Geopolitics with Frank McKenna

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 also discusses the prospect of US military action in Iran, the latest on Venezuela and the possible revitalization of Keystone XL.

 

This podcast was recorded on February 26, 2026

 

Chapter Headings:

 

01:36 - Frank's Musings on Supreme Court Changes and a Solution for Cuba

10:39 - Supreme Court Ruling on IEEPA Tariffs and Trump's Pivot to 122

18:08 - Does Canada Have to Accept Tariffs in a renewed CUSMA?

23:52 - Trump's Plan to Replace Income Tax with Tariff Revenues

27:26 - Will Trump Attack Iran?

33:34 - The Latest in Venezuela

35:27 - South Bow Discusses Revitalizing Keystone XL

 

For relevant disclosures, visit: tdsecurities.com/ca/en/legal#PodcastDisclosure. To learn more about TD Securities, visit us at tdsecurities.com or follow us on LinkedIn @tdsecurities.

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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 the wrong thing, and a situation destabilizes. He is hopeful that cooler heads prevail, and an off ramp can be found in Davos. Frank still wonders why the US Administration claims it needs Greenland, asking "why buy the cow when you already get the milk for free?" This month's podcast also covers tariffs, Iran, Minnesota, Venezuela, the Board of Peace, the Munroe Doctrine, Canada's China pivot, Legault's resignation in Quebec, Powell's Fed Indictment, populist market interventions by Trump and Prime Minister Carney's "sobering" speech to the World Economic Forum.
 
This podcast was recorded on January 20, 2026
 
Chapter Headings:
01:10    US vs NATO on Greenland
06:04    Study Confirms Cost of Tariffs Borne by US Consumer
10:37    Jawboning The Supreme Court Over Tariffs
13:30    Carney's Sobering Speech in Davos
15:19    Trump Rhetoric over Greenland Eerily Similar to Putin and Ukraine
18:17    Iranian Military Quells Uprising
20:20    Two Weeks Later – What Lies Ahead for Venezuela
23:48    Trump's Alternative to the UN – A So-Called "Board of Peace"
27:14    Listener Mailbag – MAGA Supporter Asks Frank about Munroe Doctrine
35:38    Trump's Populist Marketplace Interventions
37:54    ICE and Minnesota
40:10    Powell and Fed Independence
41:40    Legault Resignation Throws Open Quebec's Leadership Race

For relevant disclosures, visit: tdsecurities.com/ca/en/legal#PodcastDisclosure. To learn more about TD Securities, visit us at tdsecurities.com or follow us on LinkedIn @tdsecurities.

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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 Maduro move spawns global spheres of influence as the US implements its National Security Strategy (coined by President Trump as "the Donroe Document." For Canadians, Frank discusses implications of this geopolitical theatre for Canada's energy sector and whether a new pipeline to tidewater is more or less feasible today than last week and whether the prospect of growth in Venezuelan heavy oil production truly provides US leverage in upcoming CUSMA negotiations.
 
This podcast was recorded on January 7, 2026
 
Chapter Headings:
 
01:10 - The Capture of Maduro – US Motivation and Next Day Plans
06:38 - Trump Chooses Incumbent over Nobel Prize Winning Opponent
12:54 - Rebuilding Venezuela's Oil Infrastructure
17:32 - Spheres of Influence – Where Does Canada Stand?
29:54 - Sleeping With One Eye Open – Will Trump Follow Through on Saber Rattling?
37:38 - Mark Wiseman's Chops as Ambassador
39:18 - Implications for Canada's Energy Sector

For relevant disclosures, visit: tdsecurities.com/ca/en/legal#PodcastDisclosure. To learn more about TD Securities, visit us at tdsecurities.com or follow us on LinkedIn @tdsecurities.

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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 in Washington. He discusses the continued aisle crossings in Ottawa pushing the Liberals near to a majority and reminds listeners that the practice is nothing new in Canada. Before getting to his 2026 predictions, Frank weighs in again on the MTG vs Trump saga and finally whether Indiana's rebuttal of President Trump means the end of gerrymandering…for now. In terms of predictions, you won't want to miss his thoughts on the future of CUSMA, the Trans Mountain Pipeline, the War in Ukraine, and the Mid-term elections in Washington.
 
This podcast was recorded on December 15, 2025
 
Chapter Headings:
 
00:43 - The Monroe Doctrine 2.0
07:52 - Advice for the Incoming Ambassador in Washington
12:18 - Another MP Crosses the Aisle
17:12 - MTG Questions Whether Trump is America First
23:09 - The End of Gerrymandering…for Now
26:14 - 2026 Predictions

For relevant disclosures, visit: tdsecurities.com/ca/en/legal#PodcastDisclosure. To learn more about TD Securities, visit us at tdsecurities.com or follow us on LinkedIn @tdsecurities.

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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 with thoughts on political meddling allegations, Marjorie Taylor Greene's resignation, and other hot topics in Washington.
 
This podcast was recorded on November 26, 2025
 
Chapter Headings:
 
03:41    Ukraine Peace Plan Makes Progress – Why Now?
08:31    Is COP 30 Past its Best Before Date?
13:33    The BC Pipeline Debate
24:04    Quebec Separation Chatter
26:26    Trade Negotiations and Political Meddling
39:10    Is Marjorie Taylor Greene's Resignation a Canary?
41:23    Other News in Washington

For relevant disclosures, visit: tdsecurities.com/ca/en/legal#PodcastDisclosure. To learn more about TD Securities, visit us at tdsecurities.com or follow us on LinkedIn @tdsecurities.

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