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United States Treasury Secretary Scott Bessent delivered a blunt reality check to Canada on Monday, mocking Ottawa’s tariff threats and questioning whether Prime Minister Mark Carney has any serious leverage against the much larger American economy.
Bessent made the remarks during an interview with CNBC’s Sara Eisen from Asheville, North Carolina.
He was there to host a two day gathering of G20 finance ministers and central bank governors.
The interview turned toward the latest tariff dispute between Washington and Ottawa.
Eisen asked, “And finally, are you meeting with your Canadian counterpart here?”
She also questioned whether financial markets should view the escalating rhetoric as a tit for tat trade war between the neighboring countries.
Bessent responded by emphasizing the enormous difference in economic weight between the United States and Canada.
The Treasury secretary noted that the American economy is roughly 13 times larger than Canada’s economy.
In other words, Ottawa can shout loudly, but shouting does not magically create bargaining power.
Bessent then dismissed the Canadian response with a simple question: “What else are they going to say?” His answer suggested that Carney’s government is relying on political theater because its practical options are considerably less impressive.
Bessent also accused Carney of transforming an economic disagreement into a partisan spectacle.
“You know, look, I think this is very unfortunate that Prime Minister Carney has turned this into a political shouting match. I mean, we’re not at war with Canada.”
Then came the line certain to irritate Canada’s political class.
“What are they going to take their two submarines from the Edmonton Mall and sic them on us?”