Blackstone's Schwarzman helped save U.S.-Canada-Mexico free trade, Kushner says

Blackstone's Schwarzman played a pivotal -- and, until now, little-known -- role in securing a 2018 agreement between Donald Trump and Justin Trudeau to preserve free trade among the U.S., Canada and Mexico, according to Jared Kushner.

The buyout mogul’s intervention took place in late September 2018, on the sidelines of the United Nations General Assembly meeting in New York, the former president’s senior adviser and son-in-law writes in his new book “Breaking History: A White House Memoir.” The 512-page book is set for release on Aug. 23, and portions of it were shared in advance with Bloomberg News.

The US had reached an agreement the previous month with Mexico, but remained at odds with Canada over access for US dairy producers to the protected market of America’s northern neighbor. Kushner knew that Schwarzman was planning to meet with Trudeau.

“Please let the prime minister know that his negotiators are about to blow up a US$600 billion trade relationship over butter,” Kushner recalls telling the Blackstone chairman, co-founder and CEO, feeling that Canadian Foreign Minister Chrystia Freeland was holding out. “They are playing chicken with the wrong guy. Trump would be thrilled to go forward with Mexico and impose tariffs on Canada. He made a promise to the dairy farmers, and he isn’t going to budge.”