Former Council of Financial Advisers performing Chair Tomas Philipson discusses President Donald Trump’s cancellation of commerce talks with Canada following an advert quoting former President Ronald Reagan’s ideas on tariffs on ‘The Backside Line.’
Canadian Prime Minister Mark Carney on Saturday mentioned he apologized to President Donald Trump over a controversial political commercial that quoted former President Ronald Reagan’s 1987 radio deal with criticizing commerce boundaries.
The commercial, which aired on U.S. tv networks, confirmed clips of Reagan warning that tariffs result in commerce wars and financial catastrophe.
The advert, which used Reagan’s phrases to criticize Trump’s tariff insurance policies towards Canada, was rapidly slammed by the White Home. The White Home accused Canada of taking Reagan’s phrases out of context.
In response, Trump nixed commerce talks with Canada and elevated tariffs on Canadian imports by 10%.
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President Donald Trump greets Canadian Prime Minister Mark Carney throughout a world leaders summit on ending the Gaza warfare Oct. 13, 2025, in Sharm El-Sheikh, Egypt. (Evan Vucci/Pool/Getty Pictures / Getty Pictures)
“I did apologize to the president,” Carney mentioned Saturday, chatting with reporters after attending an Asia-Pacific summit in South Korea, in keeping with Reuters.
Carney mentioned he had made the apology privately to Trump once they each attended a dinner hosted by South Korea’s president on Wednesday.
On Friday, Trump mentioned Carney was gracious in his apology.
“He was very good. He apologized for what they did within the industrial,” Trump mentioned, per Reuters.
Carney mentioned he had reviewed the advert with Ontario Premier Doug Ford earlier than it aired however was against operating it. Ford commissioned the advert.
“I advised Ford I didn’t need to go ahead with the advert,” Carney mentioned.
Canadian Prime Minister Mark Carney and President Donald Trump pose for a photograph throughout the G7 Summit June 16, 2025. (Brendan Smialowski/AFP by way of Getty Pictures / Getty Pictures)
Ford, a conservative, beforehand mentioned that the Oct. 14 marketing campaign advert sought to “take Ronald Reagan’s phrases and blast it to the American individuals” on main U.S. networks. He mentioned the advert wasn’t nasty and was “very factual.”
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Regardless of blowback from the White Home, Ford doubled down on his place final week, calling it “the very best advert I ever ran,” per Newsweek.
Trump beforehand slammed the advert, writing on Fact Social that Canada had “cheated and received caught.”
“They fraudulently took a big-buy advert saying that Ronald Reagan didn’t like tariffs, when truly he LOVED TARIFFS FOR OUR COUNTRY, AND ITS NATIONAL SECURITY,” Trump mentioned in a social media submit final week after the advert was revealed.
The Ronald Reagan Presidential Basis, a nonprofit group that seeks to proceed his legacy, claimed the advert marketing campaign used “selective audio” that “misrepresents” Reagan’s deal with.
President Ronald Reagan sits at a desk within the Oval Workplace of the White Home after addressing the nation concerning the Iran-Contra affair. (Diana Walker/Getty Pictures / Getty Pictures)
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Carney met with Chinese language President Xi Jinping Friday and mentioned the talks marked a turning level in relations after years of rigidity.
The journey to Asia was a part of efforts to cut back Canada’s reliance on the USA, Carney mentioned.
“It may possibly’t occur in a single day, however we’re shifting very quick,” he mentioned.
Reuters contributed to this report.
