National
Paul Wells on PM Trudeau’s cabinet shake up

Rechie Valdez teared up a bit taking her oath. It was nice.
Posted with permission from Substack author Paul Wells
The army you have
Exciting new combinations of Liberals and syllables
I skipped almost the entire cabinet-shuffle business on Wednesday. I think I’ve mostly managed to avoid getting jaded in this job, but there are days, boy howdy. Welcome, Minister Blah Blah Blah to the crucial office of Provision, Preparedness, Children and Popular Song. Congratulations, hug your kids. Next.
Then here was Rechie Valdez’s voice catching as she took the oaths (one for entry into the Council of the Elders and the other to join the Resonant Circle of the One, or whatever) and for just a minute, boredom took a holiday. The people who do these jobs should be emotional about them. Optimism is a good thing. Small businesses are definitely on the list of things worth caring about. Go get ’em, minister.
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A foolish consistency is the hobgoblin of days like this. During the 2021 campaign, when things were going badly, the official line out of the Trudeau brain trust was that the prime minister “doesn’t do shakeups.” And yet here’s one now. What’s changed?
There are always two ready answers to such a question. For one, the world has changed, as it always does. Previous shuffles addressed the astonishing 2016 votes for Brexit and Trump, and the less epochal but still significant election of Doug Ford as Ontario premier in 2018. In late 2021, when Trudeau was randomly firing one of the most experienced ministers in his cabinet, it might still have been possible to believe the PM’s third term in office wouldn’t be dominated by Russia, China, and the knock-on effects from a sharp increase in immigration. The misplaced optimism of that bygone era 20 months ago can no longer be maintained.
Second, the electoral context has changed. “We have all the time in the world before the next election” has become “We sure don’t,” and the readers who get cross when I link to horse-race polls are going to hate clicking on this.
I guess this shuffle is designed to address the Poilievre threat? Kind of? Listlessly? A year ago Trudeau was already getting advice to make sharp, noticeable changes in his team, message and style. (Yes, I just linked to myself.) Today he put Sean Fraser in charge of Housing and Marc Miller in charge of Immigration. Those might be the two most encouraging moves among dozens, both for Liberals who hope “good communicators” won’t turn out to be a sad joke, and for citizens who hope strong administrators might, even if only occasionally, be put in charge of challenging files.
The rest of the day’s news is puzzling. Seamus O’Regan to Labour? I thought the boss liked him. Pablo Rodriguez to Transport would seem to be yet another case of ministerial burnout on all those Web Giant-Killer bills that have become the torment of a succession of Heritage ministers. Pascale St.-Onge replaces him on the censorship ‘n’ subsidies beat, ringing a new variation on the eternal question: Why do they call it Canadian Heritage if only ministers from Quebec are allowed to do the job?
Gary Anandasangaree at Crown-Indigenous Relations and Arif Virani as Minister of Justice and Attorney-General are two cases of rookie ministers promoted to tough jobs. I’ve heard good things about both of them. Both have relevant committee and parliamentary-secretary experience. Virani was Jody Wilson-Raybould’s parliamentary secretary; she seems not to have kept many fond memories. (In her memoir she calls him one of the “talking heads” who were sent out “to make comments that evidence has now shown were not accurate or right.” In general, Trudeau, a non-lawyer mostly counselled by non-lawyers, seems to be chronically unsure why he should have a justice minister or what they are good for.)
Freeland, Guilbeault, Champagne and Joly remain in their previous jobs, evidence of their clout. On the other hand, I maintain that Rodriguez’s being shuffled was evidence of his clout. By now it’s clear that Freeland writes her own rules: she does the work she wants to do, to varying degrees of success, and nobody in this government can make her do anything else. Her fate is bound up with the prime minister’s. Probably neither of them expected it, but the stability of the tandem is now part of Trudeauworld’s game physics.
Cabinet shuffles defy confident prediction, or should. Will Jean-Yves Duclos make a difference as Public Services and Procurement Minister? He should. He’s a detail man in a detail job. But ministers are rarely better than they are permitted to be by circumstances and by the circle around the PM. Duclos will shine if this government wants to buy stuff, and not if it doesn’t.
That 2021 bit of campaign spin wasn’t entirely false. In some ways this prime minister really doesn’t do shakeups. He keeps his chief of staff, his indispensable deputy, his own way of thinking and talking about his government. Everything else swirls around. He came to office promising real change. Increasingly what’s real is what doesn’t change.
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Business
Hudson’s Bay Bid Raises Red Flags Over Foreign Influence

From the Frontier Centre for Public Policy
A billionaire’s retail ambition might also serve Beijing’s global influence strategy. Canada must look beyond the storefront
When B.C. billionaire Weihong Liu publicly declared interest in acquiring Hudson’s Bay stores, it wasn’t just a retail story—it was a signal flare in an era where foreign investment increasingly doubles as geopolitical strategy.
The Hudson’s Bay Company, founded in 1670, remains an enduring symbol of Canadian heritage. While its commercial relevance has waned in recent years, its brand is deeply etched into the national identity. That’s precisely why any potential acquisition, particularly by an investor with strong ties to the People’s Republic of China (PRC), deserves thoughtful, measured scrutiny.
Liu, a prominent figure in Vancouver’s Chinese-Canadian business community, announced her interest in acquiring several Hudson’s Bay stores on Chinese social media platform Xiaohongshu (RedNote), expressing a desire to “make the Bay great again.” Though revitalizing a Canadian retail icon may seem commendable, the timing and context of this bid suggest a broader strategic positioning—one that aligns with the People’s Republic of China’s increasingly nuanced approach to economic diplomacy, especially in countries like Canada that sit at the crossroads of American and Chinese spheres of influence.
This fits a familiar pattern. In recent years, we’ve seen examples of Chinese corporate involvement in Canadian cultural and commercial institutions, such as Huawei’s past sponsorship of Hockey Night in Canada. Even as national security concerns were raised by allies and intelligence agencies, Huawei’s logo remained a visible presence during one of the country’s most cherished broadcasts. These engagements, though often framed as commercially justified, serve another purpose: to normalize Chinese brand and state-linked presence within the fabric of Canadian identity and daily life.
What we may be witnessing is part of a broader PRC strategy to deepen economic and cultural ties with Canada at a time when U.S.-China relations remain strained. As American tariffs on Canadian goods—particularly in aluminum, lumber and dairy—have tested cross-border loyalties, Beijing has positioned itself as an alternative economic partner. Investments into cultural and heritage-linked assets like Hudson’s Bay could be seen as a symbolic extension of this effort to draw Canada further into its orbit of influence, subtly decoupling the country from the gravitational pull of its traditional allies.
From my perspective, as a professional with experience in threat finance, economic subversion and political leveraging, this does not necessarily imply nefarious intent in each case. However, it does demand a conscious awareness of how soft power is exercised through commercial influence, particularly by state-aligned actors. As I continue my research in international business law, I see how investment vehicles, trade deals and brand acquisitions can function as instruments of foreign policy—tools for shaping narratives, building alliances and shifting influence over time.
Canada must neither overreact nor overlook these developments. Open markets and cultural exchange are vital to our prosperity and pluralism. But so too is the responsibility to preserve our sovereignty—not only in the physical sense, but in the cultural and institutional dimensions that shape our national identity.
Strategic investment review processes, cultural asset protections and greater transparency around foreign corporate ownership can help strike this balance. We should be cautious not to allow historically Canadian institutions to become conduits, however unintentionally, for geopolitical leverage.
In a world where power is increasingly exercised through influence rather than force, safeguarding our heritage means understanding who is buying—and why.
Scott McGregor is the managing partner and CEO of Close Hold Intelligence Consulting.
Bjorn Lomborg
Net zero’s cost-benefit ratio is crazy high

From the Fraser Institute
The best academic estimates show that over the century, policies to achieve net zero would cost every person on Earth the equivalent of more than CAD $4,000 every year. Of course, most people in poor countries cannot afford anywhere near this. If the cost falls solely on the rich world, the price-tag adds up to almost $30,000 (CAD) per person, per year, over the century.
Canada has made a legal commitment to achieve “net zero” carbon emissions by 2050. Back in 2015, then-Prime Minister Trudeau promised that climate action will “create jobs and economic growth” and the federal government insists it will create a “strong economy.” The truth is that the net zero policy generates vast costs and very little benefit—and Canada would be better off changing direction.
Achieving net zero carbon emissions is far more daunting than politicians have ever admitted. Canada is nowhere near on track. Annual Canadian CO₂ emissions have increased 20 per cent since 1990. In the time that Trudeau was prime minister, fossil fuel energy supply actually increased over 11 per cent. Similarly, the share of fossil fuels in Canada’s total energy supply (not just electricity) increased from 75 per cent in 2015 to 77 per cent in 2023.
Over the same period, the switch from coal to gas, and a tiny 0.4 percentage point increase in the energy from solar and wind, has reduced annual CO₂ emissions by less than three per cent. On that trend, getting to zero won’t take 25 years as the Liberal government promised, but more than 160 years. One study shows that the government’s current plan which won’t even reach net-zero will cost Canada a quarter of a million jobs, seven per cent lower GDP and wages on average $8,000 lower.
Globally, achieving net-zero will be even harder. Remember, Canada makes up about 1.5 per cent of global CO₂ emissions, and while Canada is already rich with plenty of energy, the world’s poor want much more energy.
In order to achieve global net-zero by 2050, by 2030 we would already need to achieve the equivalent of removing the combined emissions of China and the United States — every year. This is in the realm of science fiction.
The painful Covid lockdowns of 2020 only reduced global emissions by about six per cent. To achieve net zero, the UN points out that we would need to have doubled those reductions in 2021, tripled them in 2022, quadrupled them in 2023, and so on. This year they would need to be sextupled, and by 2030 increased 11-fold. So far, the world hasn’t even managed to start reducing global carbon emissions, which last year hit a new record.
Data from both the International Energy Agency and the US Energy Information Administration give added cause for skepticism. Both organizations foresee the world getting more energy from renewables: an increase from today’s 16 per cent to between one-quarter to one-third of all primary energy by 2050. But that is far from a transition. On an optimistically linear trend, this means we’re a century or two away from achieving 100 percent renewables.
Politicians like to blithely suggest the shift away from fossil fuels isn’t unprecedented, because in the past we transitioned from wood to coal, from coal to oil, and from oil to gas. The truth is, humanity hasn’t made a real energy transition even once. Coal didn’t replace wood but mostly added to global energy, just like oil and gas have added further additional energy. As in the past, solar and wind are now mostly adding to our global energy output, rather than replacing fossil fuels.
Indeed, it’s worth remembering that even after two centuries, humanity’s transition away from wood is not over. More than two billion mostly poor people still depend on wood for cooking and heating, and it still provides about 5 per cent of global energy.
Like Canada, the world remains fossil fuel-based, as it delivers more than four-fifths of energy. Over the last half century, our dependence has declined only slightly from 87 per cent to 82 per cent, but in absolute terms we have increased our fossil fuel use by more than 150 per cent. On the trajectory since 1971, we will reach zero fossil fuel use some nine centuries from now, and even the fastest period of recent decline from 2014 would see us taking over three centuries.
Global warming will create more problems than benefits, so achieving net-zero would see real benefits. Over the century, the average person would experience benefits worth $700 (CAD) each year.
But net zero policies will be much more expensive. The best academic estimates show that over the century, policies to achieve net zero would cost every person on Earth the equivalent of more than CAD $4,000 every year. Of course, most people in poor countries cannot afford anywhere near this. If the cost falls solely on the rich world, the price-tag adds up to almost $30,000 (CAD) per person, per year, over the century.
Every year over the 21st century, costs would vastly outweigh benefits, and global costs would exceed benefits by over CAD 32 trillion each year.
We would see much higher transport costs, higher electricity costs, higher heating and cooling costs and — as businesses would also have to pay for all this — drastic increases in the price of food and all other necessities. Just one example: net-zero targets would likely increase gas costs some two-to-four times even by 2030, costing consumers up to $US52.6 trillion. All that makes it a policy that just doesn’t make sense—for Canada and for the world.
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