Kevin O’Leary favors merging US and Canadian economies: ‘I like the idea’

Canadian businessman Kevin O’Leary said this week that he favors combining the US and Canadian economies.

While appearing on Fox Business, Shark tank star talked about the state of the Canadian economy and recent comments from President-elect Donald Trump, who said some Canadians want their country to become the 51st US state.

“What this could be is the beginning of an economic union,” O’Leary said. “Think of the power of combining two economies, erasing the border between Canada and the United States, and putting all that resource up to the northern borders, where China and Russia are knocking at the door. Give a common currency, set taxes everywhere. , make trading everything both ways.”

“I like the idea and at least half of Canadians are interested,” he added.

Why it matters

Since winning the 2024 presidential election, Trump has warned he could impose additional tariffs on US imports from China, Canada and Mexico.

What you need to know

Earlier this month, Trump said it would be “a great idea” for Canada to become the 51st US state, as the president-elect continued to put the Canadian prime minister on the line. Justin Trudeau in what began as a tariff dispute.

Trump recently said in a post on Truth Social that he will slap a 25% tariff on all goods from Canada and Mexico “until drugs, especially fentanyl and all illegal aliens stop this invasion of our country!”

That prompted Trudeau to fly to Trump’s Mar-a-Lago residence in Florida, where the two had a “great conversation,” according to the prime minister.

However, on Truth Social, Trump said Wednesday morning: “Nobody can answer why we subsidize Canada to the tune of over $100,000,000 a year? It doesn’t make sense! Many Canadians want Canada to become the 51st state. It would save massively on taxes. and military protection, I think it’s a great idea.

Fox News had reported that during their conversation at Mar-a-Lago in late November, Trump told Trudeau that “maybe Canada should become the 51st state” to avoid tariffs, and the president ales continued this theme on social media by calling out the canadian. leader “governor” and posting a picture of himself superimposed in front of the Canadian flag.

What people are saying

Earlier this week, Trump suggested that Canadian hockey legend Wayne Gretzky should run for prime minister — though Trump referred to the role as “governor of Canada.”

Trump, on Social Truth: “Wayne, why don’t you run for Prime Minister of Canada, soon to be known as Governor of Canada? You’d win easily, you wouldn’t even have to campaign.”

Dominic LeBlanc, Canada’s new finance minister, to the Associated Press: “The president was telling jokes. The president was teasing us. Of course, it was by no means a serious comment.”

Gerald Butts, former adviser to Trudeau, on LinkedIn: “Trump used the ’51st State’ line a lot with Trudeau during his first term. When someone tries to scare you, don’t.”

What’s next

As tensions over trade and border security persist, Canadian leaders are expected to remain measured in their response to Trump’s remarks. However, Trudeau’s government faces significant domestic challenges that may affect its ability to effectively address these external pressures.