U.S. President Donald Trump announced on Thursday that all trade negotiations with Canada have been terminated, following what he described as a fraudulent advertisement featuring former President Ronald Reagan criticizing tariffs.

“Based on their egregious behavior, ALL TRADE NEGOTIATIONS WITH CANADA ARE HEREBY TERMINATED,” Trump wrote on Truth Social.

Earlier this week, Ontario Premier Doug Ford noted that the anti-tariff ad had caught Trump’s attention.

The advertisement showed Reagan, a Republican, criticizing tariffs on foreign goods and highlighting how they could lead to job losses and trade wars.

“I heard that the president saw our ad. I’m sure he wasn’t too happy,” Ford said on Tuesday.

Trump has frequently used tariffs as leverage in international trade, raising U.S. tariffs to their highest levels since the 1930s.

He has regularly threatened additional duties, prompting concerns among businesses and economists.

Canadian Prime Minister Mark Carney told reporters on Thursday that Canada will not allow unfair U.S. access to its markets if talks on various trade deals with Washington fail.

Trump imposed tariffs on Canadian steel, aluminum and autos earlier this year, prompting Ottawa to respond in kind.

The two sides have been in talks for weeks on a potential deal for the steel and aluminum sectors.

Next year, the U.S., Canada and Mexico are due to review their 2020 continental free-trade agreement.

The Pentagon said the B‑1s launched from Dyess Air Force Base in Texas and flew over the Caribbean Sea toward Venezuela as part of routine training exercises.

A U.S. official, speaking on condition of anonymity, confirmed the flights occurred near Venezuelan shores but did not say whether the aircraft entered Venezuelan airspace.

The B‑1 Lancer capable of carrying the largest weapons payload in the U.S. Air Force, including long‑range cruise missiles joins a broader U.S. buildup in the region.

U.S. military activity has intensified since September, when American forces began striking vessels they say were used for drug trafficking near Venezuelan waters, an action President Donald Trump has cited publicly.

Last week, B‑52 Stratofortress bombers also patrolled the area, escorted by Marine Corps F‑35B stealth fighters based in Puerto Rico; the Pentagon described those flights as a demonstration of bomber strike capability.

When asked whether the B‑1 flights were intended to pressure Venezuela, President Trump replied: “It’s false, but we’re not happy with Venezuela for a lot of reasons. Drugs being one of them.”

Currently, eight U.S. warships are deployed in the Caribbean Basin, supported by a P‑8 Poseidon maritime patrol aircraft, MQ‑9 Reaper drones, an F‑35 squadron and a submarine operating near South American waters.

Defense Secretary Pete Hegseth said U.S. forces have conducted nine airstrikes as part of an anti‑narcotics campaign, resulting in at least 37 reported deaths. He compared the operations to the post‑9/11 war on terror, warning: “We will find you, we will map your networks, we will hunt you down, and we will kill you.”

US Southern Command, which oversees Latin America and the Caribbean, is forming a task force for drug interdiction in the Western Hemisphere. This group appears set to handle the situation in Venezuela.

Covert CIA operation

The Trump administration has secretly authorized the CIA to conduct covert action in Venezuela, according to US officials, stepping up a campaign against President Nicolás Maduro, the country’s authoritarian leader, reported News York Times on Friday.

The authorization is the latest step in the Trump administration’s intensifying pressure campaign against Venezuela.

For weeks, the US military has been targeting boasts off the Venezuelan coast it says are transporting drugs, killing 27 people.

American officials have been clear, privately, that the end goal is to driver Mr Maduro from power.

Trump acknowledged on Wednesday that he had authorized the covert action and said the United States was considering strikes on Venezuelan territory.

“We are certainly looking at land now, because we’ve got the sea very well under control,” the president told reporters hours after The New York Times reported the secret authorization.

Any strikes on Venezuelan territory would be a significant escalation. After several of the boat strikes, the administration made the point that the operations had taken place in international waters.

The new authority would allow the CIA to carry out lethal operations in Venezuela and conduct a range of operations in the Caribbean.

The agency would be able to take covert action against Mr Maduro or his government either unilaterally or in conjunction with a larger military operation.

It is not known whether the CIA is planning any specific operations in Venezuela.

But the development comes as the US military is planning its own possible escalation, drawing up options for President Trump to consider, including strikes inside Venezuela.

The scale of the military buildup in the region is substantial: There are currently 10,000 U.S. troops there, most of them at bases in Puerto Rico, but also a contingent of Marines on amphibious assault ships. In all, the Navy has eight surface warships and a submarine in the Caribbean.

The new authorities, known in intelligence jargon as a presidential finding, were described by multiple US officials who spoke on the condition of anonymity to discuss the highly classified document.

‘No crazy war, please!’

Venezuelan President Nicolas Maduro on Thursday launched a plea in English as tensions mount between Washington and Caracas: “No crazy war, please!”

Maduro’s comment came after US President Donald Trump said he had authorized covert action against the South American nation, and amid an escalating US military campaign against alleged drug traffickers in the Caribbean and Pacific.

“Yes peace, yes peace forever, peace forever. No crazy war, please!” Maduro said in a meeting with unions aligned with the leftist leader, a former bus driver and union leader.

The United States has deployed stealth warplanes and Navy ships as part of what it calls anti-narcotics efforts, but has yet to release evidence that its targets eight boats and a semi-submersible were smuggling drugs.

The US strikes, which began on September 2, have killed at least 37 people, according to an AFP tally based on US figures.

Regional tensions have flared as a result of the campaign, with Maduro accusing Washington of seeking regime change.

Late Thursday, the government in Trinidad and Tobago located just off Venezuela’s coast announced that a US warship would dock in its capital from October 26-30.

The Trinidadian foreign ministry said a unit of US Marines would conduct joint exercises with its defense forces.

Two of those killed in the US strikes were from Trinidad and Tobago.

Last week, Trump said he had authorized covert CIA action against Venezuela and was considering strikes against alleged drug cartels on land.

The Republican billionaire president accuses Maduro of heading a drug cartel, a charge the Venezuelan leader denies.

“We know the CIA is present” in Venezuela, the country’s defense minister Vladimir Padrino said Thursday.

“They may deploy — I don’t know how many — CIA-affiliated units in covert operations…and any attempt will fail.”

Padrino was overseeing military exercises along Venezuela’s coast in response to the US military deployment in the Caribbean.

Experts have questioned the legality of using lethal force in foreign or international waters against suspects who have not been intercepted or questioned.

• US sanctions hit Moscow’s two largest oil companies.
• India poised to sharply cut Russian oil imports.
• Russia faces demand drop from two biggest customers.
  

SINGAPORE: Chinese state oil majors have suspended purchases of seaborne Russian oil after the United States imposed sanctions on Rosneft and Lukoil, Moscow’s two biggest oil companies, multiple trade sources said on Thursday.

The move comes as refiners in India, the largest buyer of seaborne Russian oil, are set to sharply cut their crude imports from Moscow to comply with the US sanctions imposed over the Kremlin’s invasion of Ukraine.

A sharp drop in oil demand from Russia’s two largest customers will put a strain on Moscow’s oil revenues and force the world’s top importers to seek alternative supplies and push up global prices.

Chinese national oil companies PetroChina, Sinopec, CNOOC and Zhenhua Oil will refrain from dealing in seaborne Russian oil at least in the short-term due to concern over sanctions, the sources said.

The four companies did not immediately respond to requests for comment.

While China imports roughly 1.4 million barrels of Russian oil per day by sea, most of that is bought by independent refiners, including small operators known as teapots, although estimates of purchases by state refiners vary widely.

Vortexa Analytics pegged Russian oil purchases by Chinese state firms at under 250,000 bpd for the first nine months of 2025, while consultancy Energy Aspects put it at 500,000 bpd.

Unipec, the trading arm of Sinopec, stopped Russian oil buying last week after Britain designated Rosneft and Lukoil, as well as shadow fleet ships and Chinese entities, including a major Chinese refiner, two trade sources said.

Rosneft and Lukoil sell most of their oil to China through intermediaries instead of directly dealing with buyers, traders said.

Independent refiners, meanwhile, are likely to pause buying to assess the impact of sanctions but would still look to continue Russian oil purchases, several traders said.

Prior to Wednesday’s sanctions announcement, offers for November-loading ESPO crude slid to a premium of $1 per barrel to ICE Brent, versus previous trades done in early October at a $1.70 premium.

China also imports approximately 900,000 bpd of Russian oil by pipeline, all of it going to PetroChina, which several traders said was likely to be little affected by sanctions.

India and China are expected to turn to other supplies, pushing up prices for non-sanctioned oil from the Middle East, Africa and Latin America, traders said.