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- In early April 2025, a rumor began to spread that U.S. President Donald Trump had backed down on tariffs because Canadian Prime Minister Mark Carney forced his hand by orchestrating a collective sale of U.S. bonds.
- It is true that Trump paused tariffs after the price of U.S. Treasurys began to drop at the same time as the price of U.S. stocks plummeted, an event known as a synchronized sell-off. In fact, after he announced the pause, Trump said, “bond markets are tricky.”
- However, the claim that Carney had orchestrated the bond sell-off alongside the European Union and Japan was not confirmed. It came from the newsletter of Dean Blundell, a staunch supporter of Carney in Canada’s next federal election and a former “shock jock.”
- Snopes has contacted Blundell, asking him to explain how he came upon this story and to clarify some points from his allegations.
- Snopes also contacted Carney’s office asking for confirmation of Blundell’s claims. Lastly, we have reached out to several fixed income analysts to inquire about the plausibility of such a scheme.
