Oct 22, 2026
Canadians aren’t accustomed to praise from American presidents, particularly not these days. But at a campaign rally in Florida in mid-October, former U.S. president Bill Clinton heaped praise on Canada’s elected leader. He called Prime Minister Mark Carney “about the most well-qualified leader in the world,” and criticized Washington’s treatment of its closest neighbour.
“I’m tired of treating our allies like they’re dirt,” Clinton said.
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While it may feel good to get praise from a former president, the truth is it won’t help reduce inflationary pressures, provide job security or lower the price of goods and services.
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What did Bill Clinton say about Canada and Carney?
Clinton offered his take on the U.S.-Canada trade war on Oct. 20, while campaigning for David Jolly, the Democratic nominee for Florida governor. He described Carney as a longtime friend and noted the prime minister has led the central banks of both the U.K. and Canada.
Then he turned to U.S. President Donald Trump’s annexation talk: “And we have the gall to suggest that they should become the 51st state?”
Trump has floated the idea — that Canada should become America’s 51st state — for more than a year; he recently repeated this sentiment at a rally in Bullhead City, Arizona.
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Why does the trade war matter more than the war of words?
Clinton’s praise may be a welcome change for Canadians after more than a year of criticism and threats from U.S. President Donald Trump. But warm words do little to ease the economic damage caused by the ongoing trade war.
Canada lost 68,000 jobs in September, while the unemployment rate climbed to 6.5%, according to Statistics Canada. Young Canadians aged 15 to 24 were hit particularly hard, losing 48,000 jobs.
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In Ontario, where much of Canada’s steel and auto manufacturing is concentrated, the unemployment rate reached 7%, above the national average. After more than 18 months of trade tensions, both industries continue to face significant pressure from U.S. tariffs, The Canadian Press reports.
For Canadians working in manufacturing or businesses that depend on it, the bigger concern isn’t what American politicians are saying about Canada. It’s whether the ongoing trade dispute could put their next paycheque at risk.
Read more: Carney and Ontario Premier Doug Ford agree on $9B funding plan
Clinton’s praise is great, but what can you do?
You can’t control trade talks, but you can control how exposed your household is to them.
The biggest tool to help prepare for near-future economic shocks is to build up or top up a cash cushion. Many planners suggest three to six months of essential expenses kept in an easily accessible account, such as a high-interest savings account (HISA). Workers in tariff-exposed industries may want to aim for a higher emergency cash stash.
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Romana King, Senior Editor at Money.ca, also writes for various North American publications and the RKHomeowner blog. Her book, House Poor No More, is an Amazon bestseller and five-time award winner, including the 2022 New York CPA Society's Excellence in Financial Journalism (EFJ) Book Award.
