Tomas Philipson, former acting chairman of the Council of Economic Advisers, discusses President Donald Trump’s cancellation of trade negotiations with Canada following an ad quoting former President Ronald Reagan’s thoughts on tariffs on “The Bottom Line.”
Canadian Prime Minister Mark Carney said Saturday he has apologized to President Donald Trump over a controversial political ad that quoted former President Ronald Reagan’s 1987 radio speech criticizing trade barriers.
The ad, which aired on US television networks, showed clips of Reagan warning that tariffs will lead to trade wars and economic disaster.
The ad, which used Reagan’s words to criticize Trump’s tariff policy toward Canada, was quickly voted down by the White House. The White House accused Canada of taking Reagan’s words out of context. In response, Trump halted trade negotiations with Canada and increased 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 have apologized to the president,” Carney said Saturday, speaking to reporters after attending an Asia-Pacific summit in South Korea. Reuters.
Carney said he made the apology privately to Trump when they both attended a dinner hosted by South Korea’s president on Wednesday.
On Friday, Trump said Carney was gracious in his apology.
“He was very nice. He apologized for what they did in the commercial,” Trump told Reuters.
Carney said he discussed 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 go through with the ad,” 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 was intended to “take the words of Ronald Reagan and bring them to the American people” on major U.S. networks. He said the ad was not nasty and was “very factual.”
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Despite the White House backlash, Ford doubled down on his position last week, calling it “the best ad I’ve ever done.” Newsweek.
Trump previously denounced the ad, writing on Truth Social that Canada “cheated and got caught.”
“They fraudulently took out a major ad that said Ronald Reagan didn’t like tariffs, when in fact he loved tariffs for our country and its national security,” Trump said in a social media post last week after the ad was unveiled.
The Ronald Reagan Presidential Foundation, a nonprofit organization that aims to continue his legacy, alleged that the ad campaign used “selective audio” that “misrepresented” Reagan’s speech.
President Ronald Reagan sits at a desk in the Oval Office of the White House after addressing the nation about the Iran-Contra affair. (Diana Walker/Getty Images/Getty Images)
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Meanwhile, 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.
