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Trump Says He’s Ending Trade Talks with Canada Over TV Ads 

US President Donald Trump meets with Canadian Prime Minister Mark Carney in the Oval Office of the White House in Washington, DC on October 7, 2025. (AFP)
US President Donald Trump meets with Canadian Prime Minister Mark Carney in the Oval Office of the White House in Washington, DC on October 7, 2025. (AFP)
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Trump Says He’s Ending Trade Talks with Canada Over TV Ads 

US President Donald Trump meets with Canadian Prime Minister Mark Carney in the Oval Office of the White House in Washington, DC on October 7, 2025. (AFP)
US President Donald Trump meets with Canadian Prime Minister Mark Carney in the Oval Office of the White House in Washington, DC on October 7, 2025. (AFP)

President Donald Trump said late Thursday that he was ending “all trade negotiations” with Canada because of a television ad opposing US tariffs that he said misstated the facts and called “egregious behavior” aimed at influencing US court decisions.

The post on Trump's social media site came after Canadian Prime Minister Mark Carney said he aims to double his country’s exports to countries outside the US because of the threat posed by Trump’s tariffs. Trump's call for an abrupt end to negotiations could further inflame trade tensions that already have been building between the two neighboring countries for months.

Trump posted, “The Ronald Reagan Foundation has just announced that Canada has fraudulently used an advertisement, which is FAKE, featuring Ronald Reagan speaking negatively about Tariffs.”

“The ad was for $75,000. They only did this to interfere with the decision of the US Supreme Court, and other courts,” Trump wrote on his social media site. “TARIFFS ARE VERY IMPORTANT TO THE NATIONAL SECURITY, AND ECONOMY, OF THE USA. Based on their egregious behavior, ALL TRADE NEGOTIATIONS WITH CANADA ARE HEREBY TERMINATED.”

Carney’s office didn’t immediately respond to a request for comment. The prime minister was set to leave Friday morning for a summit in Asia, while Trump is set to do the same Friday evening.

Earlier Thursday night, the Ronald Reagan Presidential Foundation and Institute posted on X that an ad created by the government of Ontario “misrepresents the 'Presidential Radio Address to the Nation on Free and Fair Trade' dated April 25, 1987.” It added that Ontario did not receive foundation permission “to use and edit the remarks.”

The foundation said it is “reviewing legal options in this matter” and invited the public to watch the unedited video of Reagan's address.

Carney met with Trump earlier this month to try to ease trade tensions, as the two countries and Mexico prepare for a review of the US-Mexico-Canada Agreement — a trade deal Trump negotiated in his first term, but has since soured on.

More than three-quarters of Canadian exports go to the US, and nearly $3.6 billion Canadian (US$2.7 billion) worth of goods and services cross the border daily.

Trump said earlier this week that he had seen the ad on television and said that it showed that his tariffs were having an impact.

“I saw an ad last night from Canada. If I was Canada, I’d take that same ad also,” he said then.

In his own post on X last week, Doug Ford, the premier of Ontario, posted a link to the ad and the message: “It’s official: Ontario’s new advertising campaign in the US has launched.”

He continued: “Using every tool we have, we’ll never stop making the case against American tariffs on Canada. The way to prosperity is by working together.”

A spokesperson for Ford didn’t immediately respond to a request for comment Thursday night. But Ford previously got Trump’s attention with an electricity surcharge to US states. Trump responded by doubling steel and aluminum tariffs.

The president has moved to impose steep US tariffs on many goods from Canada. In April, Canada’s government imposed retaliatory levies on certain US goods, but it carved out exemptions for some automakers to bring specific numbers of vehicles into the country, known as remission quotas.

Trump’s tariffs have especially hurt Canada’s auto sector, much of which is based in Ontario. This month, Stellantis said it would move a production line from Ontario to Illinois.

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Business

EU's Six Biggest Economies Agree on Capital Markets Supervision

German Finance Minister Lars Klingbeil (L), Dutch Finance Minister Eelco Heinen (R) and Spanish Economy Minister Carlos Cuerpo attend a meeting with finance ministers from Germany, Italy, Spain, Poland, France and the Netherlands at the Deutsche Bundesbank recreation center in Berlin, Germany, 28 May 2026. (EPA)
German Finance Minister Lars Klingbeil (L), Dutch Finance Minister Eelco Heinen (R) and Spanish Economy Minister Carlos Cuerpo attend a meeting with finance ministers from Germany, Italy, Spain, Poland, France and the Netherlands at the Deutsche Bundesbank recreation center in Berlin, Germany, 28 May 2026. (EPA)
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EU's Six Biggest Economies Agree on Capital Markets Supervision

German Finance Minister Lars Klingbeil (L), Dutch Finance Minister Eelco Heinen (R) and Spanish Economy Minister Carlos Cuerpo attend a meeting with finance ministers from Germany, Italy, Spain, Poland, France and the Netherlands at the Deutsche Bundesbank recreation center in Berlin, Germany, 28 May 2026. (EPA)
German Finance Minister Lars Klingbeil (L), Dutch Finance Minister Eelco Heinen (R) and Spanish Economy Minister Carlos Cuerpo attend a meeting with finance ministers from Germany, Italy, Spain, Poland, France and the Netherlands at the Deutsche Bundesbank recreation center in Berlin, Germany, 28 May 2026. (EPA)

Finance ministers from the EU's six biggest economies (E6) agreed among themselves on Friday to support more centralized capital markets supervision, in a breakthrough crucial for deeper integration of Europe's fragmented capital markets.

The push for financial market players to be supervised at a European Union rather than national level is part of the EU's plan to redirect trillions of its citizens' savings, now idling in bank deposits, into more productive investment in Europe.

Access to such a large ‌amount of capital ‌for investment would boost the bloc's chances of competing against ‌the ⁠United States and China.

Supervision ⁠of significant market infrastructure would be gradually transferred to the European Securities and Markets Authority in Paris, the finance ministers of Germany, France, Italy, Poland, Spain and the Netherlands agreed after they met in Berlin on Thursday to discuss the issue.

The issue of handing over local powers to supervise trading platforms, central counterparties and central securities depositories to the EU has been difficult because of vested national interests and opposition from Ireland and Luxembourg and ⁠initially Germany.

But the issue will be decided by qualified ‌majority, meaning it needs the support of 15 ‌out of the EU's 27 countries representing 65% of the bloc's population.

With the backing of the ‌E6, which represent 70% of the EU's population, centralized supervision is now much ‌more likely to happen.

"The fact that the EU's six largest economies are prepared to leave national self-interest behind and move forward together is an important signal for the entire European Union," German Finance Minister Lars Klingbeil said in a statement.

ACCOUNTABILITY MUST BE ENFORCED

The European Commission presented its ‌plan to better integrate EU capital markets in December, and Germany's finance minister has said he expects the package to ⁠be adopted by ⁠the end of this year.

"In an uncertain international context, Europe needs deeper and more integrated capital markets," Spanish Finance Minister Carlos Cuerpo said. "This joint positioning is a decisive step towards a true savings and investment union."

ESMA's governance structure must be set up efficiently: expertise, supervisory and market experience, and geographical balance should play a decisive role, the ministers agreed in a paper seen by Reuters on Friday.

In addition, costs must be kept under control and accountability must be enforced, the joint paper said about the ESMA.

However, the paper said that in their current form and size, German trading venues would currently not be subject to mandatory European supervision authorities over trading in crypto-assets, and to reduce barriers to cross-border funds to help company financing, according to the paper.

Business

Saudi Fintech, Cloud Services Drive Technology Sector Profit Boom

Women walk through the lobby of Elm Co. in the Saudi capital Riyadh. (Public Investment Fund)
Women walk through the lobby of Elm Co. in the Saudi capital Riyadh. (Public Investment Fund)
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Saudi Fintech, Cloud Services Drive Technology Sector Profit Boom

Women walk through the lobby of Elm Co. in the Saudi capital Riyadh. (Public Investment Fund)
Women walk through the lobby of Elm Co. in the Saudi capital Riyadh. (Public Investment Fund)

Saudi Arabia’s listed technology companies posted strong first-quarter earnings for 2026, reflecting a structural shift in the sector as digital revenue growth converged with tighter control over operating and administrative costs.

Combined net profits for companies in the Kingdom’s applications and technology services sector rose 16% year-on-year to SAR1.07 billion ($285 million), up from SAR920 million ($245 million) in the same period last year. The performance underscores the sector’s growing ability to diversify revenue streams across cybersecurity, digital identity, managed services and cloud computing.

Analysts said the gains were fueled by the continued expansion of Saudi Arabia’s digital transformation programs, the rapid maturation of the fintech industry, infrastructure development and rising investment in cloud computing.

Strong corporate demand is also pushing the Kingdom’s information and communications technology market toward what analysts expect will exceed $100 billion in spending by 2031.

The sector includes five listed companies, four of which reported profits during the quarter: Elm Co., Solutions by stc, 2P Perfect Presentation and Al Moammar Information Systems Co. Bahr Al Arab Systems Information Technology continued to post quarterly losses through the end of the first quarter.

Elm accounted for roughly 61% of total sector profits, recording the highest net income at SAR656 million in the first three months of the year, up 32% from SAR495 million a year earlier. The company benefited from a 31% rise in revenue to SAR2.47 billion, in addition to lower research and development expenses.

Solutions by stc ranked second, posting profits of SAR370 million, up 2.5% from SAR361 million in the same quarter last year. The increase was supported by lower operating costs, reduced selling and administrative expenses, and a 6.3% rise in revenue to SAR3 billion.

2P Perfect Presentation came third in sector profitability, reporting net income of SAR33.06 million, up 2.4% from SAR32.28 million a year earlier. The company cited strong performance across most operating segments, particularly call center services, while revenue climbed 14% to SAR330.08 million.

The Saudi Data and AI Authority's (SDAIA) "Hexagon" data center, the largest government data center in the world. (SPA)

Five drivers behind the growth

Financial analyst Nasser Al-Rashid told Asharq Al-Awsat that the strong earnings growth reflects the intersection of several operational and strategic factors centered on five main pillars.

The first is sustained government and private-sector spending on digital transformation, which remains the sector’s largest growth engine, he explained. As government agencies and major corporations expand automation and strengthen digital infrastructure, demand has increased for technology solutions, data management, cybersecurity and cloud services, creating stable long-term revenue streams for companies with major public-sector contracts.

The second pillar is the rapid development of the fintech sector, which has accelerated adoption of digital payments, e-services, digital identity tools and smart business platforms. This has directly boosted recurring revenues and profit margins for technology and applications companies, Al-Rashid said.

Third, companies have improved operational efficiency, as reflected in lower operating and administrative costs and reduced sales and distribution expenses. This demonstrates that firms are not relying solely on revenue growth but are also improving profitability through tighter cost controls, he added.

The fourth driver is the expansion of cloud computing and data center services, among the industry’s most profitable activities, he continued.

Rising demand from businesses for cloud hosting, data analytics and managed services has increased returns on technology contracts as institutions reduce reliance on traditional infrastructure.

The fifth pillar is the diversification and quality of revenue streams, said Al-Rashid.

Major companies are no longer dependent on a single source of income but now generate returns from digital operations, cloud solutions, business platforms, call center services and systems management, reducing exposure to operational volatility and improving earnings sustainability, he went on to say.

Market analyst Tariq Al-Ateeq told Asharq Al-Awsat that Elm’s contribution of more than 60% of sector profits highlights the strength of its innovation-driven model built around government digital services, data and specialized solutions.

He added that the Saudi technology sector has formally entered a phase of “sustainable operational growth,” supported by Vision 2030, rapid digitalization and rising spending on technology infrastructure.

Al-Ateeq expects technology and applications companies to maintain solid earnings and revenue growth in coming quarters, albeit at a more balanced pace than in previous years.

The sector’s long-term expansion will continue to be driven by government digital transformation spending, the rapid growth of cloud and artificial intelligence services, and rising private-sector demand for automation, he remarked.

Business

Gold on Track for Third Straight Monthly Loss; Traders Assess US-Iran Ceasefire Reports

Gold bars displayed inside Comptoir National de l'Or store in Paris (Reuters)
Gold bars displayed inside Comptoir National de l'Or store in Paris (Reuters)
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Gold on Track for Third Straight Monthly Loss; Traders Assess US-Iran Ceasefire Reports

Gold bars displayed inside Comptoir National de l'Or store in Paris (Reuters)
Gold bars displayed inside Comptoir National de l'Or store in Paris (Reuters)

Gold was headed for a third straight monthly loss as the US-Israeli war on Iran kept concerns around inflation and US rate hikes elevated.

Spot gold rose 0.5% to $4,514.19 per ounce by 0610 GMT on Friday as investors assessed reports on reports of an extension to the US-Iran ceasefire extension. It had ‌fallen to a ‌two-month low of $4,365.76 on Thursday, but closed ‌higher.

The ⁠bullion is on ⁠track to lose 2.4% for the month and about 15% over three months.

US gold futures for August delivery inched 0.3% higher to $4,544.80.

"Yesterday, we saw gold went down to $4,360 and was likely to go down further until the (ceasefire) announcement came, due to which we suddenly saw the reversal of prices. This is where the market ⁠continues to be this morning," said GoldSilver Central Managing ‌Director Brian Lan.

"Markets are now ‌waiting for the deal to be signed even if it's only just ‌pending Trump's signature."

The United States and Iran reached an ‌agreement on Thursday to extend their ceasefire and lift restrictions on shipping through the Strait of Hormuz, sources told Reuters, though US President Donald Trump has yet to approve it and Iranian state media said it ‌had not been finalized.

Oil futures fell more than 1% on Friday and were on track for ⁠their steepest ⁠weekly decline since early April, easing some concerns around inflation driven by higher energy prices due to the Iran war.

US inflation increased at its fastest pace in three years in April, cementing economists' views that the Federal Reserve would hold interest rates unchanged well into next year.

While gold is considered a hedge against inflation, the non-yielding asset tends to come under pressure in a high-interest-rate environment.

Spot silver fell 0.1% to $75.55 per ounce and palladium gained 0.6% to $1,375.25, with both metals headed for a weekly gain. Platinum lost 0.4% to $1,915.30 and was on course for a weekly loss.