President Trump has cut off U.S. trade talks with Canada after an anti-tariff ad featuring Ronald Reagan aired, calling it “fake” on Truth Social. Before talks collapsed, Canadian officials said Prime Minister Mark Carney was pursuing closer ties with China and may meet President Xi at next week’s APEC summit. As China diversifies exports—now up 8.3% year-on-year despite U.S. tariffs—markets remain calm. UBS’s Paul Donovan said past U.S.-Canada flare-ups have been short-lived but warned that the coming Trump–Xi meeting could pose greater risks for global trade.

President Trump has terminated trade talks with Canada over an anti-tariffs ad featuring Ronald Reagan. If Canada’s Prime Minister Mark Carney has any frustrations he wants to share about his southern neighbor, he may be able to d

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