The Canada-U.S. trade talk roller-coaster ride continues.

Late Thursday, Oct. 23, President Donald Trump announced that his administration would be ending all trade talks with Canada after the Ontario provincial government began airing an ad with audio from 1987 of then-President Ronald Reagan speaking negatively about tariffs.

“Sometimes, for a short while, it works,” says Reagan in the one-minute ad, referring to tariffs. “But only for a short time. Over the long run, such trade barriers hurt every American worker and consumer. High tariffs inevitably lead to retaliation by foreign countries and the triggering of fierce trade wars.”

In the X post announcing the launch of the ad, Ontario Premier Doug Ford, who has declared plans to spend $75 million CAD on anti-tariff advertising, wrote “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.”

Meanwhile, Trump has accused the provincial government of using the ad to influence upcoming arguments regarding the legality of tariffs before the U.S. Supreme Court. The Ronald Reagan Presidential Foundation & Institute has also said that the remarks in the ad, originally delivered in an April 1987 radio address, misrepresent the nature of the original and were edited without permission.

In response, Trump posted on Truth Social: “Tariffs are very important to the national security, and the economy, of the U.S.A. Based on their egregious behavior, all trade negotiations with Canada are hereby terminated.”

Back in June, Trump announced that all trade talks with Canada were over in response to the Canadian government’s plans to levy a digital services tax on American tech firms; the duty was jettisoned by Canada the same week. More recently, the Trump administration implemented a set of lumber tariffs that disproportionately affect Canada, which is the largest provider of lumber to the U.S.

This week, Prime Minister Mark Carney announced plans to double non-U.S. exports over the next 10 years, citing an uncertain trade future with the U.S., and “re-engaging” with India and China.

“The jobs of workers in our industries most affected by U.S. tariffs – autos, steel, lumber – are under threat,” Carney said during the evening address. “Our businesses are holding back investments, restrained by the pall of uncertainty that is hanging over all of us.”

The prime minister is expected to unveil the government’s Budget 2025 on Nov. 4.