As governor of the Bank of England during the Brexit referendum, there is a phrase that will be all too familiar to Mark Carney: “No deal is better than a bad deal.”
Now, he is making that mantra his own.
The Canadian prime minister has walked away from trade negotiations with the Trump administration and is bracing for a trade war that could decimate business and cost tens of thousands of jobs.
“A good deal [became] a deal we would not accept,” he said at the weekend.
Canadians, outraged by Donald Trump’s repeated references to Canada as the US’s 51st state, have swung behind Carney.
Fans at weekend “soccer” matches where Canadian clubs were playing US rivals were heard booing and jeering as the American national anthem played.
Carney is planning to hit the US with retaliatory tariffs by Sept 8, potentially prompting yet more retribution from the White House.
But as this escalating trade war starts taking a toll on Canada’s economy, Carney risks losing his home support.
“I know emotionally it feels good to retaliate,” said Danielle Smith, the premier of the province of Alberta.
“But … when retaliation happens, it means that everybody who is buying products from the United States are now going to face upwards of 50pc tariffs.”
Before Carney walked away, talks between the White House and Canada had grown increasingly bitter.
Reports emerged on Friday of JD Vance, the vice-president, mocking the Canadian leader.
He’s a “very sweet guy”, Vance said, claiming the Canadian president had failed at an attempt to “out-tough Donald Trump”.