President Donald Trump said on Saturday he was increasing tariffs on Canada by an additional 10% “above what theyre paying now,” according to a Reuters report. The announcement was made in a Truth Social post just two days after ending trade talks with Ottawa.

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Trump said the action was prompted by what he described as a misleading advertisement from the government of the Canadian province Ontario. The ad featured a video of late President Ronald Reagan, a Republican icon, saying that tariffs cause trade wars and economic disaster.

Canadian Prime Minister Mark Carney said on Friday that Canada stood ready to resume trade talks with the United States. The U.S. Commerce Department, the White House and Carney’s office did not immediately respond to requests for comment.

Source: IndexBox Market Intelligence Platform