According to CCTV News, U.S. President Trump suddenly announced late at night on October 23 that he would suspend trade negotiations with Canada because he was dissatisfied with an advertisement sponsored by the Ontario government. Trump accused Canada of "deceptive" claims that former U.S. President Ronald Reagan opposed tariffs.

On the evening of the 23rd local time, U.S. President Trump said through social media,"'The Ronald Reagan Foundation 'just issued a statement saying that Canada was suspected of fraudulently using a false advertisement in which (the United States) President Ronald Reagan made negative remarks about tariffs."

In a tweet, Trump said: ¡°They did so only to interfere with the rulings of the Supreme Court and other courts.¡±Thanks tariffs are critical to U.S. national security and economy.

Trump attached a statement issued by the Ronald Reagan Foundation to his post, which said that the government of Ontario, Canada, released an advertisement that used some audio and video footage of former President Reagan's "nationally broadcast address on free and fair trade" delivered on April 25, 1987. The advertisement misinterpreted the content of former President Ronald Reagan's radio speeches, and the Ontario government neither sought nor obtained permission to use and edit these speeches.

After Trump announced the above news, the Canadian dollar exchange rate plunged. The US dollar once rose 0.34% against the Canadian dollar. Later, due to the rising expectation of the Federal Reserve to cut interest rates, the increase narrowed. As of the close of the day, it was reported at 1.39951.

USD to USD $1.39951

U.S. White House economic adviser Hasett said on Monday that U.S.-Canada trade talks were not progressing smoothly and he believes U.S. President Trump is very disappointed with Canada.

Speaking about Canada¡¯s trade issues, White House economic adviser Hasett said the U.S. is growing dissatisfied with the lack of flexibility.

On October 24, local time, Canadian Prime Minister Mark Carney said that Canada will still resume trade negotiations with the United States "when the United States is ready to negotiate."

"When the Americans are ready to engage in these negotiations, we stand ready to continue to advance these advances and build on them because it will benefit American workers and Canadian workers," Carney said.

On Monday, Ontario Governor Doug Ford said that after communicating with Canadian Prime Minister Carney, Ontario would suspend anti-tariff advertising in the United States in order to resume trade talks with the United States. Ford said the advertisement would no longer be broadcast from next Monday.

Canadian Prime Minister Carney and Ontario Premier Doug Ford

The United States and Canada are one of the largest bilateral trade relationships in the world. Last year, the two countries 'trade in goods and services exceeded US$900 billion and are closely linked in industries such as automobiles and food.

For decades, goods between the United States and Canada have been tariff-free and freely circulating. Until Trump started his second term, he imposed tariffs on almost all trading partners, including Canada.

Last year, Canada achieved a US$36 billion trade surplus with the United States, mainly due to U.S. companies purchasing millions of barrels of crude oil every day from western Canada.

It is worth noting that Canadian Prime Minister Carney delivered a speech on October 22, saying that The close economic relationship between Canada and the United States has ended, and the relationship between the two countries will never be the same again.

Carney delivered a speech

Canadian Prime Minister Carney: This decades-long process of growing economic ties with the United States is over and our relationship with the United States will never be the same again.

Carney said Canada is facing a critical moment when the United States has fundamentally changed its way of trading and raised tariffs to the level of the Great Depression of the 1930s, which means Canada¡¯s economic strategy needs to change significantly. Canada plans to boost domestic construction and investment and expand exports to partners around the world, doubling exports to markets outside the United States over the next decade.

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Image source: Visual China

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