Trump Melts Down as Canada Trade War Backfires

23 Aug 2026 · 25 min · 12 chapters

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In short

The host argues Donald Trump is melting down over a Canada trade war, that Canada is retaliating effectively, and that Trump is also manipulating oil markets via dubious claims about Strait of Hormuz tanker traffic. The episode links trade conflict to energy prices and broader U.S. credibility issues.

Guests

No guests are interviewed in the transcript. Named figures include Prime Minister Carney (Canada), U.S. officials (unnamed), and Natalie Harp (mentioned as someone Trump spent time with), plus commentators like Mark Levin and Benny Johnson.

Key claims

Canada won’t “submit” or accept “51st state” framing; Trump’s tariffs are unjustified and KUSMA terms/side letters are being violated. Strait of Hormuz “unprecedented” oil transit claims are portrayed as lies; satellite/AIS-off visibility is cited as counterevidence. Iran’s stance is presented via a quoted Iranian official warning against economic war participation.

Notable examples

Manitoba Premier Wab Kanu urging “fight back” via buying Canadian; British Columbia Premier David Eby warning U.S. relations won’t return to normal; Carney stressing unified Canadian decision-making; alleged 40 tankers/16 million barrels claim; gas prices cited around $4.11 and diesel $5.57; Iran cyberattacks and threats to block oil exports.

Written by AI. May contain mistakes. Listen to the episode to check what was said.

Chapters

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Introduction to Trump's Trade War

0:58 to 1:25

Explore the ongoing trade war between the U.S. and Canada.

“That first bite of your favorite sub, followed by ice-cold Pepsi.”

Introduction to Trump's Trade War

1:49 to 2:26

Explore the ongoing trade war between the U.S. and Canada.

“When it matters most, you want the truth from the voices you trust.”

Canada's Response to Trump's Actions

2:26 to 4:14

Understand Canada's stance against Trump's trade policies.

“Prime Minister Carney made it clear, we are indeed in a war against the United States because they attacked us.”

Canadian Leaders' Reactions

4:14 to 6:10

Hear statements from Canadian leaders about their unified response.

“Well, no, Prime Minister Carney made it very clear that Canada will stand up for its sovereignty.”

Trump's Character and Trust Issues

6:10 to 7:20

Discuss the perception of Trump's reliability in negotiations.

“You had the premier of Manitoba, Wab Kanu, saying the following.”

Trade Agreements and Tariffs

7:20 to 9:06

Examine the implications of tariffs and agreements on U.S.-Canada relations.

“President Trump is the type of person that would steal your lunch money the first day.”

Market Manipulation Claims

9:06 to 11:33

Analyze claims of market manipulation surrounding U.S. oil shipping.

“In these last few days, we were drilling down on specific issues that might have been papered over the differences in the administration, if there were indeed differences.”

Conclusion on Canadian Resilience

11:33 to 14:00

Reflect on Canada's resilience and determination in the trade conflict.

“And so Canada is united, as you can see.”

Oil Prices and Market Manipulation

14:00 to 15:10

The discussion revolves around the rising oil prices and the misinformation surrounding oil supply in the U.S.

“And so even if they turn their AIS off, they turn those transponders off and use the route and go dark, you can still see.”

Trump's Foreign Policy and Military Actions

15:10 to 19:10

An analysis of Trump’s foreign policy, particularly regarding Iran, and the implications of military decisions.

“Then if that's true, which it isn't, then wouldn't the price of gas be going down rapidly?”
Show all 12 chapters

Nuclear Threats and Economic Crisis

19:10 to 21:08

The segment discusses the threat of nuclear weapons and the resulting economic crisis linked to Trump's policies.

“Finally, Motion Resi says, we are telling all neighboring countries not to participate in the economic war alongside the United States.”

Trump's Stock Trading Conflicts

21:08 to 22:39

Details on Trump's extensive stock trading activities and the potential conflicts of interest involved.

“And I'll leave you with this, and I'm sure you knew about it.”
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Transcript

Automatic transcript. May contain errors.

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2:17Ben Meiselas:Donald Trump was having a meltdown at 1.06 a.m. over his catastrophic trade war with Canada as Canada has struck back hard. Prime Minister Carney made it clear, we are indeed in a war against the United States because they attacked us. We are in a trade war and Canada will win this trade war, Prime Minister Carney said yesterday. So finally, Donald Trump broke his silence at 1.06 a.m. in the morning after hanging out with Natalie all day. By the way, the press pull at the White House caught them walking in together around 4.45 p.m. when they kicked out all the press from the White House. But I digress.

2:57Ben Meiselas:At 1.06 a.m., Donald Trump posted the following. Canada wants the benefits of being a state without being one. They have also charged our great farmers for many years massive amounts of tariffs. No more exclamation points. President DJT, Canada does not want the benefits of being a state. Canada wants to be Canada, a sovereign, proud nation, and they want to be treated with the respect and dignity they deserve as an ally, as a country that has always had the back of the United States that you have utterly betrayed. There is a trade agreement with Canada that you did during your first term called KUSMA, the Canada-US-Mexico agreement.

3:45Ben Meiselas:And all anybody is saying is stick to the terms of the deal. Canada negotiated in good faith. The Trump regime negotiated in bad faith. Donald Trump has tried every tactic to get Canada to submit, to become the 51st state, whether it was attacking Canada because they ran an ad using Ronald Reagan's speech when Ronald Reagan's supposed to be someone the Republicans claim they look up to, whether it's because of the bridge that was being built between Michigan and Canada, whether it was whatever the justification was, the Trump regime would, the wildfires, whatever it was, the Trump regime would try to find ways to say, this is why we're attacking Canada and this is why they need to become the 51st state.

4:32Ben Meiselas:Well, no, Prime Minister Carney made it very clear that Canada will stand up for its sovereignty. It will never submit. It will not do a bad deal. It'd rather do no deal at all. And the Canadian people and the premiers of Canada are rallying around Prime Minister Carney right now, while in the United States, Donald Trump's trade war against Canada is deeply unpopular. And the people in the United States are like, why is this psycho in the Oval Office engaged in this stupid trade war that's going to be a tax on the American people. And that also is mutual destruction regarding U.S. and Canadian relations.

5:13Ben Meiselas:Like, what the heck are you doing? So then after posting that, Donald Trump, by the way, previously posted Mark Levin saying, these blue states are sabotaging you. And then Donald Trump posted before that, we've escorted over 1 ,000 ships through the Strait of Hormuz. That's like Donald Trump's latest, now that he doesn't have any credibility whatsoever about anything, but about all of these fake deals with Iran. Now Donald Trump basically claims fake ship crossings. And so yesterday he went to Barack Ravid and Barack Ravid was like, we've set unprecedented levels of oil that went through the Strait of Hormuz yesterday.

5:55Ben Meiselas:And it was a great day for the oil markets. It's like, okay, stop trying to manipulate the markets. It's like, we're not fools. We know what you're trying to do there. Just deranged post after deranged post by Donald Trump throughout the day. But let me show you what they were saying in Canada earlier in the day. You had the premier of Manitoba, Wab Kanu, saying the following. Let's play this clip. History will not be kind to Donald Trump, so we should never appease him. And we should fight back, which is what Canada is doing today. We can fight back against Donald Trump by buying from Canadian businesses, by supporting Canadian workers, and most importantly, by living up to our Canadian values.

6:39I can tell you right now that Team Canada is 100 % united behind what the Prime Minister announced earlier today.

6:48Ben Meiselas:You had David Eby, the Premier of British Columbia, saying the following. Play the clip. The hope is, my hope is, that with a change in administration or a change in approach from this administration following the electoral impacts that they're seeing currently, that we'll be able to get to a place of stability. But I think the idea that our relationship with the United States is going to go back to what it was is folly. It has changed. It will not go back. And as a result, we have to do the uncomfortable but necessary work of reaching out and increasing our trade diversification around the world.

7:24to ensure that we will not be held hostage in the way that the president is trying to right now by the fact that we've been willing to integrate with the american economy to the extent that we

7:35Ben Meiselas:did by the way canoe and eb are members of the ndp party which is like the left-wing party in canada charlie angus from midas canada is a member of the ndp when he was a member of parliament doug ford on the opposite side right-wing conservative premier from ontario here's what he had to say yesterday play this clip and again i'm going to give the prime minister credit one more time it's very complicated folks and you know president trump he can't be trusted simple as that he changes the deal he keeps moving the goal post you know let me tell you about president Trump. President Trump is the type of person that would steal your lunch money the first day.

8:23He'd steal the toque off your head the second day, and the third day he'd steal your running shoes. He is not to be trusted whatsoever. We need to stay united.

8:31Ben Meiselas:And then Prime Minister Carney, during his powerful speech, said the following. Let's play it. Was Howard Lutnick's involvement in the last days an impediment to getting a deal? It's a question for the U.S. administration. Ultimately, I'm responsible for the decisions of the Canadian government. We take it as a cabinet, but I certainly bear those responsibilities. And so the head of the U.S. administration, the president, bears the responsibility for decisions they take. But I will say this, which is that the Canadian team unified. Unified the individuals you see here, their team members, our ambassador in Washington, my chief of staff unified talking together the clerk of the Privy Council everyone in the loop everyone knows what our objectives are collective decision making as I say ultimately I and the cabinet bear responsibility for those decisions but unity you cannot say that about the United States administration and as a consequence last point and I'll go to your colleagues I think this is important.

9:41In these last few days, we were drilling down on specific issues that might have been papered over the differences in the administration, if there were indeed differences. Ultimately, there's a decision maker at the top. And in drilling down on those, a number of those issues that I just referenced became very clear, and there was not a deal that

10:05Ben Meiselas:And more from Prime Minister Carney right here. Let's play this clip. Your midnight statement mentioned part of the breakdown was the reliability of any deal. What do you say to other global business and what do you say to other business and government leaders around the world who can wonder if the U.S. can be trusted from here? If Donald Trump can't execute the art of the deal with friendly Canada, who can you do business with? Yeah, I mean, you know, if you execute a deal, you have to stand by that deal. and Canada stands by our agreements. We've stood by the term. I mean, we're only responding in the context of a series of unjustified tariffs that have been put in place, unjustified under the...

10:47We have a deal with the Americans. I mean, that's the thing. We have a deal with the Americans. It's called KUSMA. We have side letters that clarify behavior in steel, in aluminum, in autos. All of those are being violated day in, day out. They act as if, you know, yeah, we have a deal. Okay, what message does that send? On the other side of the ledger, you have a country, Canada, that has a series of trade deals around the world that's expanding rapidly, that will continue to expand because we're trusted, because we're reliable, because we have things like critical minerals, many other aspects that the world wants.

11:26And so we're going to continue to pursue that. And one thing that we certainly were not going to accept was any restriction in our ability to execute those deals. Yeah.

11:40Ben Meiselas:And so Canada is united, as you can see. I'll do a whole other video on Canada staying strong and united together. But yes, 106 a.m., Donald Trump goes, Canada wants the benefits of being a state. I mean, what an utterly absurd. I mean, Trump's, you have to understand. Trump is a sexual predator, right? I mean, he's a sicko and he won't go away. And so he's like, oh, you want to be a state? You want to be a state, don't you? And Canada's like, no, we don't want to be a state. We don't want to be there. Oh, you want it. You want it. Dude, get the hell away from us, you freaking creep. Get out of here.

12:15Ben Meiselas:Get out of here, you sicko predator. That's basically Canada's view, you know, of Donald Trump. It's like, get away. And he's always going to come back. And it's why at some point you just got to say, just go away. We'll deal with the consequences of this trade war. We will fight. We will stand proud in Canada, and we will win. As I noted earlier in the video, Donald Trump called a lid for most of the day, meaning he kicked out the press from the White House throughout most of the day yesterday. But the press pool was able to catch Donald Trump with Natalie, your pooler, the press pool who was responsible for being around where Donald Trump is in the White House.

12:54Ben Meiselas:Your pooler saw Trump, POTUS, leave the car at 4.45 with Natalie Harp immediately after. I think we got photos of Donald Trump and Natalie Harp yesterday. Donald Trump did not comment regarding Canada for most of the day until 1.06 a.m., but he was spending lots of time with Natalie. As I noted earlier, Barack Ravid was leaked the following by the Trump regime. Around 40 tankers transited in and out of the Strait of Hormuz through the Southern Deep Channel on Friday night. Around 16 million barrels of oil moved out of the straight through the Southern Channel on Friday night. Three U.S. officials told me, with Ravid, it's always three U.S.

13:36Ben Meiselas:officials told me, but you notice now the market manipulation is not, we did a peace deal. No one believes that anymore. Frankly, no one should believe what he's saying here, but the new tactic is just like a thousand ships passed, 40 tankers passed. Look, there are satellite images of the Strait of Hormuz. The VLCCs are very large. You can see them. Even the other ships that aren't VLCCs that carry oil, you can see them in the Strait of Hormuz. And so even if they turn their AIS off, they turn those transponders off and use the route and go dark, you can still see. And we know our strategic petroleum reserves in the U.S.

14:15Ben Meiselas:continue to be depleted. We can see the price of gas. We know that the price of crude continues to go up. It's going to hit, what,$100 a barrel soon. I mean, we're talking mid-90s at this point. We know the price of diesel's hitting like$200 a barrel soon. We know per gallon the price of gas,$4.11 nationwide, but probably by you in the United States, it's more than that. We know the price of diesel,$5.57 a gallon, but probably more than that by you right now. And so supply and demand, if all of this oil is actually getting out there, plus Donald Trump says we're getting so much oil right here in the old USA.

14:57Ben Meiselas:And also we're getting so much oil from Venezuela, he says, right? From Venezuela, from USA, from Alaska, from Texas. Apparently, according to Barack Ravid, 40 tankers carrying 16 million barrels. Okay. Then if that's true, which it isn't, then wouldn't the price of gas be going down rapidly? If we had an abundance, wouldn't we actually see that in the market? No. You've been manipulating the market day in, day out. You've been lying. And what's actually been happening is the supply continues to dwindle and dwindle and dwindle. And we have a catastrophic shortage. And guess who provides us with a lot of oil.

15:36Ben Meiselas:Guess who provides us here with a lot of electricity as there's the electricity inflation is through the roof. Guess who provides the U.S. with most of its energy? Canada, who Donald Trump is attacking because he's a predator and a sicko and wants to go after the closest ally and neighbor of the United States. During an energy crisis already, you can't get much more dumber and demented than the psychotic idiot, sexual predator, sicko, demented felon in the Oval Office. You have Benny Johnson, right-wing propagandist going on state regime media, and he's like, Donald Trump looks at Iran and says, Hormuz, your daddy.

16:18Ben Meiselas:Hormuz, your daddy, Benny Johnson says. Hormuz, your daddy. What in the world are y 'all talking? Hormuz, your daddy. This is serious stuff. This is matters of war and peace, life and death. This is a Trump regime that slaughtered 168 little girls in Manab, slaughtered 21 little girls playing volleyball in Le Maire, slaughtered thousands of people in Iran, slaughtered people across the world. And you're just doing, oh, who's your daddy? Should I bomb her own? Ha, ha, ha. No, it's not funny at all. This is not humorous. This is matters that we need to take deeply seriously. But this is what this right wing propaganda is all about.

16:58Ben Meiselas:Play this clip. It really is too bad for them to say that they're upset about Iran and they're upset about radical Islamic Jihad. Have a look at your own party. I think what they're upset about is that Donald Trump's actually doing pretty damn well in this war right now. Donald Trump is looking right now at Iran and saying, Hormuz, your daddy. Who's your daddy? And we also learned yesterday that Iran was successfully able to, earlier in the war, shut down a British power plan for four days in an unprecedented cyber attack, the Telegraph can disclose. It is thought to be the first time that hackers affiliated to the Iranian regime have succeeded in closing down such a facility in the UK and believed to be the most successful cyber attack of its kind.

17:46Ben Meiselas:By the way, that happened at the same time that Iran was able to shut down certain water power facilities in Minnesota here in the United States, which Trump denied and blamed on Minnesota because he doesn't like the state of Minnesota. But Iran's been able to successfully do that. It's being covered up here in the United States. And then we were able to hear yesterday from Iran's secretary of the Supreme National Security Council, meaning the top military advisor to the Ayatollah Mojtaba. And this guy's name is Moshen Rezi. He's the security, Iran's secretary of the Supreme National Security Council.

18:21Ben Meiselas:And here's what he had to say. Trump's foolish decision to attack Iran has increased people's desire around the world to obtain nuclear weapons, especially after they saw that membership in the International Atomic Energy Agency and the NPT did nothing to prevent a U.S. attack. Instead of creating nuclear security, Trump has created nuclear insecurity. He goes on to say, after the U.S. military attack on Iran, the world saw that possessing a nuclear bomb could be more effective than 100 F-35s. The F-35s lost their aura of invincibility in Iran, and Arab countries no longer trust American weapons.

19:02Ben Meiselas:He goes on to say, we will defend Iran resolutely and will not allow American forces to set foot in Iran. I advise the Americans not to deploy any additional forces because we will strike them. Finally, Motion Resi says, we are telling all neighboring countries not to participate in the economic war alongside the United States. Otherwise, we will consider them enemies. We are not seeking to expand the war, but if countries around Iran cooperate with the Americans in the economic war, we will strike their interests. If countries around Iran join the Americans in the economic war, not a single drop of oil will leave the Persian Gulf or the Strait of Hormuz, and we will also target other routes through which oil is exported from the Persian Gulf.

19:53Ben Meiselas:And of course, independent verification shows that very few tankers are actually getting out of the Strait of Hormuz and that these Trump regime leaks to Barack Ravid are all lies intended to manipulate the market. But folks, as I've said before, and I talk about this in the book that I wrote, WTF America with my brothers, which comes out October, pre-order it right now. The example we give with the reflecting pool, which I think is a metaphor for all of this, you can try to paint it blue. You can engage in all your fraud and your scams and your schemes and your ranting. But guess what? If you don't actually address the issues and if you're not honest and transparent about things, the algae always comes back.

20:35Ben Meiselas:The algae always comes back in the reflecting pool. And you can lie in the way Besson manipulates the yen one day, and he does bond buybacks the next day, and you've got Trump doing with Barack Ravid, putting out these things that move the markets here or there. But guess what? The algae always comes back. And here we are, August 23rd, six months into this catastrophic and unlawful war, and we We are in an economic crisis in the United States that was very, very predictable. But guess what Donald Trump is doing? And I'll leave you with this, and I'm sure you knew about it. Donald Trump in the month of June did over 1 ,000 stock trades for June.

21:18Ben Meiselas:This is in addition to all of the reporting we previously did. Right in 2025, we learned that he did 21 ,000 stock trades in that year alone. But in just the month of June, we got the financial disclosures from Trump. 1 ,000 stock trades in June. He was like trading Boeing right around Boeing deals with the government. He did a Vanguard ETF trade of somewhere between like$25 and$100 million. He traded in Amazon. He traded in all these companies that the U.S. government does businesses with. And it was one of these disclosures that listed all of these companies. And the Trump regime goes, no conflicts of interest here.

21:59Ben Meiselas:No conflicts of interest here. Really, no conflicts of interest. And so Donald Trump gallivanting around with Natalie. What are they doing? The Grand Prix IndyCar race event, the ridiculous thing today. You've got him doing 1 ,000 stock trades in June, talking about golden ballrooms while All the American people are looking at gas prices at$4.11 nationwide, but probably more expensive by you. Diesel,$5.57 a gallon, but probably more expensive by you nationwide. Groceries, all-time highs. Electricity, all-time highs. Inflation surging. And that's what Trump's doing. Thanks for watching. Hit subscribe.

22:46Ben Meiselas:Let's get to 7 million. Appreciate you. Before you go, our book, WTF America, is available for pre-order now. It's the story of how we got here and how we fight our way back. To pre-order, scan the QR code or click the link in the description. Let's do this.

From the publisher

MeidasTouch host Ben Meiselas reports on Donald Trump having a meltdown at 1:06 AM as the trade war against Canada backfires in his face.

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