85. From Economic Uncertainty to Strategic Opportunity with Karl Tabbakh

In Part 2 of this candid global conversation, Karl Tabbakh returns to The Dwayne Kerrigan Podcast to pull back the curtain on the economic uncertainty that’s gripping both Canada and the U.S.—and what business leaders need to do about it.

Dwayne and Karl dissect the real cost of tariffs, the psychological divide between the “haves” and “have nots,” and what a future recession could mean for Canadian competitiveness. They challenge leaders to rethink productivity, wealth distribution, and their own growth mindset in a time of instability.

From political coalitions to personal responsibility, Karl doesn’t hold back. If you’re in business today, this episode is your compass in the chaos.

Timestamps

[00:01:00] – The danger of coalitions and the question of democratic representation

[00:04:30] – Program creation vs. program funding: Canada’s economic blind spot

[00:08:30] – Do we have the GDP to fund the lifestyle we promise?

[00:10:00] – Why Canada’s mindset around growth is dangerously passive

[00:13:30] – Who really pays the tariffs—and why they’re hidden taxes

[00:17:30] – Are tariffs a strategy or political theatre? Dissecting Trump’s leverage

[00:24:00] – The “Somewheres” vs. “Nowheres”: Stephen Harper’s cultural divide explained

[00:27:00] – The information echo chamber: Why we don’t see disruption coming

[00:29:00] – Education, taxation, and why we must fix the divide

[00:36:00] – Capitalism’s existential threat: What happens when the system loses balance

[00:43:30] – CEO pay, productivity, and compensation in a modern economy

[00:48:00] – Catching a falling knife: Should you invest in uncertain times?

[00:52:00] – When clarity returns, capital will too: Preparing for the rebound

[00:57:00] – The world is better than you think—but you have to choose that lens

[00:59:00] – Final message: Educate yourself. Lead with purpose. Elevate others.

About Karl Tabbakh

Karl Tabbakh is a lawyer, a business leader and a strategic advisor with over 20 years of international business experience. Karl’s expertise is sought after to advise corporations, directors and business executives on a range of strategic issues and transactions both domestically and globally. He is a partner at McCarthy Tétrault LLP with a focus on M&A and private equity and serves on the firm’s Senior Leadership Team as National Leader, Markets and International Business. He was appointed by the Government of Canada as Chairman of Invest in Canada, Canada’s agency responsible for promoting, attracting and facilitating global foreign direct investments into Canada. He previously served as Chair of the Canadian Chamber of Commerce and was on the Board of directors of the Canada Arab Business Council. Karl is a regular speaker on matters of governance, global investment and mergers and acquisitions. In addition to his career in Canada, Karl spent eight years in the Middle East and four years in London, UK, where he developed a solid international network and gained an understanding of international business and investments. An active community leader, Karl supports and leverages his network to benefit many non-profit and local community service organizations, including as member of the Centraide/United Way campaign. Born in Syria, Karl immigrated with his parents to Canada at age 10. He holds an LLB from Osgoode Hall Law School in Toronto, a BCL from the Université de Montréal and a B.Comm from Université Laval in Québec City. Karl is fluent in French, English, and Arabic.

Notable Quotes

“Imposing a tariff isn’t tax revenue. It’s a