25 killed, 5 injured in cargo ship fire in China, President Donald Trump says Iran war will end immediately after US mid-term election, Serbia's president Vucic dissolves parliament, calls snap election for October 25, HP govt to introduce dress code for teachers in CBSE schools from Oct 1,

Trump ended trade talks with Canada over a Reagan ad

US President Donald Trump has 'terminated' all trade negotiations with Canada while claiming an anti-tariff commercial featuring an address from former President Ronald Reagan was 'FAKE,' in which Ronald Reagan says tariffs "hurt every American". The ad, sponsored by Canada's province of Ontario and released last week, features excerpts of an address Reagan gave in 1987 focusing on foreign trade. The Ronald Reagan Presidential Foundation said the ad used “selective audio and video.” It said it was examining legal options. The ad’s voiceover consists of Reagan, a hero to many U.S. Republicans, criticizing tariffs on foreign goods while saying they cause job losses and trade wars. The video uses five complete sentences from the five-minute weekly address, spliced together out of sequence. On October 14, Ford said his province would spend 75 million Canadian dollars (US$54m) to run anti-tariff advertisements on mainstream channels in the US.

“The ad misrepresents the Presidential Radio Address (by Reagan in 1987), and the Government of Ontario did not seek nor receive permission to use and edit the remarks,” a Foundation statement said. The ad does not mention that Reagan was using the address to explain that tariffs imposed on Japan by his administration should be seen as a sadly unavoidable exception to his basic belief in free trade as the key to prosperity.

In the broadcast, Reagan says: “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.” He also says: “…over the long run such trade barriers hurt every American worker and consumer,” and that the result of trade wars is that “Markets shrink and collapse; businesses and industries shut down; and millions of people lose their jobs.”

Ontario Premier Doug Ford said this week that the ad from his provincial government, more than a week old, had caught Trump’s attention. Ford has frequently urged Carney to take a more aggressive approach with Trump. Ontario later said it would stop running it so trade talks could resume.

Prime Minister Mark Carney said on Friday that Canada stands ready to resume trade talks with the United States that President Donald Trump halted over an anti-tariff advertisement issued by Ontario’s provincial government.Carney has tried on two White House visits since becoming prime minister to strike a deal to lower import tariffs on steel, aluminum and autos imposed by Trump that have hurt Canada’s economy. Carney had removed most of Canada’s retaliatory tariffs on U.S. imports imposed by his predecessor, but White House adviser Kevin Hassett said Trump was frustrated with Canada and trade talks have not been going well.

Trump’s trade war has increased U.S. tariffs to their highest levels since the 1930s and he has regularly threatened more duties, sparking concerns among businesses and economists. Next year, the U.S., Canada and Mexico are due to review their 2020 continental free-trade agreement. Carney said he recognizes U.S. trade policy has fundamentally changed,

 

 


Newsinc24 is now on telegram. Click here to join our channel @newsinc24 and stay updated with the latest news from politics, entertainment and other fields.

Food & Lifestyle

 The food industry is constantly evolving. New ingredients, techniques, presentation styles, and global influences continue to reshape the way food is prepared and served.

Read More

Crime

One of the main accused in the MP spurious liquor case was arrested after an encounter with police in Sagar district early Friday.

Read More

Opinion

How New Delhi is trying to anchor the new BRICS

Read More

Credibility Matters at Newsinc24.com because it is a website that gives you fast and accurate news coverage. It provides news related to politics, astrotalk, business, sports as well as crime. Also it has book promotion too. We known for our credibity. You can contact us for your querries on our email address. And, If you want to know more about us, then check the relevant pages for this purpose.