Trump Trade: Trump calls off Canada trade talks over Ronald Reagan ad

Catch up on the top industries and stocks that were impacted, or were predicted to be impacted, by the comments, actions and policies of President Donald Trump with this daily recap compiled by The Fly:

TRADE TALKS: The Ronald Reagan Foundation has just announced that Canada has fraudulently used an advertisement, which is FAKE, featuring Ronald Reagan speaking negatively about Tariffs. They only did this to interfere with the decision of the U.S. Supreme Court, and other courts. TARIFFS ARE VERY IMPORTANT TO THE NATIONAL SECURITY, AND ECONOMY, OF THE U.S.A. Based on their egregious behavior, ALL TRADE NEGOTIATIONS WITH CANADA ARE HEREBY TERMINATED. Thank you for your attention to this matter! President DJT.”

TARIFF EXEMPTIONS: General Motors (GM) and Stellantis (STLA) will have to pay tariffs on certain U.S.-made vehicles exported to Canada after the car makers opted to move some production out of plants in Ontario, Bloomberg’s Derek Decloet reports. Though Canada in April placed tariffs of as much as 25% on U.S.-made cars and light trucks in response to President Trump’s levies on foreign vehicles, Prime Minister Mark Carney’s administration also carved out a “remission” exemption for car makers that make vehicles in Canada as an incentive to maintain those factories in the country, the author notes. Stellantis will lose 50% of its Canadian tariff exemption, while GM will lose 24% of the exemption, according to Bloomberg.

QUANTUM STAKES: Commerce Department official told CNBC that the U.S. government is not in talks to take equity stakes in with quantum computing companies in exchange for federal funding. “The Commerce Department is not currently negotiating equity stakes with quantum computing companies,” the spokesperson told CNBC’s Kif Leswing in a statement, echoing a similar report from Reuters. The Wall Street Journal has reported that the Trump administration is in talks to acquire equity stakes in quantum computing companies, including IonQ (IONQ), Rigetti (RGTI), D-Wave Quantum (QBTS), and Quantum Computing (QUBT).

PARDON: President Trump has pardoned Changpeng Zhao, the convicted founder of the crypto exchange Binance, according to a Wall Street Journal report by Rebecca Ballhaus, Josh Dawsey, Patricia Kowsmann and Angus Berwick. The President signed the pardon on Wednesday after indicating to advisers that he was sympathetic to arguments of political persecution related to Zhao. The pardon follows months of efforts by Zhao to boost the Trump family’s own crypto company, the report adds. Binance is the issuer of the BNB token (BNB-USD).