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Idea maybe in ompteen months. This was the hardest day to pick two moments to speak of. It was absolutely an extraordinary show on economics, finance, investment, on international relations. Thank you Mick Mulroy of the Lobo Institute with his public service to the Marines and to the CIA for his perspective on all of our geopolitics and our military people at risk every day worldwide. He was just absolutely phenomenal.
And the list goes on. And I thought Jordan Rochester representing Missoo the Great Japanese Bank, was just spellbinding on how things have changed. Finally there's a legitimate inflation and animal spirit than Japan. That's a stunning comment. Literally going back thirty years, Michael Data joined us with Ross Capital Management. We talked to Michael Data just simply about the path forward.
Over any extended period of time, corporations will adjust. I think they can be flexible. But the question is what does that mean for the business cycle in risk markets? Because if the adjustment is that we see a pickup in layoffs, which seemed to be happening, you know, you could end up with some economic dislocations here in that transition that are associated with a fairly significant equity market correction.
Now to Paul's question, the consumers held in there? Why a lot of the consumer spending is driven by high income households that have been riding high on this huge stock market rally which is now flickering and flagging in a labor market that has come in and blown expectations, you know, off the wall in terms of being you know wrong and you know, sustainably robust payroll growth and
that could also be under threat. Now, so yes, the corporations will adjust, but the question is what does that mean for risk markets in the business cycle.
In the interim, Michael Dirda of Capital Francis Donald was with us as well, really back to back with the Bank of Montreal and Ian Lingott and then to Francis Donald with the Royal Bank of Canada RBC Capital Markets. Late in the conversation Francis Donald of Montreal and of her Canada on tariffs and the way Canada helps us each and every day.
Canada provides sixty percent of oil imports to the United States, ninety percent of electricity imports, ninety nine percent of natural gas eighty five percent of potash, ninety percent of canola, thirty four percent of your meat, and let's not forget critical minerals, which is nineteen percent of US imports. Twenty seven percent of your uranium imports come from Canada. Canada helps to heat the United States, it helps to feed the United States, and this is not twenty eighteen anymore.
The US is struggling under an electrical grid and has substantial energy needs that Canada can help to rectify. So I think the focus should be on how much can Canada support US exceptionalism going forward and what is the upside of actual increased collaboration between the two countries. That's the story that I think will resonate because President Trump has huge ambition for what the US economy can be common. There is a lot of upside for the US as well.
Canada upside equals US upside. We spent a lot of time thinking that Canada benefits from the United States. The reverse is also true, and we got to push that narrative, not just for Canadians but for Americans as well.
Bottle it Francis Donald, RBC Capital Markets. We're on YouTube, Go out to YouTube podcasts, This is single best idea.
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