FILE PHOTO: U.S. President Donald Trump welcomes Canada's Prime Minister Mark Carney at the White House in Washington D.C., U.S., October 7, 2025. REUTERS/Evelyn Hockstein/File Photo
President Donald Trump's ongoing trade war with Canada just took a major turn — and it was not in the president's interests.
"In Texas and New York, big oil and big money are placing their bets on the future of the energy industry," reported The Globe and Mail's Andrew Willis on Monday. "Major American oil companies and asset managers are lining up to invest in Canadian infrastructure. They seem to have missed U.S. President Donald Trump’s weekend Truth Social post declaring 'I don’t want Canadian anything.'"
Describing the companies in question as ExxonMobil Holdings Corp., ConocoPhillips, KKR & Co. Inc. and Apollo Global Management Inc., The Globe and Mail added that they are also steering clear of Venezuela, which Trump set his sights on earlier this year.
"The American economy runs on Canadian energy," Willis pointed out. "Last year, the U.S. imported $160-billion of oil, gas and electricity from its northern neighbour. Mr. Trump’s attempt to position Venezuela as a counter to Canada’s strongest suits is a bad bluff."
He continued, "The President’s anti-Canada policies are undermined by the actions of the largest U.S. oil companies and biggest asset managers. They are all investing in a robust long-term Canadian relationship. The larger lesson from Mr. Trump’s recent Truth Social postings on Venezuela and Canada is what they say about the President’s declining relevance."
This is not the first report to indicate that Trump's attempt to bully Canada into winning a trade war against the United States has spectacularly failed.
“As Carney prepared to walk away — a rare example of a foreign leader telling the president ‘enough’ — Trump was retreating on another trade front,” reported The Washington Post's David J. Lynch earlier in August. “On Friday, after insisting for more than a year that tariffs do not affect consumer prices, he lifted tariffs on beef imports, saying the move would lead to lower grocery prices.”
Lynch added, “The two developments, coupled with legal challenges to Trump’s tariffs, leave the president’s signature economic policy in a state of flux.”
Wendy Cutler, a former U.S. trade negotiator and currently senior vice president at the Asia Society Policy Institute, also told the Post that Trump's Canada trade war has reached “a juncture where other countries may be very closely watching how this plays out as they also are becoming increasingly frustrated with the demands the U.S. is placing on them in these largely one-sided trade agreements.”
Trump is also failing on the PR front in his trade war against Canada, most recently in trying to retaliate against Canada by renaming Lake Ontario as Lake America.
"Throughout his political career, Trump’s signature skill has been to drive the conversation where he wanted it to go. He declares victory when things have not been won," wrote Slate's Ben Jacobs on Monday. "He ducks attribution with the rhetorical tic 'many people are saying,' frequently followed by things that people are decidedly not saying. He posts outrageous graphics on social media. And, of course, he renames things: Political opponents get nicknames, buildings get Trump’s name, and bodies of water get America’s name."
Yet that has not worked with the Lake Ontario gambit, indicating that Trump's "superpower" with PR may be waning.
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