What did Donald Trump do today?

He confused Canada with Ukraine.

Trump posted this to his boutique social media site this afternoon:

Justin Trudeau, of Canada, called me to ask what could be done about Tariffs. I told him that many people have died from Fentanyl that came through the Borders of Canada and Mexico, and nothing has convinced me that it has stopped. He said that it’s gotten better, but I said, “That’s not good enough.” The call ended in a “somewhat” friendly manner! He was unable to tell me when the Canadian Election is taking place, which made me curious, like, what’s going on here? I then realized he is trying to use this issue to stay in power. Good luck Justin!

The slightly more charitable interpretation of Trump's claim that Canadian Prime Minister Justin Trudeau couldn't give him a date for the Canadian election is that the date has not been set yet, except that it will take place no later than October 20 of this year. This is normal for a parliamentary system like Canada. However, Trudeau has no power to delay the election past October 20, and has already resigned as leader of his party, effective later this month. 

The more likely and more troubling explanation is that Trump was conflating the upcoming Canadian elections with his talking point about Ukrainian President Volodymyr Zelenskyy being a "dictator." Ukraine is under martial law as a result of the Russian invasion, and cannot hold elections. The Ukrainian Parliament recently passed a resolution by a vote of 286-0 affirming the legitimacy of Zelenskyy's presidency while the emergency lasts. 

Trump himself was indicted for, and remains vulnerable to, criminal charges that he conspired to overturn the results of the 2020 election.

Virtually no fentanyl is smuggled across the Canadian border into the United States, although Trump has made clear he thinks that a return to the tariff-funded Gilded Age government would be a good thing. However, he doesn't appear to have the courage of his convictions: it took less than one day of stock market losses and tv spots with furious business owners for him to hastily backtrack on his Mexico and Canada tariff threats for the second time in a month.

Why does this matter?

• It's bad if the president can't remember which world leader he's talking to.

• People who live in glass houses shouldn't throw stones.

• Uncertainty, like whether goods will cost 25% more tomorrow, is bad for the markets.