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.

And here’s the kicker: Canada wasn’t alone. Japan, holding over $1 trillion in U.S. debt, signed on and started to sell those US Treasury bonds which scared Trump shitless. Key EU countries—collectively sitting on another $1.5 trillion—nodded in agreement. This wasn’t a bluff. It was a silent pact. A coordinated move to remind Trump that the free world doesn’t just roll over when he swings his tariff bat. Hurt us, Carney said, and we’ll hurt you—right where it counts.

Carney also issued Canadian Treasury bonds in USD which was another brilliant way to strengthen Canada’s position and financial reputation. Little triggers and strategies you get when the world’s most respected economist is your PM…