In a late-night social media post, U.S. President Donald Trump said he is terminating all trade talks with Canada over a television ad against tariffs.

In his Truth Social post, Trump blamed an “egregious” television ad paid for and run by the Ontario government on American television networks.

The ad, featuring images of Americans from all walks of life going about their days over swelling music, is set to several clips from a 1987 radio address by former U.S. president Ronald Reagan.

In the speech, Reagan spoke about “free and fair trade,” and about how he views the risks of tariffs and protectionism against tariffs the U.S. was imposing at the time on Japanese goods.

The speech in its entirety lasted roughly five minutes, while the Ontario ad lasted one minute, running different excerpts of Reagan’s longer speech together.

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Former U.S. President Ronald Reagan 1987 speech on tariffs and free trade

Here is the transcript of the advertisement Ontario has been running, using quotes from Reagan’s longer speech.

“When someone says, let’s impose tariffs on foreign imports, it looks like they’re doing the patriotic thing by protecting American products and jobs. And sometimes for a short while it works, but only for a short time.

But 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.

Then the worst happens.

Markets shrink and collapse, businesses and industries shut down, and millions of people lose their jobs.

Throughout the world, there’s a growing realization that the way to prosperity for all nations is rejecting protectionist legislation and promoting fair and free competition. America’s jobs and growth are at stake.”

Reagan’s full speech in 1987 lasted for five minutes:

“My fellow Americans, Prime Minister Nakasone of Japan will be visiting me here at the White House next week. It’s an important visit because while I expect to take up our relations with our good friend Japan, which overall remain excellent, recent disagreements between our two countries on the issue of trade will also be high on our agenda.

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As perhaps you’ve heard, last week I placed new duties on some Japanese products in response to Japan’s inability to enforce their trade agreement with us on electronic devices called semiconductors.

Now, imposing such tariffs or trade barriers and restrictions of any kind are steps that I am loath to take. And in a moment I’ll mention the sound economic reasons for this, but over the long run such trade barriers hurt every American worker and consumer.

But the Japanese semiconductors were a special case. We had clear evidence that Japanese companies were engaging in unfair trade practices that violated an agreement between Japan and the United States.

We expect our trading partners to live up to their agreements. As I’ve often said, our commitment to free trade is also a commitment to fair trade. But you know, in imposing these tariffs, we were just trying to deal with a particular problem, not begin a trade war.

So next week, I’ll be giving Prime Minister Nakasone this same message. We want to continue to work cooperatively on trade problems and want very much to lift these trade restrictions as soon as evidence permits. We want to do this because we feel both Japan and the United States have an obligation to promote the prosperity and economic development that only free trade can bring.

Now that message of free trade is one I conveyed to Canada’s leaders a few weeks ago, and it was warmly received there.

Indeed, throughout the world, there’s a growing realization that the way to prosperity for all nations is rejecting protectionist legislation and promoting fair and free competition.

Now there are sound historical reasons for this. For those of us who live through the Great Depression, the memory of the suffering it caused is deep and searing. And today, many economic analysts and historians argue that high tariff legislation passed back in that period called the Smoot Hawley Tariff, greatly deepened the depression and prevented economic recovery.

You see, at first, when someone says, let’s impose tariffs on foreign imports, it looks like they’re doing the patriotic thing by protecting American products and jobs. And sometimes for a short while it works, but only for a short time.

What eventually occurs is first homegrown industries start relying on government protection in the form of high tariffs. They stop competing and stop making the innovative management and technological changes they need to succeed in world markets.

And then while all this is going on, something even worse occurs.

High tariffs inevitably lead to retaliation by foreign countries and the triggering of fierce trade wars. The result is more and more tariffs, higher and higher trade barriers and less and less competition.

So soon, because of the prices made artificially high by tariffs that subsidize inefficiency and poor management, people stop buying.

Then the worst happens.

Markets shrink and collapse, businesses and industry shut down, and millions of people lose their jobs.

The memory of all this occurring back in the 30s made me determined when I came to Washington to spare the American people the protectionist legislation that destroys prosperity.

Now, it hasn’t always been easy. There are those in the Congress just as there were back in the 30s, who want to go for the quick political advantage, who risk America’s prosperity for the sake of a short-term appeal to some special interest group who forget that more than five million American jobs are directly tied to the foreign export business and additional millions are tied to imports.

Well, I’ve never forgotten those jobs, and on trade issues, by and large, we’ve done well. In certain select cases, like the Japanese semiconductors, we’ve taken steps to stop unfair practices against American products, but we’ve still maintained our basic long-term commitment to free trade and economic growth.

So, with my meeting with Prime Minister Nakasone and the Venice Economic Summit coming up, it’s terribly important not to restrict a president’s options in such trade dealings with foreign governments.

Unfortunately, some in the Congress are trying to do exactly that. I’ll keep you informed on this dangerous legislation because it’s just another form of protectionism, and I may need your help to stop it. Remember, America’s jobs and growth are at stake. Until next week, thanks for listening and God bless you.

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The Ontario anti-tariff ad which lead Trump to end trade talks with Canada

Earlier Thursday night, the Ronald Reagan Presidential Foundation and Institute posted on X that an ad created by the government of Ontario “misrepresents the ‘Presidential Radio Address to the Nation on Free and Fair Trade’ dated April 25, 1987.”

It added that Ontario did not receive foundation permission “to use and edit the remarks.”

The foundation said it is “reviewing legal options in this matter” and invited the public to watch the unedited video of Reagan’s address.

For more on how Canadian leaders are responding, read the latest here.

— With files from The Associated Press