🚨 SCOTT BESSENT COMPARED MARK CARNEY TO A YAPPING DOG He told a story about a dachshund that kept provoking his 110-pound German Shepherd For a long time, the bigger dog ignored it “And then one day she had enough” Bessent then accused Carney of walking away from a good U.S. trade offer for political reasons The tariffs behind that insult are already real Trump imposed 50% duties on roughly $20 billion of Canadian products after negotiations collapsed Canada’s counter-tariffs begin September 8, targeting about $20 billion of American goods That is another round of costs landing on businesses that still have orders to fill and workers to pay The problem for Ottawa: America bought roughly TWO-THIRDS of Canada’s goods exports in July Sales to other countries are growing, but reducing that dependence takes more than announcing new trade partners A factory needs customers, contracts and a way to deliver its products profitably Carney can win public support for rejecting Washington’s demands and still face pressure from employers losing American business But Trump does not get a painless victory either U.S. importers pay American tariffs, and Ottawa is targeting industries where retaliation can build political pressure before the midterms My read: both governments want the other side’s businesses to demand a deal first Watch earnings guidance, hiring freezes and production cuts over the coming weeks Those are where the negotiating pressure would show up For markets, the danger is that both leaders keep escalating while each expects the other to surrender MY BET: CARNEY BLINKS FIRST