Negotiations: Terminated

Hi Global Recap readers,

I can see why Ontario Premier Ford used edited recordings of President Reagan’s voice in a political ad in the US (hoping to sway Republicans who revere Reagan), but was it really worth the millions he spent on what the Reagan Foundation says was selectively edited without permission?

What’s notable: 

• Ford and PM Mark Carney had just publicly presented a united front on US–Canada trade talks.

• After Trump’s termination post, you have to wonder whether Ford got a call from the PM…

• Or, were negotiations already in the dumps behind closed doors?👇🏼

🇨🇦🇺🇸 CANADA & US
Trump Terminates
Negotiations

President Trump just terminated all US trade negotiations with Canada after Ontario aired an ad using Ronald Reagan’s voice to slam tariffs.

• Trigger: Ontario Premier Doug Ford spent $75 million on TV spots across the US featuring a 1987 Reagan clip edited to warn that tariffs "hurt every American worker and consumer."

• Claim: Trump says Canada is interfering with an upcoming Supreme Court case on his tariff program and labels the ad "fake," announcing "ALL TRADE NEGOTIATIONS WITH CANADA ARE HEREBY TERMINATED" on Truth Social.

• Pushback: The Reagan Presidential Foundation says Ontario used selective edits without permission and that the ad “misrepresents” the address, and it is reviewing legal options.

• Policy: Trump has set double-digit levies on Canadian imports, including 50% on metals and 25% on cars, while carving out exemptions under USMCA even as a formal review of the pact looms next summer.

• Repetition: This is the second rupture this year; Trump also froze trade talks in June after Canada announced (and quickly repealed before going into effect) a digital services tax.

• Impact: The move could derail tariff reform discussions and strain ties with new Canadian Prime Minister Mark Carney, who met Trump at the White House earlier this month.

🇪🇺 EUROPEAN UNION
EU Blocks Ukraine Loan

EU leaders paused a €140bn loan for Kyiv tied to frozen Russian state assets after Belgium balked. The move jeopardizes plans to have the funds in place by early 2026, as Ukrainian President Zelenskyy has warned, saying delays complicate weapons purchases.

• Belgium: Belgium's PM Bart De Wever demanded a clear legal basis, euro risk assessment, and joint guarantees that others would repay if required, citing liability concerns for the Euroclear central securities depository.

• Stakes: Euroclear, registered in Belgium, holds most of Russia’s immobilized assets. De Wever says Belgium faces outsized legal and financial risk if Russia can claim the funds back—calling it "completely insane" that Belgian taxpayers are on the hook for the deal.

• Assets: The plan targets cash flows from about €190bn in immobilized Russian sovereign holdings sitting at Euroclear, framing support as a "reparations loan," instead of a confiscation.

• Venue: At Thursday’s Brussels summit, leaders from 26 EU countries discussed the scheme while Hungary abstained, leaving formal approval on hold.

• Positions: Ursula von der Leyen said leaders agreed on the "what" and must now nail down the "how."

• Timeline: The European Commission will deliver financing options by December 18, aiming to secure Ukraine’s 2026–2027 funding. Zelenskyy pressed for cash at the very start of 2026, warning delays complicate weapons purchases.

🇱🇹 LITHUANIA
Russia Violates
NATO Airspace (Again)

This seem like a common occurrence, and that's not a good thing: Russian jets crossed the Lithuanian border, prompting NATO jets to scramble. Lithuania called it a "blatant breach," and vowed tighter air defenses.

• Timing: Around 6 p.m. local time, an Su-30 and an IL-78 refueler entered Lithuanian airspace for ~18 seconds, which defense officials suspect was part of a refueling exercise.

• Response: Two Spanish fighter jets on a NATO air policing mission flew to the scene, and Lithuanian authorities summoned Russian diplomats in Vilnius.

• Leadership: Lithuanian President Gitanas Nausėda said it was a "blatant breach of international law," while a NATO official framed the intercept as routine readiness to protect alliance airspace.

• Pattern: Lithuania recently authorized shooting down unmanned aerial vehicles that breach its borders after multiple Russian drones crashed nearby, and Estonia reported a 12-minute airspace violation near Tallinn last month.

🇮🇱🇺🇸 ISRAEL & US
US Slams
Annexation Bill

At the White House, President Donald Trump said Israel is "not going to do anything with the West Bank" after the Knesset advanced two annexation bills during Vice President JD Vance’s visit.

Two key points:

1. As discussed yesterday, the Knesset’s preliminary approval triggers further readings, not immediate annexation. This is why the move was viewed as a political gesture, just in time for the VP's visit, aimed at sowing division between the US and Netanyahu.

2. Despite this triggering criticism of Netanyahu online, the PM publicly opposed the bills.

• Statement: Trump repeated “Don’t worry about the West Bank,” framing Israel as unlikely to act despite preliminary Knesset votes that ran against PM Netanyahu’s public opposition.

• Reprimand: A senior US official (speaking anonymously) snapped "The Israelis can’t treat us like we’re Joe Biden."

• Warning: Another US official told Channel 12 that if Netanyahu jeopardizes the Gaza ceasefire and hostage deal, "Donald Trump will fuck him," showing how important the Gaza peace deal is the US.

• Visit: JD Vance, in Israel on October 22–23, called the votes a "very stupid political stunt," said he took personal insult, and described Israel’s conduct as "unsupervised," after being assured the bills were only preliminary and would go nowhere.