(Update) October 31, 2025, 6:03 PM GMT: Article updated with Canadian dollar and economic data in the third paragraph.
US President Donald Trump said he received an apology from Canadian Prime Minister Mark Carney over a television ad that opposed tariffs, but suggested that trade talks between the two countries won’t restart.
Asked by reporters aboard Air Force One whether negotiations between the White House and Carney’s government would resume, Trump said: “No, but I have a very good relationship. I like him a lot, but you know, what they did was wrong. He was very nice. He apologized for what they did with the commercial.”
The Canadian dollar fluctuated after the comments and traded at C$1.4018 per US dollar shortly before 2 p.m. New York time, the lowest intraday level in a week. Economic data released by Statistics Canada on Friday showed the trade battle is taking a toll on the economy, with the numbers pointing to just 0.4% annualized growth in the third quarter.
Earlier Friday, US Energy Secretary Chris Wright said the goal is for the US and Canada to return to the table after talks broke off last week, and for the countries to cooperate more closely on oil, gas and critical minerals.
There has been friction in the talks between Canada and the US “for some good reasons,” Wright told reporters at the Group of Seven energy and environment ministers’ meeting in Toronto on Friday.
Trump called off the negotiations last week after the province of Ontario aired an anti-tariff advertisement in the US that drew from a 1987 radio address by former President Ronald Reagan. Trump also threatened an additional 10% tariff on Canada.
Before the breakdown, Carney said the two countries had been progressing on a deal on steel and aluminum sectoral tariffs, as well as energy. Carney had pitched Trump on reviving the Keystone XL pipeline project.
“Unfortunately we’ve had some bumps on the road,” Wright said. “I would say the goal is to bring those back together and I think to see cooperation between the United States and Canada across critical minerals, across oil and gas.”
Trump has also said recently that he’s satisfied with the current trade arrangement between the US and Canada, which includes US import taxes on autos, lumber, steel and aluminum, along with a 35% tariff on other goods not shipped under the US-Mexico-Canada Agreement that Trump signed during his first term.
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