Current Account with Clay Lowery – Episode 156: Winter Has Come — U.S.-Canada Trade Relations Update

The relationship between the United States and Canada has long been defined by deep economic ties, shared security interests, and highly integrated supply chains. In this episode of Current Account, Clay is joined by PAA Advisory’s Co-Founder and Managing Partner Michael von Herff to examine the recent escalation in trade tensions between the two countries.

They discuss how a cycle of tariffs and retaliatory measures has transformed a trade dispute into a broader debate about economic leverage, sovereignty, and national strategy. The conversation explores Canada’s response to growing pressure from its largest trading partner, the potential implications for defense and industrial policy, and whether this moment represents a temporary disruption or a more lasting shift in the U.S.-Canada relationship.