Marketplace All-in-One President Trump axes trade talks with Canada
Oct 24, 2025
Ola Hansen, a market analyst at Saxo Bank, dives into the alarming halt of trade talks between the U.S. and Canada following a provocative anti-tariff ad. He explores how this could lead to steep levies on Canadian exports. The discussion shifts to the gold market, where Hansen explains its recent downturn after a rally, linking it to geopolitical tensions and economic indicators. He emphasizes gold's enduring status as a safe haven, outperforming cryptocurrencies as a reliable store of value.
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Trade Talks Cut Off Abruptly
- President Trump abruptly ended trade talks with Canada after Ontario ran an anti-tariff ad using Ronald Reagan footage.
- About 75% of Canada's exports go to the U.S., making the decision highly disruptive to bilateral trade.
Canada's Trade Importance And Rising Tensions
- Canada is the US's second-largest trading partner and buys more American goods than any other country.
- Existing US tariffs on cars, aluminium and steel had already created tension before talks stopped.
Tariffs Have Mixed Effects
- Gillian Tett says tariffs boost US Treasury receipts and can reduce the deficit slightly.
- But tariffs damage global trust and risk causing inflationary pressures.