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MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year

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MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year

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Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster

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Elon Musk on MacKenzie Scott giving away $26 billion of her fortune: 'Sadly,' it makes the world a worse place
North America

Trump hits Canada with an extra 10% duty because Ontario’s anti-tariff ad ran during the World Series and didn’t come down immediately

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Mark Schiefelbein
Mark Schiefelbein
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The Associated Press
The Associated Press
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Mark Schiefelbein
Mark Schiefelbein
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The Associated Press
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October 25, 2025, 5:29 PM ET
President Donald Trump speaks with reporters aboard Air Force One at Al Udeid Air Base in Doha, Qatar, on Saturday.
President Donald Trump speaks with reporters aboard Air Force One at Al Udeid Air Base in Doha, Qatar, on Saturday.Mark Schiefelbein—AP Photo
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President Donald Trumpsaid on Saturday that he plans to hike tariffs on imports of Canadian goods by an extra 10% because of an anti-tariff television ad aired by the province of Ontario.

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The ad used the words of former President Ronald Reagan to criticize U.S. tariffs, angering Trump who said he would end trade talks with Canada. Ontario Premier Doug Ford said he would pull the ad after the weekend, and it ran Friday night during the first game of the World Series.

“Their Advertisement was to be taken down, IMMEDIATELY, but they let it run last night during the World Series, knowing that it was a FRAUD,” Trump said in a post on his Truth Social platform as he flew aboard Air Force One to Malaysia.

“Because of their serious misrepresentation of the facts, and hostile act, I am increasing the Tariff on Canada by 10% over and above what they are paying now.”

It was unclear what legal authority Trump would use to impose the additional import taxes. The White House did not immediately respond to a request for comment on when the 10% hike would come into effect, and whether it would apply to all Canadian goods.

Canada’s economy has been hit hard by Trump’s tariffs, and Canadian Prime Minister Mark Carney has been trying to work with Trump to lower them. More than three-quarters of Canadian exports go to the U.S., and nearly $3.6 billion Canadian ($2.7 billion U.S.) worth of goods and services cross the border daily.

Spokespersons for Carney and Ford did not immediately respond to requests for comment.

Many Canadian products have been hit with a 35% tariff, while steel and aluminum face rates of 50%. Energy products have a lower rate of 10%, while the vast majority of goods are covered by the U.S.-Canada-Mexico Agreement, and are exempt from tariffs. That trade agreement is slated for review. Trump negotiated the deal in his first term, but has since soured on it.

Trump and Carney will both attend the Association of Southeast Asian Nations summit in Malaysia. But Trump told reporters traveling with him that he had no intention of meeting Carney there.

Trump said the ad misrepresented the position of Reagan, a two-term president and a beloved figure in the Republican Party. But Reagan was wary of tariffs and used much of the 1987 address featured in Ontario’s ad spelling out the case against tariffs.

Trump has complained the ad was aimed at influencing the U.S. Supreme Court ahead of arguments scheduled for next month that could decide whether Trump has the power to impose his sweeping tariffs, a key part of his economic strategy. Lower courts had ruled he had exceeded his authority.

The Fortune 500 Innovation Forum will convene Fortune 500 executives, U.S. policy officials, top founders, and thought leaders to help define what’s next for the American economy, Nov. 16-17 in Detroit. Apply here.
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