TL;DR:

Tobi Lutke, CEO of Shopify, criticized Canadian Prime Minister Justin Trudeau for his handling of a trade war initiated by President Trump, who imposed a 25% tariff on Canadian imports. Lutke argues that Trudeau’s retaliatory tariffs could harm Canada’s economy, urging for more strategic leadership, as the trade conflict exacerbates tensions between the two nations.

Synopsis:

The recent escalation in trade tensions between the US and Canada has prompted critique from Tobi Lutke, CEO of Shopify, Canada’s second-largest publicly traded company. He accused outgoing Canadian Prime Minister Justin Trudeau of inadequately addressing the trade conflict sparked by President Donald Trump’s imposition of a 25% tariff on Canadian imports. Trump justified the tariffs as a response to Canada’s failure to meet US demands on addressing fentanyl and illegal immigration. Lutke argues that Canadians share these concerns and criticizes Trudeau’s retaliatory tariffs on US goods, warning of their potential impact on Canadian businesses and individuals. Lutke values leadership that favors right actions over popular ones and believes that Canada’s retaliatory measures are misguided. With Shopify being Canada’s largest tech company valued at $150 billion and Lutke’s personal worth estimated at $10 billion, his opinions carry significant weight. Meanwhile, Trudeau attempts diplomatic moves, such as visiting Trump in an effort that Canadian critics viewed as weak. Although Trudeau acknowledges the difficult economic period ahead, he firmly opposes notions like Canada becoming an American state, as suggested by Trump. The tariffs, particularly impacting steel, aluminum, and energy resources, threaten the Canadian economy since the US is Canada’s largest trading partner. As the situation unfolds, with Trump asserting the value of the tariffs despite potential pain, Canada gears up for national elections set for October.