08:03 AM EDT, 10/24/2025 (MT Newswires) -- There is little market reaction to United States President Donald Trump's social media post that trade talks with Canada have been terminated, said Scotiabank.

The Canadian dollar (CAD or loonie) has depreciated by about 0.25% since the announcement, noted the bank. TSX futures are flat, as such, only slightly underperforming U.S. equity futures. The Canadian two-year yield is down by 1bps-2bps early Friday versus flat U.S. Treasury 2s.

The Ontario provincial government's ad campaign featured parts of a 1987 speech given by former U.S. President Ronald Reagan. Judge for yourself.

Ontario's ad isn't 'fake' as Trump claims and the Reagan Foundation is wrong to have lashed out about the use of a publicly available radio address, stated Scotiabank. If Reagan were alive, he may well disapprove of the post by whoever is running his foundation.

Ontario's ad is based exactly on what Reagan said, pointed out the bank. Reagan was clear that a very specific trade dispute with Japan over semiconductors wasn't the tip of the iceberg for broader protectionism. Reagan went on to rail against protectionism and the general use of tariffs while expressing strong support for free trade, including with Canada.

The irony, Scotiabank noted, is that in the wake of Trump's post, the whole world now knows what Reagan said about tariffs, instead of it being limited to targeted ads by the Ontario government. Premier Doug Ford got under Trump's skin and now the world knows what one of the most respected Republican Presidents would have thought of Trump's trade wars.