President Trump said he would immediately stop all trade negotiations with neighboring country Canada due to a Canadian advertisement against his signature tariffs plan which features the voice of former President Ronald Reagan.

“TARIFFS ARE VERY IMPORTANT TO THE NATIONAL SECURITY, AND ECONOMY, OF THE U.S.A.,” Trump wrote. “Based on their egregious behavior, ALL TRADE NEGOTIATIONS WITH CANADA ARE HEREBY TERMINATED," Trump wrote.

The ad includes excerpts from an address Reagan gave in 1987 in which he defended free trade and slammed tariffs as outdated .

Trump and Chinese leader Xi Jinping will meet next Thursday in South Korea, the White House said, as the two leaders look to deescalate a simmering trade war between the two countries.

The summit will come after lower level talks between the countries this week as trade tensions between the two countries continues to rise. The US is considering curbs on software-related exports to China, Reuters reported Wednesday, adding another layer of uncertainty to trade negotiations between the countries.

The move could make good on Trump's vague threat to impose export curbs on "any and all critical software," in addition to additional 100% tariffs, from Nov. 1, after China moved restrict exports of rare earth minerals.

The US and China have seen their fragile trade relationship wobble further in recent weeks, with Trump confirming last week that the countries are in a trade war.

Trump has floated a list of demands for China talks, citing rare earths, fentanyl, and soybeans as his top issues to address with Beijing.

The administration is also seeking potential cudgels. In a move that analysts said was aimed squarely at China, Trump and Australian Prime Minister Anthony Albanese on Monday signed a deal that the White House said would help supply the US with the critical minerals.

Read more: What Trump's tariffs mean for the economy and your wallet

The US and India are nearing a trade deal which could see tariffs on New Delhi cut to 15%-16% from their current 50% level, according to a report.

The White House is easing tariffs on the US auto industry, delivering a major win for carmakers who have lobbied to reduce the fallout from higher import duties.

Trump is stepping up attacks on US trading partners over drug pricing and is preparing a probe, which could lead to new tariffs.

Americans are set to pay more than half of President Trump's tariffs as companies raise prices, according to Goldman Sachs.

Early next month, the US Supreme Court is set to hear a challenge to Trump's most sweeping tariffs — the "reciprocal" country-by-country duties that you can see in the graphic above. A ruling against the tariffs — which would be in line with lower-court decisions — could have significant ramifications for Trump's tariff strategy.

New duties on kitchen cabinets and vanities took effect Oct. 1.

Tariffs on timber and certain wood products (like furniture) took effect Oct. 14.

President Trump has terminated all trade negotiations with Canada due to a Canadian advertisement against his tariff plan featuring the voice of former President Ronald Reagan.

The ad comprises excerpts from an address Reagan gave in 1987, where he defended the principles of free trade, slamming tariffs as an outdated idea that hinders innovation, drives up prices and hurts US workers.

Trump believes the ad was released to coincide with a US Supreme Court hearing challenging the legality of the US presidents economic plan.

Bloomberg News reports:

“TARIFFS ARE VERY IMPORTANT TO THE NATIONAL SECURITY, AND ECONOMY, OF THE U.S.A.,” Trump wrote. “Based on their egregious behavior, ALL TRADE NEGOTIATIONS WITH CANADA ARE HEREBY TERMINATED.”

Funded by the government of Ontario, the ad seeks to sow doubt among Republican voters by using one of the party’s most iconic voices.

The Ronald Reagan Presidential Foundation and Institute had criticized Ontario for running the ad, saying that they didn’t seek permission to use the remarks, and that “selective audio and video” in the ad “misrepresents” Reagan’s full address.

The remarks from Reagan backed his decision to tariff Japanese imports, while defending free trade and warning of the long-term effects from tariffs.

Canada’s economy has been badly damaged by Trump’s tariffs, as about three-quarters of its exported goods went to the US last year. Ontario, which has about 16 million people, has been at the center of the trade war because it’s the heart of Canada’s steel and automotive industries, two sectors in which Trump has hit foreign producers. Canada is the second-largest trading partner for the US.

Read more here.

President Trump and Chinese leader Xi Jinping will meet next Thursday in Malaysia, the White House said.

The White House confirmation caps days of uncertainty over whether the meeting would actually happen, as Trump himself waffled in recent days. The White House press secretary said the two leaders would meet on the sidelines of the Asia-Pacific Economic Cooperation summit.

Trump and Xi last met in person during Trump's first term in 2019. They spoke by phone earlier this year, after trade tensions between the countries first simmered.

Yahoo Finance's Ben Werschkul has more:

Gyeongju's time zone is 11 hours ahead of Washington D.C., meaning the sit-down is set to begin late Wednesday evening in Washington.

The two presidents have spoken over the phone at least twice during Trump's second term so far, most recently in September.

The meeting comes after Treasury Secretary Scott Bessent met directly with his Chinese counterpart, Chinese Vice Premier He Lifeng, last week in Washington in a meeting he called \\"frank and detailed.\\"

Bessent is scheduled to meet with He again this weekend in Malaysia as those two leaders set the table for the meeting of the two presidents, which is expected to cover a wide array of issues from rare earth minerals to semiconductor export controls to Chinese purchases of Russian oil as well as purchases of US soybeans.

Leavitt suggested later in Thursday’s press briefing that China could already be scaling back their purchases of Russian oil citing “international news out of China this morning” in an apparent reference to a Reuters report that some Chinese state oil companies are suspending Russian oil purchases.

Canadian Prime Minister Mark Carney has plans to meet with Chinese President Xi Jinping next week with US tariffs as a main talking point.

Bloomberg reports:

Carney is pursuing a meeting with the Chinese leader while both attend the gathering in Gyeongju, South Korea, from Oct. 31 to Nov. 1, but nothing has been confirmed, a Canadian government official told reporters in a background briefing on Thursday.

In the briefing, the official said Carney is pursuing a “strategic relationship” with China. Another official said Carney believes firmly in talking to everyone — he’s been clear about areas in which Canada can cooperate and areas where it can’t, and the goal is to further Canada’s interests and build out good opportunities for Canadian industries.

The Canadian leader met Chinese Premier Li Qiang in New York last month and the two committed to continued engagement, including at the “highest levels” of government. The G-20 Summit in South Africa in late November will be another opportunity for the two to meet, a Canadian official said.

Read more here.

China has been the biggest buyer of soy from U.S. farmers for years, but trade negotiations and tariffs have complicated the deal.

Bloomberg reports:

Beijing imposed retaliatory tariffs on US farm goods in March, effectively slamming the door shut on US soybean imports for commercial buyers before the harvest even began. The move has given China leverage in its trade war with President Donald Trump by squeezing the farmers who form a key part of his base.

A country that last year purchased $13 billion of US beans — more than 20% of the entire crop — for animal feed and cooking oil officially still hasn’t booked a single shipment from this fall’s bounty. Seeking a trade deal, Trump and his counterpart Xi Jinping are scheduled to meet next week.

Criticizing Trump doesn’t come easily to many farmers. But as soybeans pile up in silos and storage bins, it’s hard not to feel like collateral damage in a fight they didn’t pick.They worry that even if a deal is reached, the war will inflict lasting harm, with China determined to buy more soy from Brazil and Argentina rather than depend on the US. And while they’d accept government financial help during the trade fight, they’d rather be able to sell their beans.

Read more here.

According to a Bloomberg report, China is pushing ahead with imports of US-sanctioned Russian liquefied natural gas. The move comes after President Trump blacklisted Moscow's state-run oil giants Rosneft PJSC and Lukoil PJSC, citing Russia's failure to end the war in Ukraine.

It also follows Trump's pressure on China to stop purchasing oil from Russia, a threat he has also made to India, which was followed by Trump raising tariffs on New Delhi. This latest news comes a day before the US and China are due to meet to discuss trade and before the summit between Trump and China's Xi Jinping.

Bloomberg News reports:

The Iris vessel, carrying a shipment from the blacklisted Arctic LNG 2 facility in Russia, docked at the Beihai import terminal in southern China on Thursday, according to ship-tracking data compiled by Bloomberg. This is China’s 11th shipment of restricted Russian LNG since late-August.

The lack of new restrictions on Russian LNG is notable, given that the UK slapped sanctions on Beihai last week. Meanwhile, European Union nations have adopted a new package of sanctions aimed at Russia that will target 45 entities, including 12 companies in China and Hong Kong.

China had designated Beihai as the sole entry point for shipments from Arctic LNG 2 — a Russian project already sanctioned by the US in 2023. Arctic LNG 2 started delivering the blacklisted fuel to the Asian nation in late August, a move that coincided with a visit to Beijing by Russian President Vladimir Putin.

The Iris vessel loaded an LNG shipment from a floating storage unit in eastern Russia in early October, according to ship-tracking data. The fuel in storage was sourced from the Arctic LNG 2 project. The storage facility and Iris have both been previously sanctioned by the US.

At least three more vessels carrying blacklisted Russian LNG are heading to the Beihai terminal, ship data shows. Satellite images taken on Oct. 18 showed an LNG tanker registered to a Hong Kong-based company receiving fuel from a sanctioned Russian tanker near Malaysia.

Read more here.

Rare earths have become a vital negotiating point over the last few months. China holds the largest rare earth reserves globally and is tightening exports of its rare earth materials, a move that has forced the US to diversify its supply chain and sign deals with companies like MP Materials (MP).

The deepening crisis may leave the Trump administration weeks away from a rare earth crisis, which some sectors seem to be ignoring.

Yahoo Finance's Jake Conley looks into the latest problem facing President Trump:

\\"We are days if not weeks away from a crisis when it comes to national security,\\" said Neha Mukherjee, a rare earths research manager at the consultancy and research firm Benchmark Mineral Intelligence.

Earlier this month, China announced tightened export restrictions on rare earth minerals, including a complete prohibition on all exports for defense applications, potentially leaving the US defense industry without a key input across a range of weapons systems.

But during earnings calls this week, leadership at the country's so-called prime defense contractors — Lockheed Martin (LMT), RTX Corporation (RTX), and Northrop Grumman (NOC) — downplayed concerns over the supply challenges, even as tensions between Washington and Beijing over the inputs remain high.

Rare earths are crucial components in the weapons systems used by the US, from F-35 fighter jets to Tomahawk missiles. Only recently have real efforts gone into developing a dependable domestic supply chain for the materials.

China currently controls approximately 70% of rare earth mining capacity, 90% of separation and processing capacity, and 93% of magnet manufacturing globally, giving Beijing immense control over global supply.

Read more here.

China and the US will meet on Friday to discuss trade and attempt to defuse the ongoing tensions between the world's two largest economies.

China's Vice Premier He Lifeng confirmed that he will meet with US Treasury Secretary Scott Bessent to discuss trade. The meeting will also set the stage for the highly anticipated and now fragile summit between President Trump and China's President Xi Jinping.

Bloomberg News reports:

The meeting will take place in the Malaysian capital to “discuss important issues” in the bilateral trade ties, the Commerce Ministry said in a Thursday statement. He, Beijing’s top trade negotiator, held a call with Treasury Secretary Scott Bessent last week ahead of the planned in-person summit.

Bessent and He, a longtime associate of President Xi Jinping, face the task of negotiating down new escalatory measures imposed by their countries against one another. They are also setting the stage for expected talks later this month between Xi and US President Donald Trump on the sidelines of the Asia-Pacific Economic Cooperation leaders summit in South Korea.

Earlier in October, Trump lashed out against Beijing’s vow to exert broad controls on rare-earth elements, raising the prospect of setting a sky-high tariff rate on Chinese goods and even canceling his first in-person meeting with Xi since he returned to the White House this year.

Read more here.

President Trump is getting ready to investigate US trading partners over drug prices, a probe that could unleash fresh tariffs on the industry.

The FT reports:

The imminent investigation, which would come under Section 301 of the Trade Act of 1974, would consider whether any US trading partners are underpaying for drugs, said three people familiar with the matter.

Trump has repeatedly complained other countries pay less than the US for medicines and signalled he would take trade actions against nations that refused to “equalise”.

“In London, you’d buy a certain drug for $130 . . . and in New York, you pay $1,300 for the same thing,” Trump said last week, referring to weight-loss pills.

US drug prices are on average almost three times higher than those in many other developed countries, according to research by The Rand Corporation.

Ozempic, the popular weight-loss drug from Denmark’s Novo Nordisk (NVO), costs $936 for a one-month supply in the US, but only $147 for the same amount in neighbouring Canada and as little as $83 in France, according to data from KFF, a non-profit health group.

Read more here.

The AP reports:

Japan’s exports grew 4.2% in September, according to government data Wednesday, on robust shipments to Asia that offset a decline in exports to the U.S., which were impacted by President Donald Trump’s tariffs.

Japan’s exports to Asia jumped 9.2% last month compared to the same period a year earlier, according to Japanese Ministry of Finance data.

Exports to the U.S. dropped 13.3%, marking the sixth straight month of on-year declines, while those to China surged 5.8% compared to last year.

Auto shipments to the U.S. dropped 24.2% in September. Automakers like Toyota Motor Corp. are pillars of Japan's economy.

Japan’s imports edged up 3.3% in September overall, growing 6% in Asia, including a 9.8% rise in imports from China.

Read more here.

Bloomberg reports:

Donald Trump is interested in meeting Brazil’s Luiz Inacio Lula da Silva and officials are discussing a possible meeting while the pair are in Malaysia for the Association of Southeast Asian Nations, according to a White House official.

Brazil is hoping the resumption of dialogue between the two countries will convince the US to lower the punitive levies facing key Brazilian goods, including coffee and meat. The meeting could happen as soon as Oct. 26, three Brazilian officials familiar with the planning said.

In a phone call with Trump earlier this month, Lula asked the US to bring the 50% tariff rate imposed on his country down to 10% and to remove sanctions and visa restrictions on Brazilian judges, government officials and their relatives.

After that call — which both sides described as friendly — Trump said he would look to schedule meetings with Lula in both Brazil and the US. But the summit offers an earlier opportunity for the leaders to meet and resolve a spat that began in July, after Trump sought to stop the trial of his ally Jair Bolsonaro, which has led to months of frosty relations between the two countries.

Read more here.

Tensions continue to rise in an ongoing feud between the Trump administration and US farmers who are facing the impact of tariffs.

Bloomberg reports:

President Donald Trump attacked US cattle ranchers over their criticism of his plan to slash record beef prices by importing more meat from Argentina, deepening a quarrel over his trade policy with a group of reliable supporters.

Trump on Wednesday said that cattlemen should be grateful for his tariffs, saying they have helped boost their profits, while also imploring them to lower the cost of their products.

“If it weren’t for me, they would be doing just as they’ve done for the past 20 years — Terrible! It would be nice if they would understand that,” the president posted on social media. “They also have to get their prices down, because the consumer is a very big factor in my thinking, also!”

Read more here.

The showdown between the Trump administration and China is escalating. The president is reportedly considering a new set of restrictions on US technology products.

Reuters reports:

The Trump administration is considering a plan to curb a dizzying array of software-powered exports to China, from laptops to jet engines, to retaliate against Beijing's latest round of rare earth export restrictions, according to a U.S. official and three people briefed by U.S. authorities.

While the plan is not the only option on the table, it would make good on President Donald Trump's threat earlier this month to bar \\"critical software\\" exports to China by restricting global shipments of items that contain U.S. software or were produced using U.S. software.

Read more here.

Thermo Fisher Scientific (TMO) CEO Marc Casper said on Wednesday he expects the company to benefit from some of the impacts related to President Trump's tariffs — particularly the reshoring efforts announced by pharmaceutical companies.

Trump has held off on imposing his threatened triple-digit drug tariffs while negotiating agreements with pharmaceutical companies. This year, drug companies including Eli Lilly (LLY), Merck (MRK), AstraZeneca (AZN), and Johnson & Johnson (JNJ) all announced investments to boost US manufacturing.

\\"That will benefit our channel business, it will benefit our Bioproduction business,\\" Casper said. \\"Our Analytical Instruments businesses would all benefit from those new constructs.\\"

Casper added that it likely won't be until 2027 or 2028 that ground will be broken on new facilities, though he noted that \\"it could be a little bit faster than that.\\"

China is proving more resilient than many experts thought. According to new export data, about a billion dollars of exports cross the Pacific every day from China to the US despite President Trump's tariffs.

Bloomberg News reports:

Despite double-digit drops in the value of overall trade during the past half a year, some products have recently seen an increase from 2024, defying trade strains between Beijing and Washington.

The upshot is that US tariffs appear somewhat limited in their ability to control what American firms import, as China’s sway over sectors such as rare earths and electronics makes its products hard to dislodge, at least in the short term. That may change over time, especially if Trump further hikes tariffs, as the Republican leader has repeatedly threatened to do.

“China’s strong position in global supply chains gives it some bargaining power with US importers in the near term,” wrote Bloomberg economists Chang Shu and David Qu, who cautioned other countries can’t quickly displace China as a supplier to the US. “Realigning production will take time,” they added.

All that’s giving President Xi Jinping more bargaining power as his trade negotiators head into talks aimed at extending a 90-day tariff truce that’s set to expire in November. In the third quarter, more than $100 billion worth of Chinese goods arrived in the US, helping Beijing keep economic growth on track for its annual target and pushing the bilateral trade surplus up to $67 billion.

Read more here.

The US and India are nearing a deal to cut tariffs on New Delhi to 15-16% from 50%, according to a report in the Mint. President Trump hiked tariffs on India back in August, claiming that India's Prime Minister Narendra Modi was helping to aid the Russia-Ukraine war by purchasing oil from Moscow.

Trump said on Tuesday that he and Modi had spoken on the phone and agreed to reduce India's purchase of Russian oil.

Bloomberg News reports:

New Delhi may agree to gradually reduce its imports of Russian oil and allow the US to export more non-genetically modified American corn and soymeal, according to the report. An agreement may be announced when President Donald Trump and Prime Minister Narendra Modi possibly meet at the Association of Southeast Asian Nations summit in Malaysia, the newspaper said.

India’s Commerce Minister Piyush Goyal and other officials didn’t respond to the newspaper’s request for information, while the US embassy in India referred queries to the Office of the US Trade Representative.

Trump imposed 50% duties on India’s US-bound exports last month over New Delhi’s imports of Russian oil, as well as what the US has called its high tariffs and non-tariff trade barriers to American goods. The rate was the highest in Asia and has led to a sharp downturn in US-India ties, which had been warming for years.

Still, the two sides have continued discussions toward a deal. During a Diwali celebration at the White House on Tuesday, Trump said Modi assured him during a call that India would wind down its Russian oil purchases, raising the prospect of a reprieve. In a post on X, Modi acknowledged the call but did not share the contents of the discussion.

Read more here.

Bloomberg News reports:

Switzerland’s exports to the US rebounded in September, suggesting demand for its goods is so far withstanding the impact of President Donald Trump’s outsized tariffs.

Foreign sales to America excluding gold, adjusted for seasonal swings, were 43% higher in September than in August, the country’s customs office said on Tuesday. The total of Swiss shipments rose by 3.4%.

Meanwhile imports from the world’s biggest economy rose 5.5%. That means that the US trade deficit with the nation widened to 3.3 billion francs ($4.2 billion), from 2.06 billion francs the previous month. That’s the most since April and above the average of the past five years, according to Bloomberg calculations based on historic data.

Read more here.

Rising trade tensions have caused options traders to pile into defensive stocks as a hedge against big stock market swings before President Trump and China's President Xi Jinping are set to meet.

Bloomberg News reports:

Implied volatility in the S&P 500 futures (ES=F) expiring on Oct. 31 — which capture the risk around the meeting — is sitting near 20, higher than the contracts before or after the date. The Cboe VIX Index curve shows a similar ‘kink’ at the end of the month.

The US president on Friday confirmed he would meet with Xi in two weeks in South Korea — a gathering he had called into question earlier this month — and softened the tone on China tariffs, easing fears of more escalation. Still, traders aren’t taking any chances given the potential for circumstances to change. They had in mind the steep losses stocks suffered on Oct. 10, when trade jitters suddenly flared after being in the background in recent months.

“Our base case remains that de-escalation is probable so long as Trump and Xi meet at the end of the month,” said Dennis Debusschere, chief market strategist at 22V Research. “If it gets canceled the probability of escalation rises sharply.”

The view is echoed over at JPMorgan Chase & Co.’s trading desk, where head of global market intelligence Andrew Tyler said markets “will remain in an elevated” volatility environment through Oct. 31 - Nov. 1, when Trump and Xi are expected to attend the Asia-Pacific Economic Cooperation summit.

“No deal by then will trigger a material pullback,” Tyler wrote in a note to clients last week.

A rising demand for protection is evident in the KraneShares CSI China Internet ETF, the $9.4 billion fund tracking Chinese technology companies. The one-month, 25 delta put-call skew on the ETF is sitting at the highest level since early April, signaling elevated anxiety between now and mid-November. To the bank’s strategists, volatility in Chinese stocks is rising amid a combination of “tariff tantrum” and a Communist part policy meeting that’s set to take place this week.

Read more here.

President Trump on Tuesday wavered over whether a highly anticipated meeting with Chinese leader Xi Jinping would actually happen later this month.

“Maybe it won’t happen,” Trump said at a luncheon he hosted for Republican senators, per Bloomberg. “Things can happen where, for instance, maybe somebody will say, ‘I don’t want to meet, it’s too nasty.’ But it’s really not nasty. It’s just business.”

The comments were the latest in a series of Trump's waffling over the anticipated negotiations, which still do not have a confirmed date. Even as Trump raised questions over the status of the meeting, he said he expected trade talks with China to be successful.

“I have a great relationship with President Xi. I expect to be able to make a good deal with him,” Trump said. “I want him to make a good deal for China — but it’s got to be fair.”

Yahoo Finance's Francisco Velasquez reports:

General Motors (GM) is soothing its tariff pain by raising prices on trucks and SUVs.

\\"Tariffs are getting a little bit better,\\" CFO Paul Jacobson told Yahoo Finance's Opening Bid. \\"I think the important message for the Street is that it's stabilized.\\"

... GM now expects tariffs to hit profits by $3.5 billion to $4.5 billion this year, an improvement from earlier estimates of up to $5 billion. The company said new tariff revisions should help offset some of the pain, with savings expected to show up in the fourth quarter as part of broader cost-cutting efforts.

\\"Tariffs are getting a little bit better, but I think the important message for the Street is that it's stabilized,\\" General Motors CFO Paul Jacobson tells @BrianSozzi.

Full interview: pic.twitter.com/3gmbnEqaM9

— Yahoo Finance (@YahooFinance) October 21, 2025

To blunt the impact, GM has leaned on strategic price increases. Jacobson said the automaker has found \\"opportunities to add content and create value for the consumer\\" each time it rolls out a new model.

\\"We've got a lot of strong demand that allows us to lean into that and work with our mix, on our trucks and our full-size SUVs to help bring up some of that revenue and that margin performance to help offset [tariffs],\\" he said.

Read more here.

China responded on Tuesday to President Trump's rare earth deal with Australian Prime Minister Anthony Albanese by saying resource-rich rare earth countries should take a \\"proactive role\\" in helping to stabilize rare earth supply chains.

\\"The formation of global production and supply chains is the result of market and corporate choices,\\" a spokesperson for China’s Ministry of Foreign Affairs said, according to a report from NBC.

\\"Resource-rich nations with critical minerals should play a proactive role in safeguarding the security and stability of the industrial and supply chains, and ensure normal economic and trade cooperation,\\" the statement added.

Rare earths have become a critical talking point within the trade war between the US and China. China, which holds the largest reserve of rare earth resources, recently restricted exports of the key material used in technology and other products. This prompted Trump to say he would add an additional 100% tariff on goods from China. The moves from both Beijing and Washington have caused some to worry about the already fragile trade truce between the two nations.