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Former Acting Chairman of the Council of Economic Advisers Tomas Philipson discusses President Donald Trump’s cancellation of trade talks with Canada following an announcement citing former President Ronald Reagan’s thoughts on tariffs in ‘The Bottom Line.’
Canadian Prime Minister Mark Carney said Saturday he apologized to President Donald Trump for a controversial political ad that cited former President Ronald Reagan’s 1987 radio speech criticizing trade barriers.
The ad, which aired on American television networks, featured clips of Reagan warning that tariffs lead to trade wars and economic disasters.
The ad, which used Reagan’s words to criticize Trump’s tariff policies toward Canada, was quickly criticized by the White House. The White House accused Canada of taking Reagan’s words out of context.
In response, Trump canceled trade talks with Canada and raised tariffs on Canadian imports by 10%.
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President Donald Trump greets Canadian Prime Minister Mark Carney during a summit of world leaders on ending the Gaza war on October 13, 2025 in Sharm El-Sheikh, Egypt. (Evan Vucci/Pool/Getty Images/Getty Images)
“I apologized to the president,” Carney said Saturday, speaking to reporters after attending an Asia-Pacific summit in South Korea, according to Reuters.
Carney said he had privately apologized to Trump when they both attended a dinner hosted by the South Korean president on Wednesday.
On Friday, Trump said Carney was kind in his apology.
“He was very kind. He apologized for what they did in the commercial,” Trump said, according to Reuters.
Carney said he had reviewed the ad with Ontario Premier Doug Ford before it aired but was opposed to running it. Ford commissioned the ad.
“I told Ford I didn’t want to move forward with the announcement,” Carney said.
Canadian Prime Minister Mark Carney and President Donald Trump pose for a photo during the G7 Summit on June 16, 2025. (Brendan Smialowski/AFP via Getty Images/Getty Images)
Ford, a conservative, previously said the Oct. 14 campaign ad sought to “take Ronald Reagan’s words and deliver them to the American people” on major American networks. He said the ad was not unpleasant and was “very objective.”
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Despite criticism from the White House, Ford doubled down on his position last week, calling it “the best ad I’ve ever run,” according to news week.
Trump previously criticized the ad, writing in Truth Social that Canada had “cheated and got caught.”
“They fraudulently accepted a big buy ad that said Ronald Reagan didn’t like tariffs, when in reality he LOVED TARIFFS FOR OUR COUNTRY AND ITS NATIONAL SECURITY,” Trump said in a social media post last week after the ad was revealed.
The Ronald Reagan Presidential Foundation, a nonprofit organization that seeks to continue his legacy, claimed that the ad campaign used “selective audio” that “misrepresents” Reagan’s speech.
President Ronald Reagan sits at a desk in the Oval Office of the White House after addressing the nation on the Iran-Contra issue. (Diana Walker/Getty Images/Getty Images)
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Carney met with Chinese President Xi Jinping on Friday and said the talks marked a turning point in relations after years of tension.
The trip to Asia was part of efforts to reduce Canada’s dependence on the United States, Carney said.
“It can’t happen overnight, but we are moving very quickly,” he said.
Reuters contributed to this report.
