This post was republished with permission from Zero Hedge
President Trump has terminated all trade talks with Canada amid an information war waged by the Ontario provincial government, which has criticized U.S. tariffs. Canada’s propaganda ad campaign has appeared on Newsmax and Bloomberg, with additional placements scheduled for Fox News, Fox Sports, NBC, CBS, CNBC, ESPN, ABC, and local channels.
The advertisement uses audio from former President Ronald Reagan to remind Americans of the negative consequences of tariffs.
“High tariffs inevitably lead to retaliation by foreign countries and the triggering of fierce trade wars,” Reagan said, adding, “Then the worst happens: Markets shrink and collapse, businesses and industries shut down, and millions of people lose their jobs.”
Late Thursday night, President Trump wrote on Truth Social, “The Ronald Reagan Foundation has just announced that Canada has fraudulently used an advertisement, which is FAKE, featuring Ronald Reagan speaking negatively about Tariffs.”
“The ad was for $75,000,000. They only did this to interfere with the decision of the U.S. Supreme Court, and other courts. 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 emphasized.
Before Trump’s Truth Social post, on X, the Ronald Reagan Foundation blasted the “ad campaign using selective audio and video of President Ronald Reagan delivering his “Radio Address to the Nation on Free and Fair Trade,” dated April 25, 1987,” adding, “The ad misrepresents the Presidential Radio Address, and the Government of Ontario did not seek nor receive permission to use and edit the remarks.”
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
In markets, UBS analyst Jason Poh told clients that “USDCAD has a knee-jerk jump, 30+ pips” after Trump announced all trade talks were terminated.
Foreign governments attempting to shape U.S. trade policy or U.S. politics is not new, but this was certainly a bold move by Canada during trade talks.
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