Geopolitics with Frank McKenna

TD Securities

Frank McKenna, Deputy Chair at TD Securities and former Premier of New Brunswick and Canadian Ambassador to the United States, discusses geopolitical issues of the day in this monthly series hosted by Peter Haynes, Managing Director at TD Securities.

For relevant disclosures, visit https://www.tdsecurities.com/ca/en/geopolitics-podcast-public

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20 episodes
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Avg 50 min
English

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#81
August 21 · 46 min
The Dog Days of Summer
With the ink not yet dry on the Canada-US trade agreement, Frank attempts to separate signal from noise in analyzing winners and losers in bi-lateral trade negotiations between the two countries. With an all-out trade war, the worst possible outcome and zero tariffs unrealistic, Prime Minister Carney and his small negotiating team have worked tirelessly to ensure every constituency in Canada suffers a little bit of pain but none of them feel like they were hung out to dry to get a deal done. Tha
#80
July 22 · 39 min
The Iranian Quagmire
In Episode 80, Frank jumps right into the tariff fray with a review of the recent 50% tariffs imposed by the United States on $20 billion worth of Canadian imports, suggesting that the maneuver is in part designed to eliminate any Canadian leverage in advance of CUSMA negotiations. He urges calm from Canadian leaders and no rhetoric. Frank disagrees with the decision by Carney's government to provide concessions to the US to get the Windsor-to-Detroit Gordie Howe Bridge opened as it might provid
#79
June 23 · 39 min
An Early Look at Midterm Elections
In Episode 79, Frank welcomes back his friend and colleague Chris Krueger, Head of Global Macro Research for TD Securities and an expert on Washington politics, to discuss the upcoming US Midterm elections in November. Before digging in on US politics, Frank and Chris work through some recent developments around the globe including the Iran Peace Deal, the Trump-Meloni dispute and Keir Starmer's resignation as Prime Minister of the UK. When the conversation switches to mid-terms, Chris educates
#78
May 27 · 1 hr 16 min
Geopolitics meets Major League Baseball
Frank and Peter found heaven in the May episode of Geopolitics with the marriage of a live audience for Episode 78 before a Jays game at the Rogers Center and a special guest appearance in the second half of this podcast by former Toronto Blue Jays President Paul Beeston to talk baseball. Frank covers a wide range of topics in the first 30 minutes including his view on the wars in Iran and Ukraine as well as Canadian hot button topics such as the upcoming CUSMA negotiations and the upcoming sep
#77
April 29 · 42 min
A 24 Hour Geopolitical News Cycle
Episode 77 covers a wide range of topics on the geopolitical landscape including the recent assassination attempt on President Trump, the implications on global energy markets of UAE's decision to exit OPEC and which person is leading Iran in negotiations with the United States. Frank discusses the stalemate and war of attrition that is the Russia-Ukraine conflict, which is a win for Ukraine and the impact on populist governments of the shocking defeat by authoritarian leader Victor Orban in Hun
#76
March 27 · 58 min
Trump's Iran Conundrum
In Episode 76, Frank ponders the potential outcomes of the War in Iran and its impact on other global geopolitical events. He believes that despite a wide bid-ask spread in peace negotiations between Iran and the US that the Trump Administration will find a peaceful end to hostilities in the near future. Complicating matters in this war are different goals for the two protagonists, The US and Israel, one of which has to live next door to a now angry Iranian regime. Frank is not surprised by Iran
#75
February 27 · 44 min
Tariff Debate Takes Centre Stage
What if Cuba became a territory of Canada? What if Justice Alito suddenly retired this summer? These are just two of Frank's more provocative thoughts in this month's episode of Geopolitics. Frank also addresses the "monumental" Supreme Court ruling on tariffs, Trump's pivot to Section 122 flat tariffs and Jameson Greer's suggestion that Canada needs to accept some tariff level as part of CUSMA negotiations, a point Frank pushes back on given it defeats the notion of a "free trade agreement." He
#74
January 21 · 50 min
Is Chaos a Distraction?
Two weeks have passed since Frank last spoke to listeners. Since then, it has been chaos in global geopolitical circles, with Frank wondering whether some of this noise is meant to distract from issues the US Administration would prefer to take a back seat in the current news cycle. Trump's consistent musings about owning Greenland have become a major escalation of geopolitical risk, and Frank worries that it is at this juncture in cross-border disputes when mistakes happen, someone says or does
#73
January 8 · 46 min
The Impact of Nicolas Maduro's Arrest on Geopolitics in the Western Hemisphere
Episode 73 of Geopolitics is a special episode in which Frank discusses the implications for global geopolitics of the arrest of Venezuelan President Nicolas Maduro. Frank discusses backlash in Washington of the decision to arrest Maduro without Congressional authority, what it means for possible next moves for the United States as it flexes its military muscle in the Western Hemisphere for both Venezuelan neighbors but also Greenland and Canada. In addition, he ponders the potential that the Ma
#72
Dec 16, 2025 · 43 min
December Musings and Predictions for 2026
Episode 72 of Geopolitics is a mix of current events and predictions for 2026. Frank discusses the U.S.'s recently released National Security Strategy that some pundits believe is akin to the original Monroe Doctrine published following the American Revolution that aimed to establish U.S. dominance over the Western Hemisphere. After praising outgoing Canadian Ambassador to the U.S. Kirsten Hillman on her retirement announcement, Frank provides advice to the next person in the foxhole for Canada
#71
Nov 28, 2025 · 49 min
Carney Travels the World While Managing Complex Domestic Agenda
Frank comes out on fire in Episode 71 when questioned on his recent travels to the Middle East, describing the region as hot, and clearly justifying the Prime Minister's recent outreach for partnerships with countries in the region. He summarizes thoughts on the recent COP 30 and the G20 Summits, as well as trade negotiations with the US and he highlights a sleeper issue in Canada, which is the growing popularity of a separatist party in Quebec with a mandate to vote for separation. He finishes
#70
Nov 10, 2025 · 55 min
Trade Update and Canada's Budget – Rona and Frank Debate
Episode 70 of Geopolitics is a bonus episode taken from a panel at our recent Portfolio Management and Market Structure Conference. Frank McKenna is joined by his TD colleague The Honorable Rona Ambrose, Deputy Chairwoman, TD Securities, and former leader of the Conservative Party in Canada, for a discussion that includes the on again off again trade negotiations between Canada and the US and a review of last week's budget in Canada. While Frank admits the budget was likely over-hyped and a disa
#69
Oct 21, 2025 · 49 min
Never a Dull Moment in Washington
In Episode 69, Frank invites Chris Krueger, Strategist with TD Cowen's Washington Research Group, to join the pod to help navigate the fast-moving developments in Washington including the government work stoppage, Canada-US trade negotiations, and the postmortem of President Trump's recent Whitehouse meeting with Ukraine President Zelensky. Frank describes trade negotiations as slogging along given that the two countries have incredibly inter-twined economies, and a complex trade and security re
#68
Sep 24, 2025 · 48 min
Franks Funk
Frank comes to the September podcast taping in a somber mood, strange for someone who prides himself as the eternal optimist. What has Frank in a mood? Well, he lists several issues with the current US Administration that has him questioning the United States's position as leader of the free world. Meanwhile he is very concerned about the prospect Trump triggers the shotgun clause on CUSMA wiping out the existing agreement, a possibility allowed under Article 34.6 of the Agreement. Hence the ne
#67
Aug 20, 2025 · 53 min
CUSMA, Ukraine and Gerrymandering in Frank's Crosshairs
Frank is back after a month off with a lot to cover in the current Episode 67. He starts with a review of Canada's handling of forest fires, an area where Canada is arguably a world leader, and what can be done in the new normal to mitigate risk of future forest fire growth. Frank discusses the pros and cons of back to work legislation by the Federal Government used in the Air Canada flight attendant strike and is frustrated whenever one party has too much leverage in work disruptions. After
#66
Jun 25, 2025 · 44 min
Iran Takes Center of World Geopolitical Stage
Frank's focus during the June episode of Geopolitics was on analyzing the fluid situation in the Middle East following Israel's 12-day war with Iran and the US's decision to bomb Iran's nuclear facilities. Stepping back to the catalyst event for this war, Israel's Prime Minister Netanyahu's order to take out Iranian military leaders, Frank believes this decision is more about Netanyahu's political survival than a tactical move to take advantage of a weakened group of Iranian proxies. The Iranian
#65
May 22, 2025 · 50 min
Finally a Chance to Talk About Something Other Than Tariffs
For the first time in four months of our podcast series, the focus of Frank's attention is not centered around tariffs. This month Frank starts with a detailed analysis of Prime Minister Carney's cabinet, a carefully constructed team of ministers balancing geographic, gender and ethnic interests from across the country. Frank addresses comments from Alberta's Premier Danielle Smith on separation, suggesting she would be better off leading than following her base of support. On a positive note, S
#64
Apr 30, 2025 · 52 min
The Puck Drops on Federal Election in Canada
In Episode 64, Frank covers the Canadian election from top to bottom, including addressing unflattering comments about Canada as a country from the leader of the Bloc Quebecois and the Premier of Alberta. Frank addresses each of the major platform concerns of Western leaders as it relates to natural resource and pipeline development including Bill C69, the energy cap and industrial carbon tax. He provides a 101 lesson on equalization payments, a source of frustration for Western provinces who t
#63
Mar 18, 2025 · 53 min
Canada's New Prime Minister Joins Tariff/Sovereignty Debate
In Episode 63, the focus of discussions in on two main topics: new Prime Minister Mark Carney's early days at the helm of Canada, and tariffs. Frank discusses Carney's decision to travel to Europe before the US, a move that was criticized by Saskatchewan Premier Scott Moe, and the significant downsizing of the new Liberal cabinet, a move that was sure to hurt some feelings inside the caucus. Frank provides the pros and cons of choosing Carney or Conservative Leader Pierre Poilievre to represent
#62
Feb 19, 2025 · 1 hr 3 min
The Future of Canada-US Relations
In Episode 62, Frank is joined by Chris Krueger of TD Cowen's Washington Research Group to discuss the first 30 days of the Trump Administration, and the on-going trade war with Canada. Chris outlines his biggest surprises to date, including the sheer torque of rulemaking from the executive branch - he figures his team in Washington undershot the runway when it suggested Trump 2.0 would be "all gas, no break." Frank provides insights into Canada's strategy for defending itself and thinks the cu

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