Trump, in a Truth Social post, emphasized that the ads should have been removed immediately, but they were aired during the World Series knowingly, calling it “fraudulent”. This justified the 10% increase in tariffs on Canada.

He further stated that Canada “misrepresented the facts” in the advertisement, calling it a “hostile act”. Outside of exemptions under the United States–Mexico–Canada Agreement (USMCA), Canada imposes tariffs of 35% on most U.S. goods, with 50% on steel and aluminum products.

Trump, while boarding Air Force One to fly to Malaysia, reiterated on Truth Social:

“The ads should have been taken down immediately, but they allowed it to run last night during the World Series, knowing it was fraudulent.”

Ontario Advertisement and Ford’s Statements

Ontario Premier Doug Ford stated that the ad would stop on Monday but remain on air over the weekend. He said, “I instructed my team to continue delivering our message to Americans during the first two World Series games.”

The Reagan Foundation also stated that Canada used the speech without permission and edited the video selectively, reviewing its legal options.

During the game where the Toronto Blue Jays defeated the Los Angeles Dodgers 11–4, the ad was seen by millions. Ford explained that the purpose was to inform American viewers about tariffs’ impact on workers and businesses.

Ontario had announced plans to spend $75 million on the U.S. ad campaign, targeting Republican areas nationwide.

Reagan Foundation Reaction and Legal Process

The Ronald Reagan Presidential Foundation criticized the ad for distorting the April 25, 1987, speech, sharing the full video online for viewers to watch. Ford also shared the complete video link.

In the original speech, Reagan discussed Japan’s semiconductor trade agreement and retaliatory tariffs, which were not reflected in Ontario’s ad.

The Supreme Court is expected to review in November whether President Trump has authority to impose tariffs on countries including Canada. The new 10% tariff increase took effect just before the legal process.

Trump stated: “Because they misrepresented the facts and acted hostilely, I increased tariffs.”

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Six-Month Temporary Exemption on the Way

Minister Champagne announced that, in response to the ongoing tariff dispute between Canada and the U.S., certain U.S.-origin products subject to counter-tariffs will receive a six-month temporary exemption. This exemption primarily applies to imports used in Canadian manufacturing, processing, and food and beverage packaging. Additionally, products supporting public health, healthcare, public safety, and national security will also be covered.

This move is intended to safeguard the competitiveness of Canadian businesses and public institutions in the short term. During this period, the government aims to encourage companies to restructure their supply chains and shift toward domestic sources where available.

Performance-Based Relief for the Automotive Industry

One of the highlighted measures directly supports the Canadian automotive sector. Automakers that continue to invest and manufacture vehicles in Canada will be granted a special exemption. They will be allowed to import a limited number of U.S.-assembled, CUSMA-compliant vehicles into Canada without facing counter-tariffs.

However, this benefit comes with conditions: if manufacturers reduce production or investment in Canada, the volume of tariff-free imports will be reduced accordingly. The government’s goal is to preserve Canada’s automotive production capacity and maintain domestic employment.

Liquidity Support for Large Enterprises

The Large Enterprise Tariff Loan Facility (LETL), previously announced by the Prime Minister, is now open for applications. The program is designed to support large businesses operating in critical sectors such as food security, energy supply, economic stability, and national security, especially those struggling to access traditional financing.

The facility offers financial support to help maintain operations and restore stability, while requiring recipient companies to commit to retaining jobs and continuing business activities within Canada. Businesses that were already undergoing insolvency proceedings before the trade dispute will not be eligible for this program.

A New Era for Supply Chains

The Canadian government’s latest policy package is seen as an important move toward reducing foreign trade dependence. The tariff conflict with a key trading partner like the U.S. has accelerated efforts to boost local production and explore alternative supply routes.

In the words of Minister Champagne:
“This crisis presents an opportunity to build a stronger and more resilient economy. We’re giving businesses the time they need to navigate this transition.”

Additional support programs are expected in the coming weeks, as the government continues to reinforce Canada’s supply chains and assert its commitment to economic independence and long-term stability.

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With this move, the previous 25% tariff will be doubled, resulting in a new 50% tariff on Canadian-made steel and aluminum products. This decision could escalate the trade war between the U.S. and Canada, with its immediate impact already being felt in the markets.

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Bitcoin Sees Sharp Drop

After Trump’s announcement of the tariff increase, risk appetite in the markets declined, and Bitcoin (BTC) saw a sharp pullback. The price of Bitcoin dropped by 2.5% during the day, falling to $80,631. Experts note that trade wars could put pressure on global economic growth, which in turn increases the selling pressure on risky assets.

Geopolitical and economic uncertainties are continuing to affect the cryptocurrency markets. Bitcoin‘s price volatility is expected to continue in the coming days.

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