Unpacking claims that Canadian PM Mark Carney orchestrated a US Treasurys sell-off
In early April 2025, a rumor began to spread that U.S. President Donald Trump had backed down on tariffs because Canadian Prime Minister Mark Carney forced his hand by orchestrating a collective sale of U.S. bonds.
It is true that Trump paused tariffs after the price of U.S. Treasurys began to drop at the same time as the price of U.S. stocks plummeted, an event known as a synchronized sell-off. In fact, after he announced the pause, Trump said, "bond markets are tricky."
However, the claim that Carney had orchestrated the bond sell-off alongside the European Union and Japan was not confirmed. It came from the newsletter of Dean Blundell, a staunch supporter of Carney in Canada's next federal election and a former "shock jock."
Snopes has contacted Blundell, asking him to explain how he came upon this story and to clarify some points from his allegations. Snopes also contacted Carney's office asking for confirmation of Blundell's claims. Lastly, we have reached out to several fixed income analysts to inquire about the plausibility of such a scheme.
In the days that followed U.S. President Donald Trump's announcement that he had paused the sweeping reciprocal tariffs he imposed a week prior, speculation arose that he had done so because former central banker and Canadian Prime Minister Mark Carney had orchestrated a massive sale of U.S. bonds to force Trump to soften his trade stance.
For example, a post on Facebook relayed the claim, saying Carney's move was a "checkmate" (archived):
https://www.facebook.com/rosemary.ferreri/posts/pfbid02FVuzDvtT7kATXSkrSDakpS3Ufix4WDAoB5fotqMxbUmkaHrN1gPzteaLZYd256XNl
As of this writing, the post had garnered 251 reactions and 60 comments. Users shared another post relaying the same story 712 times. A summary of same story appeared on X. Further, Snopes readers searched the website seeking confirmation that Carney was behind the sell-off.
The allegations stemmed from a newsletter installment by Dean Blundell, a Canadian former radio personality who media outlets like the Toronto Star have described as a "shock jock" — a radio presenter who relies on offensive words and exaggeration to build a listenership. Blundell's former radio station CFNY-FM (102.1 The Edge) suspended him in 2013 after one controversy too many. He then joined CJCL (SportsNet 590 The Fan), a sports radio station, until the station dropped his show in 2017. He has since hosted an independent podcast and launched a newsletter on Substack.
As a new federal election approached in Canada, Blundell has posted content in support of Carney, who replaced Justin Trudeau as prime minister in March 2025 and who, as the leader of the Liberal Party, was running against Pierre Poilièvre of the Conservative Party. Blundell's stance has also been staunchly anti-Trump and anti-Poilièvre.
Snopes has yet to confirm that Carney orchestrated a U.S. Treasurys sell-off in closed-door meetings with European and Japanese leaders. We contacted Blundell to ask how he first came upon the information he relayed in his newsletter. We will update this report should he respond.
Bundell was correct that a downturn in the U.S. Treasurys market forced Trump to pause tariffs on April 9, 2025:
When a reporter asked what justified the pause, Trump replied: "The bond market is very tricky."
Indeed, after Trump announced the sweeping reciprocal tariffs on April 2, a dynamic experts have deemed "dangerous" took hold of U.S. security markets. Typically, a drop in stock prices correlates with an increase in bond prices as investors seek refuge in U.S. Treasurys.
However, two days after the tariffs announcement, the price of bonds began to fall along with the price of stocks, forcing bond yields up. Synchronized sell-off events can lead investors to abandon U.S. securities. Further, the consequences of a sharp increase in bond yields can lead to an increase in borrowing costs both for the government and for businesses and households, leading to an economic downturn.
Carney, an accomplished economist and the former governor of both the Bank of Canada and the Bank of England, understands this mechanism. Further, Carney steered monetary policy in Canada during the Great Recession of 2008, when credit around the world nearly froze. But in his story, Blundell asserted that Carney slowly amassed U.S. Treasurys — government debt in the form of bonds — in early 2025. When we reached out to Blundell, we asked when Carney would have started to do this, given he only became prime minister of Canada on March 14, 2025.
Blundell is also correct that other governments can hold Treasurys. For example, the U.S.' largest creditor is Japan, which held more than $1 trillion in Treasury securities in early 2025, according to the U.S. Department of Treasury. The second largest is China, with $760.8 billion. In third place is the U.K., with $740.2 billion. Canada holds $350.8 billion.
In his newsletter, Blundell alleged that, after Canada acquired more Treasurys, Carney met European Union leaders during his trip to the U.K. and France on March 17, 2025. In anticipation of higher tariffs in early April, Blundell said the prime minister and EU leaders met behind closed doors — meetings that also included Japan — and convinced them to sell their collective holdings of U.S. Treasurys slowly but in concert once Trump announced the reciprocal tariffs.
In the first few weeks of his presidency, Trump indeed touted a significant tariff announcement in April, though he gave no details about its magnitude. However, 25% tariffs on Canadian products had been in place since March 4, 2025.
According to Blundell, when the tariff announcement finally came, Canada, the EU and Japan were in a position to sell Treasurys and rattle Trump enough to make him remove the tariffs.
"China's still in the crosshairs—125% duties are no joke—but Canada? The EU? Japan? They're off the hit list," Blundell wrote. "For now, at least. Why? Because Carney's play wasn't noise. It was power."
Indeed, Trump lowered tariffs on the EU and Japan to 10% and paused them for 90 days. He also raised tariffs on China to 125%. However, as per the White House, tariffs on Canada were still in place. Indeed, Canada had been excluded from the pause in reciprocal tariffs. When Snopes reached out to Blundell, we also asked what he meant when he said Canada was "off the hit list," alongside Japan and the EU. We will update this report should he respond.
Blundell, Dean. 'Carney's Checkmate: How Canada's Quiet Bond Play Forced Trump to Drop Tariffs'. Dean Blundell, 10 Apr. 2025, https://deanblundell.substack.com/p/carneys-checkmate-how-canadas-quiet.
---. Dean Blundell | Substack. https://deanblundell.substack.com/. Accessed 11 Apr. 2025.
'Check out 's Stock Price (US5Y) in Real Time'. CNBC, https://www.cnbc.com/quotes/US5Y. Accessed 11 Apr. 2025.
'Dean Blundell Has Show Cancelled in Sportsnet 590 The Fan Shakeup'. The Globe and Mail, 8 Feb. 2017. www.theglobeandmail.com, https://www.theglobeandmail.com/sports/dean-blundell-has-show-cancelled-in-sportsnet-590-the-fan-shakeup/article33961154/.
Editor, Jesse McLean Staff Reporter, David Bruser Investigations. 'Dean Blundell Show Cancelled after Suspension over On-Air Homophobic Commentary'. Toronto Star, 6 Jan. 2014, https://www.thestar.com/news/gta/dean-blundell-show-cancelled-after-suspension-over-on-air-homophobic-commentary/article_18772571-0707-5016-a75e-6fe03321d8e5.html.
News, A. B. C. 'Trump Stands Firm on Tariff Plans after Threat against EU: "I'm Not Going to Bend at All"'. ABC News, https://abcnews.go.com/Business/trump-threatens-200-tariff-eu-alcohol/story?id=119747537. Accessed 11 Apr. 2025.
Prokop, Andrew. 'Why Trump Blinked on Tariffs'. Vox, 9 Apr. 2025, https://www.vox.com/politics/407831/trump-tariffs-90-day-pause-cave-walkback.
Rascouët-Paz, Anna. 'Tracking Trump's Tariffs by Region, Product'. Snopes, 27 Mar. 2025, https://www.snopes.com//tracker/tracking-trumps-tariffs/.
---. 'Trump Has Paused Tariffs Plan for Most Countries. Here's Context'. Snopes, 9 Apr. 2025, https://www.snopes.com//news/2025/04/09/trump-pauses-tariffs/.
'"Sell America": The Market Revolt That Forced Trump's Hand'. TradingView, 10 Apr. 2025, https://www.tradingview.com/news/invezz:7263a4471094b:0-sell-america-the-market-revolt-that-forced-trump-s-hand/.
The "Great" Recession in Canada: Perception vs. Reality. https://www.bankofcanada.ca/2011/03/great-recession-canada-perception-reality/. Accessed 11 Apr. 2025.
'Trump Says The Bond Market Is "Beautiful" After Shock 90-Day Pause On Tariffs'. YouTube, Forbes Breaking News, 9 Apr. 2025, https://www.youtube.com/watch?v=xu3TXs1r7Yg&feature=youtu.be.
'US Tariffs on Mexico and Canada Unaffected by 90-Day Pause, White House Official Says'. Reuters, 9 Apr. 2025. www.reuters.com, https://www.reuters.com/world/americas/us-tariffs-mexico-canada-unaffected-by-90-day-pause-white-house-official-says-2025-04-09/.
'What Are Bond Yields? How Do Rising Yields Affect Investors?' RBC Global Asset Management, https://www.rbcgam.com/en/en/ca/learn-plan/investment-strategies/what-do-rising-bond-yields-mean-to-long-term-investors/detail. Accessed 11 Apr. 2025.
https://ticdata.treasury.gov/resource-center/data-chart-center/tic/Documents/slt_table5.html. Accessed 11 Apr. 2025.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
30 minutes ago
- Yahoo
EU plan would limit Chinese device makers in Europe
This story was originally published on MedTech Dive. To receive daily news and insights, subscribe to our free daily MedTech Dive newsletter. European Union member states this week voted to support a plan to adopt measures that would restrict Chinese medical device makers' access to the EU market. The member states took the action, under the EU's International Procurement Instrument, after concluding an investigation in January that looked at China's practices in the public procurement market for medical devices. The investigation found that government practices unfairly encouraged Chinese hospitals to choose domestic manufacturers' products. 'The Commission has identified measures and practices in the Chinese procurement market that lead to discrimination against EU operators and EU-made supplies,' Olof Gill, commission spokesperson, said Thursday in an emailed statement. 'This discrimination also harms both the Chinese healthcare infrastructure, which is deprived of quality equipment, and EU businesses, with a high cost in terms of jobs and economic activity in the EU.' The commission has discussed its concerns with Chinese authorities. However, a satisfactory solution has not been proposed, and the EU had no other option than to tackle the issue through an IPI investigation, Gill wrote. The commission said it could not disclose the content of the draft IPI measure or next steps in the process. Chinese manufacturers would be prohibited from bidding on public procurement contracts worth more than 5 million euros for five years. In addition, no more than 50% of a contract's value may be subcontracted to Chinese entities or include Chinese-origin medical devices, MedTech Europe said in a statement. The trade group said it would provide further updates once the IPI measures are published in the EU's official journal. The EU investigation into China's medical device procurement practices was the first use of the IPI, which was introduced in 2022. Getting fair access to Chinese markets became more challenging for medical device companies after the country launched a program calling for domestically produced medical equipment to achieve 50% market penetration in county-level hospitals by 2020 and 70% by 2025, according to a statement from the European Chamber, which represents European businesses in China. European and Chinese leaders will meet in July at a summit in Beijing. Recommended Reading EU mulls retaliation after showing China's bias against foreign device firms Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Yahoo
34 minutes ago
- Yahoo
Kovo+ Announces Management Change
Calgary, Alberta--(Newsfile Corp. - June 6, 2025) - Kovo+ Holdings Inc. (TSXV: KOVO) ("Kovo" or the "Company") announces that Mark Detz has resigned as Chief Financial Officer of the Company, and Kovo accepted his resignation effective as of June 4, 2024. "As a core member of senior management, Mark has been an important member of our team, and we thank him for his contributions to the Company," said Justin Anderson, Chief Executive Officer of Kovo. Following a confidential recruitment process, the Company has identified and selected a candidate to succeed Mr. Detz as Chief Financial Offer and expects to announce the appointment in due course. About Kovo+ Holdings Inc. Kovo is a versatile technology company leading the charge in AI initiatives to drive impact and innovation across diverse industries. Kovo remains committed to its core business-model of strategic growth opportunities within mid-market Medical Billing firms, where exploitative business optimization synergies exist. Moving forward, Kovo will integrate accretive broader healthcare sector additions to its portfolio and opportunities beyond in multiple new markets. Dedicated to revolutionizing business process optimization through technological advancements and evolving AI-applied methods, Kovo embodies a commitment to ensured and enduring profitability. To learn more about Kovo and to keep up to date on Kovo news, visit Cautionary Note Regarding Forward-Looking Information Statements contained in this news release that are not historical facts are "forward-looking information" or "forward-looking statements" within the meaning of applicable Canadian securities laws. Such forward-looking statements or information are provided to inform the Company's shareholders and potential investors about management's current expectations and plans relating to the future and include, but are not limited to, (i) expectations regarding the Chief Financial Officer appointment; and (ii) expectations regarding the timing and appointment thereof. Readers are cautioned that reliance on such information may not be appropriate for other purposes. Any such forward-looking information may be identified by words such as "anticipate", "proposed", "estimates", "would", "expects", "intends", "plans", "may", "will", and similar expressions. Forward-looking statements or information are based on a number of factors and assumptions that have been used to develop such statements and information, but which may prove to be incorrect. By its nature, such forward-looking information is subject to various risks and uncertainties, which could cause the actual results and expectations to differ materially from the anticipated results or expectations expressed. Although the Company believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because the Company can give no assurance that such expectations will prove to be correct. The forward-looking information in this news release reflects the current expectations, assumptions and/or beliefs of the Company based on information currently available to the Company. Any forward-looking information speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or expressly qualified by this cautionary statement. Contact Information For further information, please contact: investors@ Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. To view the source version of this press release, please visit Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
an hour ago
- Yahoo
Pharmaris Canada to Lead Sales and Marketing for Vimy Pharma Products Across Canada
TORONTO, ON / / June 6, 2025 / Two proudly Canadian pharmaceutical companies announced today a strategic partnership that reinforces their shared commitment to serving Canadian patients. Under the agreement, Pharmaris will assume responsibility for all sales and marketing activities for Vimy Pharma product portfolio across Canada. This landmark collaboration unites two homegrown Canadian pharmaceutical organizations, both with deep roots in the Canadian healthcare landscape. The partnership exemplifies Canadian innovation and entrepreneurship in action, while strengthening domestic pharmaceutical capabilities and expertise. Built by Canadians for Canadians, both companies have demonstrated their dedication to advancing healthcare solutions that address the unique needs of the Canadian market. This alliance further cements their shared vision of making healthcare more accessible and affordable for patients from coast to coast. "Our partnership with Vimy Pharma marks a big step forward advancing access to critical medicines for Canadians,"said Michael Sine, President of Pharmaris. "This alliance demonstrates our shared commitment to putting Canadian patients first." "We are pleased to partner with Pharmaris in broadening access to essential medicines," stated Farris Smith, President of Vimy Pharma,"as we strive to improve outcomes and make a meaningful difference to patients." ABOUT PHARMARIS CANADA Pharmaris Canada is a pharmaceutical company committed to delivering high-quality healthcare products that support the well-being of Canadians. Pharmaris Canada is part of a large diversified global group based out of Vancouver, B.C started by two pharmacists. The group has business interests spanning pharmaceuticals, residential and commercial real estate, property development, hospitality, mobility solutions, and retail pharmacy operations. Pharmaris Canada offers a distinctive portfolio of over-the-counter (OTC) and generic pharmaceutical products. Our OTC range includes a Canadian-made line of iron supplements and a broad selection of German-manufactured effervescent vitamin tablets. As one of the few companies to successfully integrate branded OTC and generic medicines, Pharmaris has developed strong capabilities in brand management, prescription navigation, and market expansion. With a presence in 16 countries and a team of 585 employees, most of whom have been with the organization for over five years, Pharmaris continues to grow its global footprint through innovation and operational excellence. ABOUT VIMY PHARMA Vimy Pharma is a Canadian pharmaceutical company committed to ensuring a stable, reliable supply of essential medicines, reducing dependence on foreign sources, and supporting good-paying jobs for Canadians in life sciences and advanced manufacturing. Our products are made to the highest standards of quality and safety, meeting rigorous Health Canada guidelines. At Vimy Pharma, our team is inspired by the groundbreaking achievements of Drs. Frederick Banting and Charles Best, and James B. Collip whose discovery in Canada of insulin revolutionized treatments and changed millions of lives worldwide. Their spirit of ingenuity, collaboration, and commitment to public health continues to guide our approach as we develop and manufacture high-quality, affordable, essential medicines for Canadian health challenges. MEDIA CONTACTMichael SinePresident, Pharmaris Canadamichael@ Farris SmithFounder & President, Vimy Pharmaceuticals - 30 - SOURCE: Pharmaris View the original press release on ACCESS Newswire Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
