WEBVTT - Ontario Premier Doug Ford Talks Energy Hikes

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news Now.

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<v Speaker 2>As markets are brac in Canada is also bracing for

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<v Speaker 2>higher tariffs and immediate challenge for Mark Carney, the former

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<v Speaker 2>governor of the Bank of Canada and Bank of England,

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<v Speaker 2>who is set to take over as the country's prime

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<v Speaker 2>minister after winning the race to succeed Justin Trudeau. During

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<v Speaker 2>his victory speech yesterday, Carney had this sharp message for

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<v Speaker 2>President Trump on trade.

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<v Speaker 3>The Canadian government has rightly retaliated and is rightly retaliating

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<v Speaker 3>with our own tariffs that will have maximum impact in

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<v Speaker 3>the United States and minimum impact here in Canada. And

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<v Speaker 3>my government will keep our tariffs on until the Americans

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<v Speaker 3>show us respect.

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<v Speaker 2>And we did see further retaliation today with Ontario Premier

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<v Speaker 2>Doug Ford ordering a twenty five percent surcharge on electricity

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<v Speaker 2>exports to three US states, and Premiere Ford is joining

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<v Speaker 2>us now for more here on Bloomberg TV and Radio.

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<v Speaker 2>Premier Ford, thank you for your time. You have suggested

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<v Speaker 2>that this surcharge could be hiked, or potentially that electricity

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<v Speaker 2>exports to the US could be cut off entirely if

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<v Speaker 2>there is escalation from this administration. What escalation would precipitate

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<v Speaker 2>that response from you.

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<v Speaker 1>Well, first of all, thanks so much for having me

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<v Speaker 1>on Kiley and Joe. I appreciate the opportunity. I start

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<v Speaker 1>off with every interview saying we love Americans, we love

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<v Speaker 1>the US, Canadians love Americans. I do spent twenty years

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<v Speaker 1>of my life in Chicago and New Jersey and saying this.

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<v Speaker 1>This is one person. It's not the American people. It's

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<v Speaker 1>not even Republicans that I've talked to governors or senators

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<v Speaker 1>or congress women and men. As one person. That's President

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<v Speaker 1>Trump has created this chaos, not just here in Canada

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<v Speaker 1>and US and Mexico, but around the world right now.

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<v Speaker 1>You know, he ran on a mandate to lower inflation,

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<v Speaker 1>create more jobs, and it's done the total opposite. Inflation's

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<v Speaker 1>going up. Assembly plants will close. If he continues on

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<v Speaker 1>with these tariffs in the auto sector, people will lose

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<v Speaker 1>their jobs, Manufacturing will go down, and people will have

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<v Speaker 1>less money in their pockets. I believe in the name

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<v Speaker 1>can Fortress. Let's create American Canadian Fortress and have the strongest, wealthiest,

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<v Speaker 1>most prosperous two countries in the entire world. That's what

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<v Speaker 1>I believe in.

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<v Speaker 4>Have you talked about your own retaliation with incoming Prime

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<v Speaker 4>Minister Karney. Are you both on the same page on this.

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<v Speaker 1>I just got off the phone with him a minute ago,

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<v Speaker 1>and Prime Minister Elect Carney extremely break the individual when

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<v Speaker 1>it comes to finances and other areas of business. I'm

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<v Speaker 1>going to be sitting down with them this week and

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<v Speaker 1>having a conversation. But he's right in line with what

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<v Speaker 1>I believe in across the country. Patriotsm is running wild

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<v Speaker 1>like I've never seen before. And again it's not against

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<v Speaker 1>the American people. It's one person I called the self

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<v Speaker 1>inflicted potential recession. There's one person that will put us

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<v Speaker 1>in a recession, and that's President Trump.

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<v Speaker 2>So you've spoken with the incoming Prime Minister. Have you

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<v Speaker 2>had a chance to speak with the President or anyone

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<v Speaker 2>in this administration since putting into place this surcharge today?

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<v Speaker 1>No, I haven't. I spoke to Secretary Lutnik, another great

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<v Speaker 1>individual when it comes to finances, and I agree or

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<v Speaker 1>disagree with President Trump, he's an extremely bright business person.

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<v Speaker 1>If they can't see this, when the market speaks, I

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<v Speaker 1>always say, when the market speaks, you have to listen.

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<v Speaker 1>The market is speaking. CEOs are speaking people are speaking out.

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<v Speaker 1>Why is he doing this to his largest customer in

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<v Speaker 1>the world, Canada. No one buys more products off the

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<v Speaker 1>US than Canada does, including autos four hundred percent more

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<v Speaker 1>than Mexico, two hundred percent more than anywhere in the world.

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<v Speaker 1>And we buy as many cars as we ship down there,

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<v Speaker 1>and the one ship down there are fifty percent American

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<v Speaker 1>made parts. You can't I always say that you can't

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<v Speaker 1>unscramble an egg that's been around since the nineteen sixties,

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<v Speaker 1>the auto pack. We have to make a larger almland.

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<v Speaker 1>That's what we need to do.

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<v Speaker 4>Well, your export tariffing electricity here, you've called for possibly

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<v Speaker 4>export tariffing crude. I wonder what is your message to

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<v Speaker 4>Premier Smith of Alberta, who's staunchly opposed to that idea.

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<v Speaker 1>Well, that's strictly up the Premier Smith. I have no

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<v Speaker 1>jurisdiction in Alberta. That will be up to Premier Smith.

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<v Speaker 1>But Americans have to remember President Trump said, I should

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<v Speaker 1>say President Trump should remember that Alberta ship's four point

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<v Speaker 1>three million barrels a day down to the US. And

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<v Speaker 1>there's nothing more than I'd want to do is send

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<v Speaker 1>more energy, more critical minerals rather than raised tariffs. I

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<v Speaker 1>don't believe in protectionism. With your two closest friends and

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<v Speaker 1>allies in the entire world. As we're going back and

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<v Speaker 1>forth at each other, China's ramping up every single day

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<v Speaker 1>in the critical minerals, and they've cut the US off

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<v Speaker 1>for critical minerals for their military. We have it. Ontario

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<v Speaker 1>is more critical minerals than anywhere in the world. And

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<v Speaker 1>who do I want to give it to. I want

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<v Speaker 1>to give it to our closest friends and allies, the US.

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<v Speaker 2>Well, when we're considering what commodities Ontario does have, you've

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<v Speaker 2>threatened to cut off the supply of nickel from mines

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<v Speaker 2>in Ontario. Is that a real threat? And again, what

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<v Speaker 2>would make you act on that? What action from the

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<v Speaker 2>Trump administration would see that response?

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<v Speaker 1>Well, fifty percent of the high grade nickel, and I

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<v Speaker 1>emphasize high grade nickel in the US their military and

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<v Speaker 1>aerospace and manufacturing comes from Ontario. Again, Kaylee, I want

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<v Speaker 1>to send more nickel, more high grade nickel, more lithium,

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<v Speaker 1>more cobalt. We have thirty three of the most critical

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<v Speaker 1>minerals that the whole world wants. I don't want to

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<v Speaker 1>give them to anyone. I want to give them to

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<v Speaker 1>our closest friend and allies. That's what I want to do.

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<v Speaker 1>I want to create that damncan fortress.

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<v Speaker 4>This is interesting, and I wonder, Premiere, what your thoughts

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<v Speaker 4>are about President Trump's motivations. What's his obsession? If I

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<v Speaker 4>can use that word with Canada. Clearly we've established that

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<v Speaker 4>much more fentanyl, by many thousands of pounds a years

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<v Speaker 4>going through Mexico. Have you heard that message from this

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<v Speaker 4>White House? What it is that Canada could do to

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<v Speaker 4>bring these tariffs down?

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<v Speaker 1>Well, your guess is as good as mine, Joe, because

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<v Speaker 1>when the President said tighten up the border, we acted

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<v Speaker 1>immediately to tighten up the border. I had the DEA

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<v Speaker 1>in my office at the US Border Patrol and Canadian

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<v Speaker 1>Border Patrol, federal and state police, and we're doing that.

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<v Speaker 1>We put over ten thousand personnel along our border. But

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<v Speaker 1>it works both ways. You know, I hate drugs. I

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<v Speaker 1>can't stand one graham of fentanyl coming in, But where's

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<v Speaker 1>the precursors coming from? From China? They gave me a report,

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<v Speaker 1>our provincial police equal to our state police, that hundreds

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<v Speaker 1>of kilos of cocaine are coming from the southern border

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<v Speaker 1>that we're caught in the last couple of weeks, illegal guns, illegals, opioids, fentanyl, everything.

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<v Speaker 1>We have a shared border, and I know our Canadian

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<v Speaker 1>and American border patrol folks work together, our police work together.

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<v Speaker 1>So we're going to do everything we can to stop

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<v Speaker 1>the flow of drugs and illegals and guns coming back

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<v Speaker 1>and forth across the border. But it has dropped drastically

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<v Speaker 1>here in Canada.

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<v Speaker 2>Well, President Trump contends, it's not just an issue with

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<v Speaker 2>what's flowing over the border. This is also about making

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<v Speaker 2>sure trade between the US and Canada is more fair.

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<v Speaker 2>Hence the threat of reciprocal tariffs against things like lumber

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<v Speaker 2>and dairy premiers. Should Canada consider lowering rates charge there

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<v Speaker 2>so that it doesn't require a reciprocal tariff?

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<v Speaker 1>Well, Kaylee, I'll tell you the facts. You take the

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<v Speaker 1>oil off the balance sheet because the US needs it.

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<v Speaker 1>The US has a fifty six billion dollars surplus on

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<v Speaker 1>manufacturing and services with Canada, so they have a surplus

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<v Speaker 1>of fifty six billion. I have no problem with that.

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<v Speaker 1>That's fine. Let's grow the pie, as I say, grow

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<v Speaker 1>the ame one, make it larger. As you know, as

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<v Speaker 1>our foes be it China is declaring an economic war.

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<v Speaker 1>They've been doing that, by the way, quietly for the

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<v Speaker 1>last ten years, while everyone's been sleeping, and they're sitting

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<v Speaker 1>back laughing at the two greatest allies, you know, duking

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<v Speaker 1>it up, back and forth.

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<v Speaker 3>Up.

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<v Speaker 1>Let's unite. We're stronger together united. We stand, divided, we fall.

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<v Speaker 1>We need to stand united together.

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<v Speaker 4>Thanks for joining us, Dougford Ontario's premiere. Great to have

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<v Speaker 4>you with us on Balance of Power. We should also

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<v Speaker 4>note that Mark Harney is the former chair of Bloomberg's

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<v Speaker 4>Board of directors.