In parliamentary elections next week, Canadians are expected to turn out in large numbers for the Liberal Party led by Mark Carney—in part as a reaction to U.S. President Donald Trump. The Liberals had been down in the polls for months, but Trump’s rhetoric and policy, including on tariffs, have prompted voters to turn away from the Conservatives and back Carney, who had a long career in central banking and global finance. On this episode, Adam and Cameron discuss the Canadian economy—the ninth largest in the world—and how Carney plans to deal with Trump.

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Given the news of Pope Francis's death this past week, we're sharing a bonus episode from the archive. This originally aired in March 2024 and is titled, "The Economic Thinking of Pope Francis."

We'll be back with a new episode this Friday.

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As tariff concerns rippled through financial markets around the world this month, the 10-year yield on U.S. Treasury bonds advanced 50 basis points. That is the most in more than two decades. Adam and Cameron talk about what fluctuations in the bond market mean and why it has put a scare in investors.

Plus, in the second half of the show, the costs and benefits of nuclear proliferation from the perspective of defense budgets, nuclear waste, and international security.

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U.S. President Donald Trump reversed course this week as he announced a three-month pause on “reciprocal tariffs” but increased tariffs on China to 125 percent. China responded with 84 percent retaliatory hikes. Hosts Cameron Abadi and Adam Tooze talk about the immediate and long-term impacts of this trade war and look at the possible policy goals it might serve.

And thank you to everyone who responded to our pitch for listener support last week! If you’d like to help support us make the show, please consider following this link to donate.

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U.S. President Donald Trump’s latest tariffs have raised questions about whether this will be the moment that an all-out trade war breaks out with China. Prior to Trump’s announcement, Adam and Cameron took an overall look at the current economic relationship between the two countries.

And thank you to everyone who responded to our pitch for listener support last week! If you’d like to help support us make the show, please consider following this link to donate.

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The legal services industry in the United States is a $300 billion business—bigger than any in the world. In recent weeks, U.S. President Donald Trump has targeted parts of the industry to further his own narrow agenda. Adam and Cameron discuss the possible impact.

Also on the show: For the first time, Ones and Tooze is asking for listener support. Adam and Cameron describe the reasons—and the challenging economics of podcasts—in the episode. Once you’ve heard the pitch, please come back here and consider supporting us by clicking on this link.

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Adam and Cameron discuss Abundance, the new book by Ezra Klein and Derek Thompson.

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U.S. President Donald Trump's trade wars and other economic polices since his inauguration in January have helped wipe out some $4 trillion from U.S. stock markets. As of mid-March, the S&P 500 was more than 10 percent below its last record high. The idea some people had that tariffs would just be a threat by Trump, designed to get better trading terms from U.S. allies and adversaries, is flat-out wrong—at least for now. Adam and Cameron discuss what the impacts might be.

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The U.S. budget deficit last year hit $1.8 trillion, bringing the overall level of American debt to some $36 trillion. The Trump administration will surely add to that figure with its plans to make current tax cuts permanent and spend more on the military and immigration enforcement. Is all this debt sustainable? Adam and Cameron discuss.

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U.S. President Donald Trump has announced a new aspect of his administration’s immigration policy: a path to citizenship for “high-level” people who can bypass the usual process by paying $5 million. Trump said the program will raise revenue for the government—but it might primarily attract Russian and Chinese oligarchs to the United States.

Also on the show, Cameron and Adam discuss brutalism, an architectural style that emerged in the 1950s and is now the subject of an Oscar-nominated film.

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