For the first time in four months of our podcast series, the focus of Frank's attention is not centered around tariffs. This month Frank starts with a detailed analysis of Prime Minister Carney's cabinet, a carefully constructed team of ministers balancing geographic, gender and ethnic interests from across the country. Frank addresses comments from Alberta's Premier Danielle Smith on separation, suggesting she would be better off leading than following her base of support. On a positive note, Smith seemed more bullish on the prospects for energy infrastructure builds across the country following comments from Quebec Premier Legault, who previously did not support building pipelines through his province. Frank discussed Prime Minister Carney's visit to the Whitehouse where he received good marks for his messaging on Canada's sovereignty which did not require confrontation with the President. We then move the discussion to global issues, covering handshake trade deals, the conflicts in Ukraine and Gaza, which Frank suggests are closer to the end than the beginning, and the recent flare up between Pakistan and India in Kashmir. He finishes with a suggestion that the Jays are better than their record, a point of view that was not supported by the normally bullish podcast host.

This podcast was recorded on May 21, 2025.

Chapter Headings:

01:28 - The Carney Cabinet

06:21 - Smith and Alberta Separation

12:50 - Spending on Energy Infrastructure

21:53 - Bullish Tone for Canada

28:50 - Carney and Trump

34:36 - Trump and Tariffs

40:30 - Is Trump's Nobel Prize Slipping Away?

43:31 - India-Pakistan Flare Up

For relevant disclosures, visit: tdsecurities.com/ca/en/legal#PodcastDisclosure. To learn more about TD Securities, visit us at tdsecurities.com or follow us on LinkedIn @tdsecurities.

In Episode 64, Frank covers the Canadian election from top to bottom, including addressing unflattering comments about Canada as a country from the leader of the Bloc Quebecois and the Premier of Alberta. Frank addresses each of the major platform concerns of Western leaders as it relates to natural resource and pipeline development including Bill C69, the energy cap and industrial carbon tax.  He provides a 101 lesson on equalization payments, a source of frustration for Western provinces who typically are not recipients of transfers from the Federal Government by virtue of low tax bases and resource reserves.  The episode then shifts to Canada-US relations, where Frank addresses President Trump's interference with the Canadian election and expectations for renegotiation of a trilateral trade agreement, which he suggests Canada reluctantly pursue, but with eyes wide open and asks from the north side of the border.  He finishes with an update on the war in Ukraine and, of course, laments the state of play of his beloved Toronto Blue Jays.

This podcast was recorded on April 29, 2025.

Chapter Headings:

00:29 - First Take on Election Results and Future of Unelected Pierre Poilievre

09:34 - Regional Interests Take Centre Stage

13:17 - Addressing Western Canadian Demands

28:17 - Equalization Payments

36:26 - Trump and the Canadian Election

42:50 - The 90 Day Tariff Negotiation

48:00 - Back and Forth on Russia-Ukraine

For relevant disclosures, visit: tdsecurities.com/ca/en/legal#PodcastDisclosure. To learn more about TD Securities, visit us at tdsecurities.com or follow us on LinkedIn @tdsecurities.

In Episode 63, the focus of discussions in on two main topics: new Prime Minister Mark Carney's early days at the helm of Canada, and tariffs. Frank discusses Carney's decision to travel to Europe before the US, a move that was criticized by Saskatchewan Premier Scott Moe, and the significant downsizing of the new Liberal cabinet, a move that was sure to hurt some feelings inside the caucus. Frank provides the pros and cons of choosing Carney or Conservative Leader Pierre Poilievre to represent Canada in negotiations with President Trump, and he debunks the recent claims by former Prime Minister Stephen Harper that Carney didn’t deserve credit for Canada's response to the GFC. In the tariff discussion, Frank dismisses Trump's repeated exaggerations about trade deficits equaling some sort of subsidy provided to Canada from the US.  Frank counters that the existing trade deficit is not a subsidy that costs the United States jobs, instead it is a function of our abundance of raw material inputs that the United States imports from Canada. Frank also lays to rest any notion that Canada's dairy sector is not open for business with US suppliers; in fact, the US has yet to use up more than ½ of its dairy quotas with Canada since the 2018 CUSMA agreement set new free trade supply limits. Frank finishes with some ideas for Canada's government to meet its NATO spending commitments, and his belief in the need to keep momentum moving forward with respect to the elimination of intra-provincial trade barriers.

This podcast was recorded on March 17, 2025.          

Chapter Headings

00:25 - Friendship Day in Colorado

03:44 - Carney's Cabinet and First Trip to Europe

09:02 - Carney or Poilievre – Who is Best Positioned to Negotiate with Trump?

14:28 - Carney on Taxes

16:41 - Harper on Carney's Contribution to Canada's GFC Response

19:03 - Two East Coast Premiers Retire – is this Coincidence?

21:12 - Trump's Exaggerations Used to Justify Tariffs on Canada

28:38 - Meeting NATO Defense Spending Target

36:24 - Understanding Dairy Quotas – Not Just a Canada Issue

48:08 - Is Momentum for Removing Intra-Provincial Trade Barriers Sustainable?

50:25 - Caught in the Blue Jays Vortex…Again

For relevant disclosures, visit: tdsecurities.com/ca/en/legal#PodcastDisclosure. To learn more about TD Securities, visit us at tdsecurities.com or follow us on LinkedIn @tdsecurities.

In Episode 62, Frank is joined by Chris Krueger of TD Cowen's Washington Research Group to discuss the first 30 days of the Trump Administration, and the on-going trade war with Canada. Chris outlines his biggest surprises to date, including the sheer torque of rulemaking from the executive branch - he figures his team in Washington undershot the runway when it suggested Trump 2.0 would be "all gas, no break."

Frank provides insights into Canada's strategy for defending itself and thinks the current alignment across the country will be key to victory against the US tariffs, but he agrees with former Prime Minister Harper in suggesting that Canadians will need to be prepared to endure some hardships through this difficult period. He also explains the meaning of Interprovincial trade barriers, suggesting that they act as a 7% tariff on goods moving from province to province.  

Chris also shares his biggest surprises to date in Trump's second term, including the influence of Elon Musk. Both Chris and Frank think that the right leaning Supreme Court will give Trump leeway to continue his changes in Washington but will keep some guardrails in place.

This podcast was recorded on February 18, 2025.

Chapter Headings

03:23 Newfoundland Premier’s “Chilling” Feedback from Trump Team

10:38 Next Steps on Canada-US Tariff Debate

15:40 Will Supreme Court Support Guard Rails for Executive Branch?

24:40 Flooding the Zone to Change the Narrative in US

31:22 Elon Musk’s Influence on Whitehouse

For relevant disclosures, visit: tdsecurities.com/ca/en/legal#PodcastDisclosure. To learn more about TD Securities, visit us at tdsecurities.com or follow us on LinkedIn @tdsecurities.

Episode 61 is a deep dive into Canadian politics. Frank starts by handicapping the Liberal leadership race to elect Canada's next Prime Minister, a leader whose first order of business will be filling the leadership vacuum in Ottawa as Canada fights back against tariff threats from President Trump. He reminds Canada's provincial leaders of the importance of putting aside regional differences in favor of a Team Canada approach.  Frank takes listeners back to Economics 101 where he discusses the theory of comparative advantage, while suggesting that businesses on both sides of the border are holding back investment while the period of tariff uncertainty continues. He addresses the trolling by President Trump of Canada and makes a passionate plea to Americans to understand that while we are friends, we want to remain Canadian. The conversation then moves to global affairs where we discuss the Israel-Hamas peace agreement, the likely end of the Ukraine War and other potential hot spots for geopolitics, including one that is surprisingly close to home.

This podcast was recorded on January 20, 2025.          

Chapter Headings

00:50 - The Race to be Canada's Prime Minister

06:24 - Trump Tariff Decision on Hold

10:20 - Leadership Vacuum in Ottawa

11:50 - Economics 101 – Tariffs and Comparative Advantage

14:45 - Canada's Response to the Wildfires in LA

18:12 - Governor Trudeau and Manifest Destiny

23:06 - Justin Trudeau's Legacy and Biggest Regret

26:50 - Identity Politics

30:40 - Predicting the Election Outcome

32:35 - Does the Israel-Hamas Peace Agreement Have Legs?

36:30 - The Trump Oligarchy

37:40 - Zelensky's Dealmaking with Trump

39:42 - Other Potential Geopolitical Hot Spots in 2025

For relevant disclosures, visit: tdsecurities.com/ca/en/legal#PodcastDisclosure. To learn more about TD Securities, visit us at tdsecurities.com or follow us on LinkedIn @tdsecurities.

Episode 60 is dominated by recent events in Ottawa, a period Frank describes as the most chaotic in his lifetime. Frank first dissects the decision by Chrystia Freeland to resign from her post as Minister of Finance prior to delivering the Liberal Government's Fall Economic Statement. He then provides an update on next steps for the Liberal Party including his expectation that Prime Minister Trudeau will resign, perhaps after his own walk in the snow. Next it is on to the important task at hand, that is preparing to confront President Elect Trump's tariff threats, a topic Frank discussed with Canada's Premiers at precisely the same time Freeland resigned. The discussion then moves to international affairs, including budget issues in Europe and South Korea, as well as the warp speed of events in Syria and the rest of the Middle East. The discussion finishes in the same place it always does, with both Frank and Peter bemoaning the state of their beloved Toronto Blue Jays.

This podcast was recorded on December 17, 2024.

Chapter Headings

00:50 - Freeland's Shock Resignation

07:58 - Next Steps for Trudeau's Government

12:28 - Framing Canada's Response to Trump's Tariffs

24:50 - Democracy in South Korea

27:23 - The End of Assad's Reign of Terror in Syria

For relevant disclosures, visit: tdsecurities.com/ca/en/legal#PodcastDisclosure. To learn more about TD Securities, visit us at tdsecurities.com or follow us on LinkedIn @tdsecurities.

Frank is back from a vacation in the Far East, and he is fired up to talk about the US Election and its implications for global geopolitics. We cover Trump's controversial cabinet picks. Frank is supportive of Marco Rubio as Secretary of State, and Rubio will have his hands full with very active global hot spots in Russia, China, and the Middle East. The conversation ends with the new US Administration's implications on Canada, including whether Canada and the USMCA will be on the inside or outside of Trump's proposed tariff wall, and timing for a Canadian election.

This podcast was recorded on November 21, 2024.

Chapter Headings

1:00 – Frank's Unique Take on the Election Result

5:07 - Handicapping Complex Senate Confirmations

12:16 - Elon Musk's New Role Running DOGE, the Department not the Coin

17:52  – Comparing Cabinet Appointment Process in US vs Parliamentary System

20:07 – Are We Nearing the End Game in Russia?

28:16 - The Future of USMCA and Relationship with Mexico

31:47 - The Latest on Timing for a Canadian Election

For relevant disclosures, visit: tdsecurities.com/ca/en/legal#PodcastDisclosure. To learn more about TD Securities, visit us at tdsecurities.com or follow us on LinkedIn @tdsecurities.

In this special edition of Geopolitics, we check in on a post-election panel discussion at the 25th Annual TD Securities Portfolio Management and Market Structure Conference.  With Frank Mckenna out of the country, Geopolitics host Peter Haynes is  joined by The Honorable Rona Ambrose, Deputy Chairwoman of TD Securities and Chris Krueger, Geopolitics Expert at TD Cowen's The Washington Research Group to discuss the surprising US Election results and its implications for Canada-US relations.    Rona also takes time to discuss the political backdrop in Canada and potential for an election north of the border in the next few months.

Chapter Headings:

1:00 – The Outstanding Races – When Will They Be Decided?

4:30 – Rona's Biggest Surprise

10:10 – The Future of USMCA and Canada's Minerals and Water

15:55 – Trump's Potential Cabinet Appointments

23:10 – Tariffs, Immigration and Ukraine

29:00 – The 411 on Pierre Poilievre

36:40 – Key Dates Until Inauguration

For relevant disclosures, visit: tdsecurities.com/ca/en/legal#PodcastDisclosure. To learn more about TD Securities, visit us at tdsecurities.com or follow us on LinkedIn @tdsecurities.

In Episode 57, Frank invites Chris Krueger, TD Cowen's Washington politics expert, to the podcast to discuss the upcoming November 5th US Election and key factors that will determine who wins the Presidential race.  Frank explains the importance of the election outcome to Canada, noting that if Trump is true to his word (and there is no reason to doubt him), then a Republican victory would lead to a weakening (if not outright end) of multilateralism globally. While the USMCA might survive, the threat of unilateral tariffs will overhang Canada-US relations for the duration of the next Administration. We discuss down ballet Congressional votes, which according to both Frank and Chris are likely to lead to a split Congress. Chris also weighs in on the risk of outlier events disrupting the peaceful transition of power. We wrap up with Frank's take on the Federal Liberal Caucus revolt, and the likelihood that Prime Minister Trudeau stays on through the next election in Canada, especially considering incumbent defeats in provincial elections from coast to coast.

Chapter Headings:

0:55 - Is the US Election the Most Consequential in History?

2:11 - Key Variables that Will Decide the Outcome

8:58 - USMCA – Threat of Unilateral Sanctions from a Trump Administration

14:07 - Will the Prime Minister Push Biden to Resolve Softwood Lumber Dispute?

16:50 - Risk of Outlier Events Disrupting Peaceful Transition of Power

27:02 - Trump Tax Breaks and Debt Ceiling

33:19 - Placing Bets on the Winner

36:28 - Liberal Caucus Revolt and Likelihood Trudeau Stays on Through Next Election

For relevant disclosures, visit: tdsecurities.com/ca/en/legal#PodcastDisclosure. To learn more about TD Securities, visit us at tdsecurities.com or follow us on LinkedIn @tdsecurities.

Episode 56 is a mostly Made in Canada geopolitical discussion. Frank covers the NDP decision to end its supply and confidence agreement with Prime Minister Trudeau and his Liberal Party, leading to speculation of a snap election soon in Canada.  Frank handicaps the three provincial elections in Canada in October in BC, Saskatchewan and his home province of New Brunswick where it is a close race dictated by regional differences in voter preferences.  As two months have passed without a decision by Trudeau to step down, it appears to Frank like the Prime Minister will stay on to lead the Liberals through the next election.  Frank puts concern over border security in Quebec in perspective as minor in comparison to the southern border of the US and then finishes the conversation with US election predictions and a discussion on the disturbing escalation in tensions between Israel and Hezbollah.

Chapter Headings

00:46 - NDP Ends Supply and Confidence – What is its Calculus?

03:35 - Tick Tock – Time Passes and Trudeau is Still Leader

07:52 - Handicapping Three Provincial Elections in October

13:27 - Frank Meets Liberal Cabinet on CAD-US Relations – Takeaways

18:30 - Border Security – Quebec-New York State

24:22 - Canada's Obsessions with US Politics – Is it Unhealthy?

26:38 - 40 Days Until the US Election

31:49 - Israel's Pre-Emptive Strike on Hezbollah

For relevant disclosures, visit: tdsecurities.com/ca/en/legal#PodcastDisclosure. To learn more about TD Securities, visit us at tdsecurities.com or follow us on LinkedIn @tdsecurities.