President Trump said he's ended trade talks with Canada over a TV ad that's running in the province of Ontario, which he claimed "fraudulently" featured the late President Reagan "speaking negatively" about tariffs.
The big picture: Trump accused Canadian officials of trying to interfere in a legal challenge to his tariffs that's before the U.S. Supreme Court with the anti-tariffs ad that Reagan's foundation said misrepresented a 1987 address on free trade by the former president. The foundation said it's reviewing its legal options.
Listen to President Reagan's unedited remarks here: https://t.co/1gQUcbR4eZ pic.twitter.com/iqmjSuypp0
— Ronald Reagan Presidential Foundation & Institute (@RonaldReagan) October 24, 2025
Driving the news: "They only did this to interfere with the decision of the U.S. Supreme Court, and other courts," Trump claimed on Truth Social, ahead of oral arguments the justices are due to hear early next month in a case challenging his tariffs.
- "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," he added.
What they're saying: A spokesperson for Ontario Premier Doug Ford told CBC News his government hadn't done anything wrong and that the excerpt was unedited.
Why it matters: This is what some economists see as a key risk of the Trump 2.0 era: never-ending trade wars, fragile negotiations that Trump could blowing up at any moment — and the economic uncertainty that comes along with both.
Zoom out: Trump's post comes one day after Canadian Prime Minister Mark Carney announced a strategy for Canada to double exports to countries outside the U.S. within a decade due to Trump's tariffs.
- "Many of our former strengths — based on close ties to America — have become our vulnerabilities," he said Wednesday.
- Representatives for the offices of CanadiaCarney, Ford and the Ronald Reagan Presidential Foundation & Institute did not immediately respond to Axios' Thursday night request for comment.
Thought bubble: Tensions with huge U.S. trading partners — first China and now Canada — are heating up again after a quiet stretch.
- Canada is among the nations that saw higher tariffs imposed on its U.S.-bound exports in August after the government and the Trump administration failed to reach a trade deal.
- Carney, a former banker who has sought to establish a good rapport with Trump, visited the White House earlier this month — a trip that suggested tensions between the North American allies were thawing.
Go deeper: Reagan foundation "reviewing legal options" over Ontario tariffs ad
Editor's note: This is a breaking news story. Please check back for updates.
