According to analysts, the ad was not fabricated but selectively edited. In reality, Reagan delivered a five-minute national radio address on April 25, 1987, condemning tariffs and defending free and fair trade. The Reagan Library later reposted the full speech on YouTube. At the time, Reagan was preparing to meet Japan’s prime minister amid rising U.S. tensions over Japan’s surging exports of cars and electronics, which had hurt American manufacturers such as General Motors and RCA.
Before the address, Reagan had imposed tariffs on several Japanese products in response to the influx of low-cost semiconductors. While he used strong language toward Japan—similar to Trump’s trade rhetoric—those remarks were omitted from the ad.
Reagan stated that tariffs should only be lifted when trading partners acted fairly toward American businesses and workers, yet he also warned that high tariffs could damage the U.S. economy. He cited the Smoot-Hawley Tariff Act of 1930 as an example of how protectionism worsened the Great Depression.
Most of Reagan’s speech, the portion quoted most in the ad, explained why advanced economies had largely abandoned tariffs, arguing that they reduce competition, spark trade wars, raise prices, and cost jobs.
Earlier this year, the U.S. imposed a 25% tariff on Canadian imports, prompting Ottawa to retaliate with similar measures. Trump later raised tariffs to 35% in August, heavily impacting Ontario’s auto-based economy. It remains unclear why Trump labeled the ad “fake,” but on Truth Social he shared a statement from the Ronald Reagan Presidential Foundation and Institute accusing Ontario’s government of using “selective audio and video” that “distorted” Reagan’s remarks.
In another Truth Social post, Trump incorrectly claimed Reagan supported tariffs, writing: “They ran a fake ad saying Ronald Reagan didn’t like tariffs, when in fact he did—for our country and for national security reasons. Thank you to the Reagan Foundation for exposing this fraud.”
The Reagan Foundation later clarified that Ontario officials had not requested permission to edit or use Reagan’s speech and were considering legal action.
Ontario Premier Doug Ford defended the campaign, saying it aimed to “reach Americans with Ronald Reagan’s own words.” The ad aired widely across major U.S. networks, including during Major League Baseball games featuring the Toronto Blue Jays.
Canadian Prime Minister Mark Carney acknowledged on October 24 that the U.S. trade stance had fundamentally shifted, but emphasized Canada’s readiness to resume talks on steel, aluminum, and energy “whenever the U.S. is prepared.” For now, he said, Canada will focus on domestic growth and building “new partnerships and opportunities.”