- Trump claimed the Ronald Reagan Foundation confirmed Canada used a fabricated version of Reagan’s 1987 anti-tariff remarks in a $75,000 ad campaign aimed at influencing U.S. court decisions.
- The Ontario-led campaign, worth $75 million, uses Reagan’s speech warning that tariffs lead to retaliation and trade wars, and is airing across major U.S. networks.
- The announcement followed rising trade tensions, with Canada recently cutting tariff-free import quotas for U.S. automakers and reaffirming plans to defend domestic auto jobs.
U.S. President Donald Trump said on Thursday that all U.S. trade negotiations with Canada have been terminated, accusing Ottawa of using a “fake” Ronald Reagan advertisement criticizing tariffs to influence U.S. court decisions.
In a post on Truth Social, Trump claimed the Ronald Reagan Foundation had confirmed that Canada “fraudulently used” a fabricated video of Reagan speaking against tariffs in an ad that cost $75,000. He said the move was meant “to interfere with the decision of the U.S. Supreme Court and other courts,” calling it “egregious behavior.”
“TARIFFS ARE VERY IMPORTANT TO THE NATIONAL SECURITY, AND ECONOMY, OF THE U.S.A. Based on their egregious behavior, ALL TRADE NEGOTIATIONS WITH CANADA ARE HEREBY TERMINATED,” Trump wrote.
What The Reagan Foundation Said
The Ronald Reagan Presidential Foundation and Institute, in a post on X, said the ad misrepresents a presidential radio address Reagan delivered in April 1987 and that his remarks were edited without its permission. The entity added that it was “reviewing its legal options in this matter.”
Ontario’s $75 Million Reagan Ad Campaign
The controversy stems from a $75 million ad campaign launched by Ontario Premier Doug Ford that uses clips from Reagan’s 1987 televised speech, in which the former president warned that high tariffs “inevitably lead to retaliation” and “fierce trade wars.”
Ford said during the launch, “I’m a big Ronald Reagan fan. We’re going to launch a $75 million ad and repeat that message to every Republican district there is, right across the entire country.”
The video carries a disclaimer that the ad is not approved by the Ronald Reagan Presidential Library or the Ronald Reagan Presidential Foundation.
Supreme Court Decision On Tariffs Pending
Last month, the Supreme Court granted the Trump administration’s request to hear its appeal of lower court rulings that had struck down many of Trump’s wide-ranging tariffs. The Court also approved the administration’s request to expedite the appeal on an accelerated timeline.
Throwback To Chinese Playbook
The controversy echoes a July post from the Chinese Embassy in Washington, which shared the same 1987 Reagan speech on X, saying it “finds new relevance in 2025.” The clip highlighted Reagan’s warning that tariffs can lead to retaliation, trade wars, and “economic collapse.” The embassy’s move was widely interpreted as a jab at Trump’s escalating tariff policies, which have already sparked retaliatory actions from trading partners including China and Canada.
Canada Cuts Tariff-Free Quotas for Automakers
Hours before Trump’s post, Canada reduced tariff-free import quotas for General Motors and Stellantis, escalating trade tensions. Finance Minister Francois-Philippe Champagne said GM’s quota will be cut by 24.2% and Stellantis’ by 50% after both automakers scaled back factory operations in Ontario.
Stocktwits Shows Bearish Mood For US ETFs
On Stocktwits, retail sentiment was ‘bearish’ amid ‘normal’ message volume for both the SPDR S&P 500 ETF Trust (SPY) and the Invesco QQQ Trust (QQQ), while it was ‘neutral’ amid ‘low’ message volume for the iShares MSCI Canada ETF (EWC).
So far this year, SPY is up 16%, QQQ is up 20%, and EWC has outperformed, gaining 26%.
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