Canadian Prime Minister Mark Carney formally apologized to the United States on Saturday for an ad depicting the former US President Ronald Reagan that set off Donald Trump's anger and led to a halt of tariff talks with Canada.

Carney confirmed the apology while speaking to reporters after attending the Asia-Pacific Economic Cooperation (APEC) summit in South Korea.

"I did apologize to the president," Carney said. The remark confirmed comments that Trump made on Friday.

Carney said he had reviewed the ad before it aired and had opposed it.

The ad was put forth by Ontario Premier Doug Ford and it featured the voice of Reagan talking about the disadvantages of trade tariffs, in excerpts from a 1987 address broadcast on radio. 

The then Republican president, who died in 2004, made the address to explain why he decided to impose tariffs on some Japanese products.

Angry about the ad, Trump declared an end to "all trade negotiations" with Canada.

"I told Ford I did not want to go forward with the ad," Carney told reporters.

Trump and Carney shared 'very nice' conversation

Trump had told reporters that he had a "very nice" conversation with Carney at a dinner during the summit in South Korea, but did not elaborate. 

Despite the apology, Trump still said the United States and Canada will not restart trade talks.

Meanwhile, Carney downplayed tensions on Saturday, saying he was relaxed about when talks would resume.

"After all the noise of this week, Canada still has the best trade deal of any country with the US," Carney said.

"We can spend our time watching Truth Social worrying about the reactions of individuals. We are staying calm," he added.

"We'll wait until they're ready," the Canadian PM asserted.

Edited by: Srinivas Mazumdaru