Trump Escalates US-Canada Trade Tensions with Tariff Hike, Refuses Carney Meeting

U.S. President Donald Trump has refused to meet with Canadian Prime Minister Mark Carney amid escalating tensions over trade, following Ontario's $75 million anti-tariff ad campaign featuring Ronald Reagan's remarks, which Trump called "fake" and "fraudulent." Trump announced an additional 10 percent tariff on Canadian goods and suspended all trade talks with Canada, citing the controversial ad as the cause, while Carney expressed willingness to resume talks when the U.S. is ready. The dispute marks a setback in trade relations after progress on steel, aluminum, and energy issues. Trump will not meet Carney at the upcoming APEC summit but plans to meet Chinese President Xi Jinping to discuss trade. Meanwhile, global markets rallied on hopes of a U.S.-China trade truce ahead of the Trump-Xi meeting, reflecting a contrasting dynamic in U.S. trade relations. The Canadian government remains prepared to engage in dialogue, despite the current impasse.