Here we go

As the sun rose over a war-torn Canada the loonie gained in value, adding a quarter cent. Oil prices spiked another 2%. Bay Street dipped, but only half the amount that Wall Street was shedding.

In short, we were still standing. Despite 50% tariffs. Regardless of the American president’s latest (illegal) threat to ban Canadian-made planes, and vow to upend the value of our currency. Even the animated version of the hockey meme posted here yesterday, in which Trump violently and repeatedly slashes and injures a fallen Mark Carney, did not defeat our nation today. Mere memes will not defeat us.

Hallelujah. Pass the honey. Hug a Canadian bee after Trump just trashed them.

As you know, this is the day Canada’s retaliatory tariffs came into effect on about the same pile of stuff the latest American duties hit. This latest mess started in July when Trump claimed we were evil and gave us 30 days to accept a trade deal or those new levies would apply. Our people tried, but no cigar. The Americans asked for too much Carney said, and offered too little.

So we walked. Polling showed 76% of Canadians agreed.

The Trump tariffs rolled in. Ottawa said two can play that game, retaliating. And here she be.

What now? Canada’s economy was on a role, growing a weedy 3.3% in Q2. The latest jobs report was a bust, but the previous one was a home run. So, are we strong enough to survive a war with the US, or just damn fools? Will we need the Bank of Canada to save us, along with new billions in spending from Ottawa?

“The budding momentum in the economy now risks getting zapped by new tariffs and trade policy uncertainty,” says Bay Street economist Sal Guatieri. “This threat, coupled with some slack in the economy and attendant benign inflation should keep the BoC firmly planted on the sidelines for some time, even if higher oil prices and counter tariffs push inflation temporarily higher.”

Despite the jump in oil (back around $95 today) and the inflation it will inevitably bring, BMO economics says the futures market – still predicting rate hikes – is wrong. “We staunchly believe the bigger threat is from an escalating trade war that may require supporting rate cuts.”

And, in lamenting the new 50% US tariffs on Harley and Indian motorcycles, Scotia’s biker economist Derek Holt says this: “The Trump administration’s focus upon the trade and current account deficits reflects an ongoing lack of understanding of the issues and/or is designed to deflect blame away from domestic policies that cause them and/or is aimed at raising taxes on Americans through tariffs without telling them they’re paying higher taxes.”

Truth that.

The day after Labour Day every four years marks the start of the midterm election season in the US. Trump thinks that by spending $400 million on the contest, by personally campaigning for a month and pursuing voter suppression through eliminating mail-in ballots, he can pull this out of the fire.

Maybe he can. Perhaps not. But after November he still has two years – until he is almost 83 and his term is up – to bedevil us, insult us, demean us and claim he owns us (and our lake).

As mentioned yesterday, expect more in the days to come. Stay invested. Stay steady. While he screws up global trade, destroys alliances, botches the Iran war, alienates allies and leaves Ukraine twisting, he continues to dote on his ballroom and, now, the Arch de Trump. We are but roadkill. He is crazy.

I showed Dorothy the hockey-slash meme. “We can’t get away from that man fast enough,” she said. I saw her hand shake a bit as she watched it.

By the way, there are over 22 billion bees in Alberta and Manitoba. Many soon to be unemployed. Ready for deployment.

Go, boys.

About the picture: “This is Leo our bordoodle who loves to explore and sniff,” writes Janet. “We leave our”cheap house digs” in Calgary and do day tripping to Canmore and Banff where there is resort pricing. This is Three Sisters Resort and the mountains in the background. People pay $800K for 800 square feet if they are lucky! Can’t beat the mountains but you pay a price. Thanks for your blog.”

To be in touch or send a picture of your beast, email to ‘[email protected]’.

Source: https://www.greaterfool.ca/2026/09/08/here-we-go-9/