Kevin O’Leary said President Donald Trump’s Davos speech signals a likely U.S.-Canada negotiation over a North American defense strategy, and he’s placing bets on Canadian energy and currency as a result.
Trump’s Davos Speech Focused On Power, Not Policy
On Wednesday, in a post on X, O’Leary shared a clip of his remarks and wrote, “I think there’s a negotiation starting between Canada and the United States that’s gonna be very good for both parties.”
In the clip, O’Leary said, “He basically gave the same speech today that he gave yesterday.”
He added, “What was new was his discussion about power, and the competition with the Chinese on power.”
O’Leary said the lack of available electricity capacity in North America has become a major obstacle in the “AI data center race,” and Trump’s proposal to fast-track permits for power projects has spooked financial markets.
“Maybe we better go find out where we can find stranded natural gas,” O’Leary said, noting that a quicker permitting process could cut project timelines from years to months.
Canada Seen As Key To Trump’s ‘Dome’ Defense Plan
O’Leary also addressed Trump’s comments about Greenland, arguing the president is likely aiming for a negotiation rather than a confrontation.
“Look, guys, we’ve been funding NATO for a long time,” O’Leary quoted Trump as implying.
He added, “We want something back in return. It’s called Greenland.”
O’Leary said he believes Canada will be crucial to any proposed “dome” defense strategy over North America and said he has positioned himself accordingly.
“I went long Canadian dollars today. And I’m going long Canadian power sources,” he said.
O’Leary partnered in 2024 with the Municipal District of Greenview to build Wonder Valley, a massive AI data centre park in northwest Alberta’s Greenview Industrial Gateway.
The Canadian dollar showed mixed performance against the U.S. dollar, up 4.15% over the past year but down 7.28% over five years.
Over the past 24 hours, the Canadian dollar rose 0.17% to $0.7236 against the U.S. dollar.
Canada-China Deal Draws US Criticism
On Monday, Michael Pillsbury of the Heritage Foundation warned that Canada’s trade deal with China could backfire, saying Prime Minister Mark Carney was “playing with fire” by bypassing President Trump.
He argued Canada should have worked with the U.S. and suggested Trump’s approval had a hidden meaning, given China’s history of not honoring trade commitments.
Former Secretary of State Mike Pompeo also criticized the deal, calling it a “grave strategic and moral error.”
Last week, President Trump endorsed the Canada-China deal, calling it a “good thing” and saying Canada should pursue such agreements.
The deal lowered tariffs on Chinese electric vehicles and Canadian canola, and was finalized during Carney’s first visit to China since 2017, where he met President Xi Jinping.
Carney described the agreement as a strategic recalibration of Canada-China relations.
Photo Courtesy: Kathy Hutchins on Shutterstock.com
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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