Carney says US trade talks are 'nasty' after Trump criticizes Canada's leadership

TORONTO (AP) — Canadian Prime Minister Mark Carney said Thursday that trade negotiations with the United States had turned “nasty” after President Donald Trump derided America’s neighbor and its leadership while threatening to expand tariffs.

Carney said Canada remained engaged in the negotiations despite Trump’s comments, describing the talks as a fight to protect Canadian workers and businesses.

“This is a tough negotiation,” Carney said in French. “You can say ‘nasty.’ But this is a question of Canadian jobs. It’s a question of the future of Canadian businesses.”

Trump criticized Canada during a speech Wednesday in Las Vegas.

“Canada’s nasty. They are. They’re nasty,” Trump said. “I love the people, but they’re nasty. Nasty leadership.”

Carney said “we are in the middle of a tariff war with the Americans” but laughed when asked about Trump’s description. He said Canadian negotiators were in Washington this week and that he expected further conversations with Trump after speaking with him last week.

The United States already has tariffs on Canadian steel, aluminum and automobiles. Trump has threatened to impose 50% tariffs on more Canadian goods beginning Aug. 19.

Tariffs are taxes on imports, which companies can then pass along to consumers in the form of higher prices. The president maintains that the costs created by tariffs will cause manufacturing to relocate to the U.S., though there is little evidence of that in the economic data.

Trump’s tariff threats and repeated suggestions that Canada should become the 51st U.S. state have angered many Canadians, prompting many Canadians to cancel trips to the United States.

U.S. Trade Representative Jamieson Greer has argued that Canada and China are the only two countries to retaliate against Trump’s tariffs, citing restrictions on U.S. alcohol sales in some Canadian provinces among his concerns. Canadian officials say their countermeasures were a response to existing U.S. tariffs.

The latest comments followed months of escalating tensions. At the World Economic Forum in Davos, Switzerland, in January, Carney criticized major powers for using economic coercion against smaller countries, prompting Trump to respond: “Canada lives because of the United States. Remember that, Mark, the next time you make your statements.”

Canada is one of the United States’ largest trading partners, and the move threatens to push prices higher at a time when Americans are already frustrated with the high cost of living ahead of the Nov. 3 midterm elections.

Carney said existing U.S. tariffs on aluminum have contributed to a 58% increase in aluminum prices in the United States.

“That’s not a good situation for American companies,” Carney said.

Prime Minister Mark Carney speaks at a campaign event for Liberal Party Beaches-East York byelection candidate Tanveer Shahnawaz at The Stone Lion Pub in Toronto, on Wednesday, Aug. 5, 2026. (Sammy Kogan/The Canadian Press via AP)

Canadian Prime Minister Mark Carney, left, and Liberal Party Beaches-East York by-election candidate Tanveer Shahnawaz cheer with supporters at The Stone Lion Pub in Toronto, on Wednesday, Aug. 5, 2026. (Sammy Kogan/The Canadian Press via AP)

Prime Minister Mark Carney attends a housing announcement in Toronto, on Wednesday, Aug. 5, 2026. (Sammy Kogan/The Canadian Press via AP)

NEW YORK (AP) — Stock in Elon Musk's space company rose Thursday even after many SpaceX insiders were freed up to sell for the first time.

Investors in SpaceX have pushed the shares down sharply in recent days in anticipation of insiders possibly selling in the first of several so-called lockup expirations that free them up to trade. More than 900 million shares became newly available to buy or sell with Thursday's release, doubling what was available previously.

SpaceX shares rose 6.1% to close at $114.92. A day earlier they had one of their biggest routs in SpaceX's short history as a public company, dropping nearly 14%.

Morgan Stanley analyst Adam Jonas said the expiration of lockup provisions that bar employees and others from selling was an opportunity for others to get into the stock cheaply. He believes the stock could rise to $300 by the middle of next year, nearly triple its current level.

Morgan Stanley was one of the investment banks that earned big fees helping take SpaceX public last month.

Earlier this week, SpaceX reported it had lost $541 million, or 9 cents per share, in the three months through June, less than half what financial analysts had forecast. Revenue jumped to $7.8 billion, up more than 90% from the year-earlier period.

The company also posted a massive increase in spending on R&D and infrastructure, particularly involving artificial intelligence, and other major projects. Investors are growing increasingly nervous with big capital spending figures in technology companies, triggering sell-offs.

In June, Musk sold SpaceX shares to the public for the first time in the biggest initial public offering ever. Shares jumped as high as $225 a share, briefly making Musk a trillionaire.

The plunge in the stock since has wiped out hundreds of billions of dollars in market value, leaving the shares trading at even less than its initial $135 offering price.

SpaceX's mega rocket Starship makes a test flight from Starbase, Texas, Friday, July 24, 2026. (AP Photo/Eric Gay)

SpaceX's mega rocket Starship lifts off for a test flight from Starbase, Texas, Friday, July 24, 2026. (AP Photo/Eric Gay)