Explained: How Mark Carney is trying to reassure Canadians after Trump’s tariff threats

Times of IndiaCenter-RightEN 3 min read 100% complete by TOI BUSINESS DESKOctober 26, 2025 at 01:34 PM

AI Summary

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Prime Minister Mark Carney is addressing trade tensions between Canada and the United States following President Donald Trump's announcement of a 10% tariff hike on Canadian imports. The escalation was triggered by an Ontario government-funded advertisement during the World Series that invoked Ronald Reagan to criticize American protectionism, which angered Trump. Carney responded by stating his readiness to resume trade negotiations and announced plans for an ambitious budget with investments in the domestic economy and diversification towards Asian markets. He also mentioned finalizing a free-trade deal with ASEAN nations next year. The incident highlights growing tensions over trade policies between Canada and the US, with Trump viewing the ad as an affront to his policies.

Key Topics & Entities

ASEAN nations 40% World Series ×240% ASEAN Business and Investment Summit 50% Doug Ford 50% Ontario ×260% Donald Trump ×380% Mark Carney ×490% US ×490% Canada ×6100%

Keywords

trade war 90% tariffs 85% mark carney 70% donald trump 70% canadian imports 65% trade negotiations 60% ontario ad 55% asean business and investment summit 50% trade focus toward asia 45% free-trade deal with asean 40%