President Donald Trump says he has "terminated" trade negotiations with Canada on Thursday night due to what he says is a fraudulent ad including former President Ronald Reagan speaking negatively about tariffs.

Why It Matters

An abrupt termination of trade negotiations between the U.S. and Canada would mark a significant escalation in economic tensions between the two longtime allies and trading partners.

The announcement also takes place as the Supreme Court prepares to consider the limits of presidential authority over tariffs—a pivotal legal issue with potential for wide-ranging effects on U.S. trade policy and executive power.

What To Know

In his post to Truth Social on Thursday night, Trump said, "The Ronald Reagan Foundation has just announced that Canada has fraudulently us

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