- Trade talks between the U.S. and Canada were ongoing regarding steel, aluminum, and energy.
- However, President Trump said in a post on Truth Social late Thursday that all these talks with Canada have been terminated.
- A televised advertisement funded by the province of Ontario is the reason behind President Trump halting trade talks with Canada.
Canadian Prime Minister Mark Carney reportedly stated on Friday that his government is ready to resume trade talks with the United States, noting that the two sides had been making headway before U.S. President Donald Trump halted negotiations.
According to a Bloomberg report, Carney stated that the U.S. trade policy had “fundamentally changed” from the 1980s through the 2000s. He made the statement ahead of his nine-day trip to Asia, where he will attend the summits of the Association of Southeast Asian Nations (ASEAN) and the Asia-Pacific Economic Cooperation (APEC).
President Trump is also set to attend the ASEAN and APEC summits.
Progress Halted
Trade talks between the U.S. and Canada were ongoing regarding steel, aluminum, and energy. However, President Trump said in a post on Truth Social late Thursday that all these talks with Canada have been terminated over the country’s “egregious behavior.”
While Carney did not comment on this, he said Canada would resume the talks when his American counterparts are ready, according to the report.
“We stand ready to pick up on that progress and build on that progress when the Americans are ready to have those discussions.”
— Mark Carney, Prime Minister, Canada
Meanwhile, U.S. equities gained in Friday’s opening trade. At the time of writing, the SPDR S&P 500 ETF (SPY), which tracks the S&P 500 index, was up 0.89%, the Invesco QQQ Trust ETF (QQQ) gained 1.08%, while the SPDR Dow Jones Industrial Average ETF Trust (DIA) rose 1.01%. Retail sentiment around the S&P 500 ETF on Stocktwits was in the ‘bearish’ territory.
Ontario’s Reagan Advertisement Ruffles Feathers
A televised advertisement campaign funded by the province of Ontario against President Trump’s tariffs is at the center of the new blowup between President Trump and Canada.
The ad uses excerpts from former President Ronald Reagan’s 1987 address, which called tariffs an outdated idea that drives up prices and hurts U.S. workers. In a post on Truth Social, President Trump called the ad “fake” and said it was intended to interfere with the U.S. Supreme Court’s decision on tariffs.
In a subsequent post early on Friday, President Trump said Canada “cheated and got caught.”
“They fraudulently took a big buy ad saying that Ronald Reagan did not like Tariffs, when actually he LOVED TARIFFS FOR OUR COUNTRY, AND ITS NATIONAL SECURITY. Canada is trying to illegally influence the United States Supreme Court in one of the most important rulings in the history of our Country,” President Trump stated.
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