United States Treasury Secretary Scott Bessent delivered a blunt reality check to Canada on Monday, mocking Ottawa’s tariff threats and questioning whether Prime Minister Mark Carney has any serious leverage against the much larger American economy.

Bessent made the remarks during an interview with CNBC’s Sara Eisen from Asheville, North Carolina.

He was there to host a two day gathering of G20 finance ministers and central bank governors.

The interview turned toward the latest tariff dispute between Washington and Ottawa.

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Eisen asked, “And finally, are you meeting with your Canadian counterpart here?”

She also questioned whether financial markets should view the escalating rhetoric as a tit for tat trade war between the neighboring countries.

Bessent responded by emphasizing the enormous difference in economic weight between the United States and Canada.

The Treasury secretary noted that the American economy is roughly 13 times larger than Canada’s economy.

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In other words, Ottawa can shout loudly, but shouting does not magically create bargaining power.

Bessent then dismissed the Canadian response with a simple question: “What else are they going to say?” His answer suggested that Carney’s government is relying on political theater because its practical options are considerably less impressive.

Bessent also accused Carney of transforming an economic disagreement into a partisan spectacle.

“You know, look, I think this is very unfortunate that Prime Minister Carney has turned this into a political shouting match. I mean, we’re not at war with Canada.”

Then came the line certain to irritate Canada’s political class.

“What are they going to take their two submarines from the Edmonton Mall and sic them on us?”

The crack captured Bessent’s broader argument with all the subtlety of a cannon blast.

Canada remains an important neighbor and trading partner, but its government is hardly positioned to intimidate the United States through chest thumping and tariff threats.

According to Bessent, Carney built his political rise around hostility toward President Donald Trump and the United States.

He argued that Carney had trailed badly in polling before embracing that strategy and turning cross border tensions into political fuel.

That accusation goes to the heart of Bessent’s criticism.

Rather than protecting Canadian workers and consumers, Carney appears determined to protect his own political standing and keep the Liberal Party’s nationalist outrage machine running.

“And it’s unfortunate that he’s not doing what’s best for the Canadian people,” Bessent said.

“He’s doing what is best for the Liberal Party, what’s best for Mark Carney.”

Bessent predicted that Canadian voters would eventually recognize the game being played at their expense. “And in the long run, the Canadian people are going to see through that.”

The Treasury secretary also revealed that Canada had received an unusually favorable offer from the Trump administration.

Instead of accepting a deal that could have delivered stability and certainty, Carney allegedly abandoned it just before completion.

“And, you know, I will say that they were offered the best trade deal of any, any country on the globe, and he chose to walk away from it at the last minute,” Bessent said.

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That decision leaves Carney with plenty of fiery rhetoric but fewer convincing explanations for Canadians who will bear the economic consequences.

Political grandstanding may earn applause from Liberal activists, but it does not lower prices, protect jobs, or improve access to the American market.

The exchange also showed that the Trump administration has little interest in pretending every threat deserves equal concern.

Washington appears prepared to negotiate seriously, but it will not confuse Ottawa’s partisan theatrics with genuine strategic strength.

Bessent’s submarine jab will likely dominate the clips from the interview, and understandably so.

Beneath the humor was a clear warning that Canada cannot reject a generous agreement, provoke a public confrontation, and then expect the United States to tremble before the mighty fleet of the Edmonton Mall.

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