How Mark Carney Kneecapped Trump And Forced The Pause On Tariffs

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With Donald Trump about to plunge the entire world into economic chaos this week, it took a carefully-launched plan from Canada’s Prime Minister to get Trump to at least pause most of his madness. So how did he do it? Well, hitting hard on the United States’ Achilles Heel, the U.S. debt. Carney didn’t do it alone, of course, but he’s the one, not the Chinese as I’d originally thought, who co-ordinated with EU countries and Japan to force Trump to capitulate.

Adam Mockler at MeidasTouch recounts the Dean Blundell substack how it all likely went down, and why Trump folded like the cheap suit he is.

Sometimes it helps when your Prime Minister was also at one time the Governor of the Bank of Canada and then the Governor of the Bank of England and understands Economics at an extremely high level.

Source: Dean Blundell Substack

Let’s talk about the moment Donald Trump blinked. It wasn’t loud. It wasn’t a tweetstorm or a rally rant. When the tariff threats that had the world on edge—125% on China, 25% on Canada’s autos, a global trade war in the making—suddenly softened. A “pause,” he called it. A complete turnaround from the chest-thumping of the past week. And the reason? Mark Carney and a slow, deliberate financial maneuver that most people didn’t even notice: the coordinated Treasury bond slow bleed.

This wasn’t about bravado. It was about leverage. Cold, calculated, and devastatingly effective.

Trump’s pause wasn’t because people were getting yippy…

Rewind a bit. While Trump was gearing up his trade war machine, Carney, Canada’s Prime Minister, wasn’t just sitting in Ottawa twiddling his thumbs. He’d been quietly increasing Canada’s holdings of U.S. Treasury bonds—over $350 billion worth by early 2025, part of the $8.53 trillion foreign countries hold in U.S. debt. On the surface, it looked like a safe play, a hedge against economic chaos. But it wasn’t just defense. It was a loaded gun.

Carney didn’t stop there. He took his case to Europe. Not for photo ops, but for closed-door meetings with the EU’s heavy hitters—Germany, France, the Netherlands. Japan was in the room too, listening closely. The pitch was simple: if Trump went too far with tariffs, Canada wouldn’t just retaliate with duties on American cars or steel. It would start offloading those Treasury bonds. Not a fire sale—nothing so crude. A slow, steady bleed. A signal to the markets that the U.S. dollar’s perch wasn’t so secure.

Seems entirely plausible. We’ll probably never know for certain if this is how it really went down, but we do know that Trump was spooked and caved quickly.

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