. JG)
Yeah, in all honestly, it's a decision we're struggling with. I think there's a way for me to be of use to Canada from DC, and that's the way I would think of it. But we're also not enormously excited by the prospect of raising kids in America. JG
DC is not the easiest place unless you're rich. Can be quite dangerous.
You could send some pics of Anacortes.... Canadians don't appreciate how bad some cities look.
Yeah, we wouldn't be living in the urban core or anything like that. Problem is neither Toronto nor Ottawa is cheap, either. JG
Oh. Beware of the commute. Calgary is liveable.
I know so many Americans who would read your words with gratitude and enthusiasm. You would be an asset for Canada there, and you can help Matt see the place with clarity. (a dig; I'm weak.) Also, the immersion is healthy for a Canadian.
I had relatives working at the Canadian embassy, living in Foggy Bottom, a friend at Rand Corp... spend as much time at the embassy as you can. It's cool. Some neat people.
I believe I predicted this months ago.
I understand the motivations, but I sincerely hope you don't leave us.
We need you.
Aww. Thank you. If I do move, I'll explain my reasons and motivations. :) JG
Could you get a Visa to live & work in the USA?
Generally agree.
Canada needs to play to its strengths as we resist.
For a smaller opponent to outlast / outrun a larger one, the following strategies can be employed:
Aysmmetric psyop attacks / strategic shrugs / non-reactions:
Here, I think Canada has many ways to annoy the US Administration and their increasingly shrinking support base in the American electorate. Certainly the liquor bans / boycotts have their attention. Our indifference to or clever mocking of the increasingly unhinged whining about how awful Canadians are, or the absolutely childish renaming of a lake, will play in our favour.
Solidarity - to a point:
I hate it that we must rally around a bunch of unprincipled pricks like the LPC, but frankly, this is a non-partisan issue. Even if Carney is full of himself and often full of something else, I must say he's ten times the political operator / communicator his predecessor PM was, and he's running circles around the unfortunate Leader of the Opposition. Having said that, we must leave room for dissenting opinions in our own country; they reveal the naive (who can be forgiven) and the traitorous swine (who should be encouraged to emmigrate to the USA).
Foreign allies:
Again, Carney has been doing this - I'd rather it was not with states like Saudi Arabia and China, but rather with Australia, New Zealand, the UK, France, Germany, and other European countries. We have to encourage them to resist as we are attempting to, and while doing so, set the frameworks in place for us to trade and defend ourselves as an alliance outside the USA, while leaving the door open for them to return to the allied fold in the increasingly dubious event the USA can purge themselves of their MAGA delusions of invicible grandeur.
Straining their will to continue while strengthening our own resolve not to yield:
Here is the toughest part - we have to dodge, weave, evade, even hide, and take economic hits to survive over months or even years while inflicting enough mosquito bites of our own. This will be the largest test of Canadian resolve.
Ultimately, I hope sanity some day returns to the USA, as they remain our most obvious trading partner to mutual advantage, but until there are sustained signs that has happened, we have to deal with the increasingly obvious evidence they are in late stage empire mode, and plan our future survival accordingly.
I like almost every bit of this.
"I hate it that we must rally around a bunch of unprincipled pricks like the LPC."
Look, I have some PTSD over JT's hopeless incompetence, and harm to our county. But I've been similarly depressed by governments of every stripe at one time or another, so I struggle to accept these generalizations.
There's a dirty little secret that certain jobs attract some people for awful reasons. (Police is a great job if you love violence, absolute power.) And some of the attributes needed to get to the top come with stubborn, selfish people. Maybe we have to accept that the wrong people slip into politics because they loooooooove the environment. Maybe some cynical people use those people anyway, knowing how unqualified they are.
I put it to you that the tribe is not the problem, but tribalism might be. Our community is richer for the diversity of opinions, even the really stupid ones, lol. We ABSOLUTELY must be vigilant, find and eject the deaf, selfish idiots who serve themselves. There's lots in every party.
I don't believe Carney is one of them, btw. (Frankly, why the F would he do this when he could sit on a beach anywhere and read a good book.)
Watching Carney face Trump in pics reminds me of a very satisfying day when I fired a 350 lb American in Europe who earned 7 figures, charged him $12,000, and sent him home for an openly racist tirade against Muslims, triggered because he had to wait too long for a cab. I'm 5'8" and very fit.
The American target is Mark Carney, Globalism and net zero. Carney is an existential threat to our capitalist way of life and the Americans are defending themselves. Also, Canada is a house divided. It is unlikely that Alberta and Saskatchewan will join the team Canada approach and unlikely to sacrifice our resources to the cause. Canada betrayed these two provinces with the energy policies of the liberals in the last 15 years. Lots of potential for mischief for the Americans that could totally undermine our resistance.
I'm sure both countries will pour salt in each others wounds yes.
The U.S. has size but not much more. Our PM has 70%+ support. Orange baby has 37%. Our bonds are currently trading a full point below the U.S. and Bessent is clearly, and rightly, worried. We were attacked by an emotionally disregulated narcissist who described his last Canada-US deal as the greatest ever, and the whole world sees.