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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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IFAD to Asharq Al-Awsat: Repercussions of Hormuz Closure Trigger Global Food Security Shock

A container ship is seen in the Strait of Hormuz off the coast of Qeshm Island, Iran, Saturday, April 18, 2026. (AP Photo/Asghar Besharati)
A container ship is seen in the Strait of Hormuz off the coast of Qeshm Island, Iran, Saturday, April 18, 2026. (AP Photo/Asghar Besharati)
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IFAD to Asharq Al-Awsat: Repercussions of Hormuz Closure Trigger Global Food Security Shock

A container ship is seen in the Strait of Hormuz off the coast of Qeshm Island, Iran, Saturday, April 18, 2026. (AP Photo/Asghar Besharati)
A container ship is seen in the Strait of Hormuz off the coast of Qeshm Island, Iran, Saturday, April 18, 2026. (AP Photo/Asghar Besharati)

The International Fund for Agricultural Development (IFAD) said the repercussions of the closure of the Strait of Hormuz have triggered a global food security shock, warning that disruptions to fertilizer and fuel supplies, rising input costs, and declining purchasing power are threatening production at a critical point in the agricultural season. This is driving food prices higher and will severely affect the world’s most vulnerable populations.

Gerardine Mukeshimana, Vice President of IFAD, told Asharq Al-Awsat that the repercussions of the US-Israeli-Iranian conflict have led to a global food security shock that has already begun to manifest in local food crises, particularly for small-scale producers and rural populations.

On this Mukeshimana said “The ripple effects of the conflict have triggered a global food security shock that is already translating into local food crises, particularly for small-scale producers and rural populations. While it is too early to quantify a precise global ‘food gap,’ nor foresee all possible consequences, we do know that many of the women and men who produce our food are already under pressure.”

Critical timing and heightened risks

Mukeshimana stressed the seriousness of the timing, as farmers across nearly half the world are entering critical agricultural seasons between March and June. Any shortage of inputs at this stage will inevitably lead to lower yields and reduced food availability in the coming months.

“Between March and June, farmers across nearly half the world enter critical planting seasons, meaning that input shortfalls and price spikes today risk lower harvests and tighter food availability in the months ahead. As past crises have shown, these shocks do not originate at the farm level, but they ultimately land there, among those with the least capacity to absorb them.”

Impact of shipping disruptions on agricultural production

On the repercussions of the closure of the Strait of Hormuz on the passage of ships carrying agricultural inputs and fertilizers, and estimates of losses over the past 40 days, Mukeshimana said: “The abrupt halt and severe disruption of shipping through the Strait of Hormuz and Bab el-Mandeb has had immediate repercussions for fertilizers, fuel and other agricultural inputs. While exact volume losses over the past 40 days vary by commodity and route, evidence from IFAD investments points to significant shipment delays, curtailed exports and cascading market effects, from reduced planting to distorted farm-gate prices and declining rural incomes, as gathered in detail by the position paper, ‘Global shock, local crisis,’ published by Alvaro Lario, President of IFAD this week.”

She noted that these impacts are clearly reflected in shrinking cultivated areas, distortions in agricultural price structures, and a deterioration in farmers’ net incomes, as documented in the position paper issued this week by IFAD President Alvaro Lario titled “Global shock, local crisis,” which warned that international logistical disruptions are translating into severe local livelihood crises.

Vice-President of IFAD Gerardine Mukeshimana (Asharq Al-Awsat)

Import-dependent countries in a double bind

“The supply chain disruptions are cutting off farmers’ access to markets to both purchase inputs – such as seeds, veterinary medicines, and equipment – and sell their products both domestically and as exports. The result: farmers’ expenses rise as their income drops.”

Mukeshimana said this represents a global risk, as small-scale farmers produce about one-third of the world’s food, and up to 70 percent in Africa. When their production declines due to input shortages, it leads to reduced output, higher prices, deeper vulnerability, and rising hunger.

She warned that these repercussions directly translate into lower production levels, rising prices, and worsening economic vulnerability, ultimately expanding the scope of hunger.

Mukeshimana added that countries that rely on imports face a double bind, as fertilizer shortages and rising costs compound existing pressures from climate shocks, armed conflict, and accumulated debt, making it extremely difficult for these countries to withstand the current crisis.

“In import-dependent countries, fertilizer shortages and price spikes amplify existing pressures from climate shocks, conflict, and debt. Left unaddressed, these shocks can drive wider development setbacks, hunger, increasing humanitarian needs, forced migration, conflict and political instability.”

Business

Inflation Woes and Firmer Dollar Drag Gold Lower as US-Iran Tensions Revive

A display of gold bars, each weighing 1000 grams, at a gold and silver refinery in Vienna (AFP)
A display of gold bars, each weighing 1000 grams, at a gold and silver refinery in Vienna (AFP)
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Inflation Woes and Firmer Dollar Drag Gold Lower as US-Iran Tensions Revive

A display of gold bars, each weighing 1000 grams, at a gold and silver refinery in Vienna (AFP)
A display of gold bars, each weighing 1000 grams, at a gold and silver refinery in Vienna (AFP)

Gold prices fell on Monday owing to a stronger US dollar and renewed inflation fears after another closure of the Strait of Hormuz pushed oil prices higher.

Spot gold was down 0.8% at $4,790.59 per ounce, as of 1103 GMT, after hitting its lowest since April 13 earlier in the session.

US gold futures for June delivery fell 1.4% to $4,811.

"Oil's surge after the weekend's chaotic events surrounding the Strait of Hormuz ensure that inflation risks remain palpable, offsetting gold's allure as a safe-haven asset. The precious metal has taken a backseat to the dollar's role as the preferred safe haven throughout the conflict so far," said Han Tan, chief market analyst at Bybit, Reuters reported.

"Barring meaningful and sustained de-escalations in the ongoing conflict, spot gold is expected to keep treading water in these sub-$5,000 levels."

The US said on Sunday that it had took over an Iranian cargo ship that tried to break through its blockade while Iran said it would retaliate, heightening fears of a resumption of hostilities.

Oil prices jumped around 5% on fears that the ceasefire between the United States and Iran could collapse and traffic through the Strait of Hormuz remained largely halted.

The dollar index strengthened, making greenback-priced bullion more expensive for holders of other currencies. Benchmark 10-year US Treasury yields gained, increasing the opportunity cost of holding non-yielding bullion.

Although gold is considered an inflation hedge and a safe haven during geopolitical and economic uncertainty, rising energy costs stemming from the war in Iran have stoked inflation concerns and pushed the yellow metal lower on expectations of monetary tightening by the US Federal Reserve.

"Nonetheless, gold retains the ability to extend its recent rebound as structural demand drivers persist. Central bank buying, de-dollarization and currency debasement trends may have faded but remain alive and can support bullion," said Nikos Tzabouras, senior market analyst at Jefferies-owned Tradu.com.

Among other metals, spot silver lost 2.1% to $79.07 per ounce, platinum fell 1.7% to $2,066.90, and palladium was down 1.6% at $1,533.64.

Business

European Shares Slip as Hopes for US-Iran Peace Fade

The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, April 17, 2026. (Reuters)
The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, April 17, 2026. (Reuters)
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European Shares Slip as Hopes for US-Iran Peace Fade

The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, April 17, 2026. (Reuters)
The German share price index DAX graph is pictured at the stock exchange in Frankfurt, Germany, April 17, 2026. (Reuters)

European ‌shares declined on Monday, as hopes for peace in the Middle East ebbed with tensions reigniting after Washington seized an Iranian cargo ship that tried to run its blockade and Tehran vowed to retaliate.

Investors have grown increasingly jittery as the US-Iran ceasefire, set to expire Tuesday, appears fragile.

Iran rejected fresh peace talks with the US just hours after President Donald Trump said he would dispatch envoys to Pakistan ‌while threatening new ‌strikes unless Tehran accepts his terms.

The ‌pan-European ⁠STOXX 600 index ⁠was down 0.8% to 621.52 points as of 0717 GMT.

Major regional markets also fell, with France's CAC and Germany's DAX down 0.9% and 1%, respectively.

The uncertainty marks a sharp reversal from Friday's optimism, when the STOXX 600 jumped more than 1% and ⁠secured its fourth consecutive weekly gain after ‌Iran declared the Strait ‌of Hormuz open.

Energy shares gained 1.9% as crude prices ‌surged., while utilities and telecommunication stocks rose 0.7% and 0.2%, ‌respectively.

Travel and leisure sector led the declines, bearing, down 2%. Banks and automobile stocks dropped 1.8% each.

Among other movers, cash logistics company Loomis was top loser on the European ‌benchmark index after Goldman Sachs downgraded the stock to "neutral" from "buy".

The setback in the ⁠Middle ⁠East conflict comes despite tentative signs of normalization at the Strait of Hormuz.

Although Iran has reimposed a closure of the critical waterway, Kpler data revealed more than 20 vessels carrying oil, metals, gas, and fertilizer passed through on Saturday - the busiest traffic day since March 1.

Elevated oil prices continue to weigh heavily on energy-dependent European economies, keeping investors cautious.

The strait is a conduit for one-fifth of global energy shipments. Brent crude futures advanced 5.3% to $95.19 a barrel after tumbling 9% on Friday.