U.S. President Donald Trump announced on October 24, 2025, that he’s terminating all trade negotiations with Canada, citing an ad by Ontario’s government that allegedly misquoted former President Ronald Reagan criticizing tariffs. “Based on their egregious behavior, ALL TRADE NEGOTIATIONS WITH CANADA ARE HEREBY TERMINATEDTrump posted on Truth Social.
Produced by Ontario, it aired in the U.S., quoting Reagan’s 1987 speech: “High tariffs inevitably lead to retaliation… and fierce trade wars.” The Ronald Reagan Foundation claims the ad “misrepresents” Reagan’s stance and is reviewing legal action.
No official comment yet, but Prime Minister Mark Carney had warned that U.S. tariffs (on steel, aluminum, and autos) are a “rupture” requiring a major economic shift.
The U.S.-Mexico-Canada trade deal (85% tariff-free) remains intact, but review looms in 2026.
Both leaders will attend ASEAN and APEC summits this week.This sudden shift underscores Trump’s aggressive tariff strategy. How will this affect global markets
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