Trade Update and Canada's Budget – Rona and Frank Debate
Guests: Frank McKenna, Deputy Chair, TD Securities and Rona Ambrose, Deputy Chairwoman, TD Securities
Host: Peter Haynes, Managing Director and Head of Index and Market Structure Research, TD Securities
Episode 70 of Geopolitics is a bonus episode taken from a panel at our recent Portfolio Management and Market Structure Conference. Frank McKenna is joined by his TD colleague The Honorable Rona Ambrose, Deputy Chairwoman, TD Securities, and former leader of the Conservative Party in Canada, for a discussion that includes the on again off again trade negotiations between Canada and the U.S. and a review of last week's budget in Canada. While Frank admits the budget was likely over-hyped and a disappointment, Rona takes direct aim at the fact the incumbent government clearly stated that younger generations will need to suffer and made no attempts to appease the interest of the other parties in parliament with its budget decisions. Frank admits he still does not know what Trump's end goal in trade negotiations with Canada is but believes the end deal between the two countries is likely to be much narrower than anticipated originally.
| Chapters: | |
|---|---|
| 2:09 | Trump's Real Motivation for Suspending Trade Negotiations |
| 20:33 | The View Inside the Republican Party on Trade |
| 23:09 | Supreme Court Appears Skeptical of Trump's Use of IEEPA |
| 28:14 | Signals from Off Cycle U.S. Elections |
| 34:54 | Gerrymandering |
| 41:23 | First Take on Canada's Budget |
This podcast was recorded on November 6, 2025.
Full transcript to come.
