Canadian Prime Minister Mark Carney has confirmed that he apologized to US President Donald Trump over an anti-tariff advertisement featuring former US President Ronald Reagan. The apology comes after Trump announced plans to increase tariffs on Canadian goods by an additional 10 percent and terminated all trade talks, citing the ad campaign as “fake”.

According to Carney, the US President was offended by the advertisement, prompting the Canadian leader to issue an apology. Speaking to journalists in Gyeongju, South Korea, Carney stated, “I did apologize to the President. The President was offended.” He also indicated that trade talks would resume when the US is “ready”.

The development marks a significant escalation in trade tensions between the two nations. The anti-tariff ad campaign, which featured former US President Ronald Reagan, appears to have been a major factor in Trump’s decision to hike tariffs and halt trade talks. The move is likely to have far-reaching implications for the Canadian economy, as well as bilateral relations between the two countries.

In recent months, trade relations between the US and Canada have been strained, with both countries imposing tariffs on each other’s goods. The latest development is likely to further complicate efforts to resolve the trade dispute. Carney’s apology and willingness to restart trade talks when the US is “ready” suggest that Canada is seeking to de-escalate the situation and find a resolution to the trade impasse.

The trade dispute between the US and Canada is part of a broader trend of rising protectionism in international trade. The use of tariffs as a tool of trade policy has become increasingly common, with several countries imposing tariffs on each other’s goods in recent years. As the trade dispute between the US and Canada continues to unfold, it remains to be seen how the situation will be resolved and what implications it will have for the global trading system.