Former Council on Economic Adjustment chairman Thomas Philipson discusses President Donald Trump’s cancellation of trade talks following President Ronald Reagan’s thoughts on tax rates on the ‘bottom line.’
Canadian Prime Minister Mar Caney on Saturday said he apologized to President Donald Trump over this controversial political ad that quoted Ronald Reagan’s radio station.
The ad, which aired on US television networks, showed clips of Reagan’s warning that tax cuts would lead to trade wars and economic disaster.
The ad, which used Reagan’s words to criticize Trump’s tax policies in Canada, was quickly fired by the White House. The White House was accused in Canada of taking Reagan’s words out of context. In response, Trump Zixed trade talks with Canada and increased tariffs on Canadian imports by 10%.
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President Donald Trump greets Canadian Prime Minister Mark during a summit of world leaders on ending the war in Gaza on Oct. 13, 2025, Sharm el-Sheikh, Egypt. (Evan Vucci – Pool / Getty Images / Getty Images)
“I apologized to the President,” Carney said Wednesday, speaking to reporters after attending an Asia-Pacific summit in South Korea, according to Reuters.
Carney said he made a private apology to Trump when the two attended a dinner hosted by the South Korean 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 said, briefly.
Carney said he reviewed the ad for Ontario Premier Doug Ford before it went live but was challenged. Ford commissioned an ad.
“I told Ford I didn’t want to go ahead 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 smilowski/AFP via Getty Images/Getty Images)
Ford, which was saved, previously said that the Oct. He said the ad was not bad and was ‘very true.’
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Despite the demolition at the White House, Ford doubled down on his position last week, calling it “the best ad I’ve ever run,” per Newsweek.
Trump once ran an ad, writing on social media that Canada was ‘cheated and caught.’
“They fraudulently took a big ad and said that Ronald Reagan didn’t like tax rates, when he liked our country’s taxes, and its security,” Trump said in a social media post last week after the ad was released.
The Ronald Reagan Presidential Foundation, a non-profit organization that wants to continue his legacy, wants an ad campaign that used a “chosen sound” to “surprise the prominent” Reagan.
President Ronald Reagan is seen sitting at a desk in the oval office of the White House after addressing the nation regarding 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 an opportunity for change after years of rifts.
The trip to Asia was part of an effort to reduce Canada’s dependence on the United States, Carney said.
“It won’t happen overnight, but we’re moving very quickly,” he said.
Reuters contributed to this report.
