Trump increases tariffs on Canadian goods by another 10% over Reagan ad

[Canada and american national flags waving in the wind on a clear day]
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U.S. President Donald Trump on Saturday said he would be increasing the tariff rate on Canadian goods by another 10% after the North American nation drew his ire by airing an ad featuring former President Ronald Reagan talking negatively about tariffs.

"Ronald Reagan LOVED Tariffs for purposes of National Security and the Economy, but Canada said he didn’t! Their Advertisement was to be taken down, IMMEDIATELY, but they let it run last night during the World Series, knowing that it was a FRAUD," Trump posted on his Truth Social service.

"Because of their serious misrepresentation of the facts, and hostile act, I am increasing the Tariff on Canada by 10% over and above what they are paying now," he added. The tariff rate against Canada is currently at 35%.

Trump's move follows a Friday declaration that he was immediately ending [https://seekingalpha.com/news/4508056-trump-cancels-trade-negotiations-with-canada-over-reagan-ad] all trade negotiations with Canada.

"The sole purpose of this FRAUD was Canada’s hope that the United States Supreme Court will come to their 'rescue' on Tariffs that they have used for years to hurt the United States," the president said on Saturday.

Trump was referring to an upcoming hearing set for November 5 in which the U.S. Supreme Court will hear arguments concerning the legality of the president's sweeping global tariffs.

The escalation in trade tensions between the U.S. and Canada comes ahead of Trump's planned meeting [https://seekingalpha.com/news/4508063-trump-xi-meeting-preview] with Chinese President Xi Jinping next week.

Trade developments remain in Wall Street's spotlight, which on Friday posted [https://seekingalpha.com/news/4508315-stock-market-news-today-nasdaq-sp500-dow-jones] its best week since early August. Here are some exchange-traded funds that track the benchmark S&P 500 index (SP500 [https://seekingalpha.com/symbol/SP500]): (NYSEARCA:SPY [https://seekingalpha.com/symbol/SPY]), (NYSEARCA:VOO [https://seekingalpha.com/symbol/VOO]), (NYSEARCA:IVV [https://seekingalpha.com/symbol/IVV]), (NYSEARCA:RSP [https://seekingalpha.com/symbol/RSP]), (NYSEARCA:SSO [https://seekingalpha.com/symbol/SSO]), (NYSEARCA:UPRO [https://seekingalpha.com/symbol/UPRO]), (NYSEARCA:SH [https://seekingalpha.com/symbol/SH]), (NYSEARCA:SDS [https://seekingalpha.com/symbol/SDS]), and (NYSEARCA:SPXU [https://seekingalpha.com/symbol/SPXU]).

And here are some Canada-focused ETFs: (NYSEARCA:EWC [https://seekingalpha.com/symbol/EWC]), (NYSEARCA:FXC [https://seekingalpha.com/symbol/FXC]), (NYSEARCA:FLCA [https://seekingalpha.com/symbol/FLCA]), and (BATS:BBCA [https://seekingalpha.com/symbol/BBCA]).

DEAR READERS: We recognize that politics often intersects with the financial news of the day, so we invite you to click here to join the separate political discussion [https://seekingalpha.com/article/4829984-politics-and-the-markets-102525].

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