Super Bowl ads are notoriously expensive to run, but a commercial aired by the province of Ontario during the World Series may prove more costly than ever previously imagined.

What is going on up there?

To get the attention of US audiences, Doug Ford, the Conservative premier of Ontario, commissioned an ad featuring audio from a 1987 speech in which then-President Ronald Reagan said he didn’t like implementing tariffs because they “hurt every American worker and consumer.”

The government of Ontario planned to spend $75 million broadcasting it to the States. Then, the Toronto Blue Jays, based in Ontario, punched their ticket to the World Series, making the province a bit more relevant than usual to Americans.

The ad displeased the president. On Friday morning, President Trump took to Truth Social to condemn the commercial, saying it misrepresented Reagan’s position on tariffs and that it was meant to influence the Supreme Court before a hearing on the legality of many of Trump’s tariffs next month. An escalating series of events followed:

• President Trump halted all trade talks with Canada over the ad.
• Premier Ford said he had spoken to Prime Minister Mark Carney, who is actually in charge of Canada, and as a result, he would pause the commercial on Monday…
• …But that meant it aired during the World Series games on Friday and Saturday nights.
• In retaliation, Trump announced a new 10% tariff on Canada.

Ad(d) it all up: The US already has a 35% general tariff on Canada, but the actual duty level can depend on the type of goods or whether they comply with the US-Mexico-Canada Agreement.

Now what? Carney and Trump will be in Malaysia for the Association of Southeast Asian Nations summit this week. Carney said he’s willing to talk trade, but Trump said he’s not planning on meeting him.

As for the World Series, the Los Angeles Dodgers and Toronto Blue Jays are tied 1–1. Probably no one will be reading into how this goes down...—BC

Milei’s party wins big in Argentina’s midterm elections. Argentine President Javier Milei’s La Libertad Avanza party won 41% of the votes with 90% of ballots counted, handily outperforming market predictions that it would win 30% of available seats. With the new gains in both houses of Argentina’s Congress, Milei’s presidential vetoes will be upheld and his ambitious, unorthodox economic reform will continue apace. Milei, a libertarian, is an ally of President Trump. The Trump administration recently pledged $20 billion to help Argentina’s struggling economy, but Trump also suggested he could rescind the offer if Milei’s party lost Sunday’s elections, saying earlier this month, “If he doesn’t win, we’re gone.”

US Navy helicopter and jet fighter crash into South China Sea. The incidents took place 30 minutes apart on Sunday afternoon local time, and search-and-rescue teams brought the five crew members from both aircraft to safety. The MH-60R Sea Hawk helicopter and F/A-18F Super Hornet fighter originated from the USS Nimitz aircraft carrier before crashing into the same waters, according to the US Pacific Fleet. The Nimitz is transiting the South China Sea on its way back to the US West Coast, where it has been scheduled to be decommissioned next year. The incidents coincide with President Trump’s trip to Asia and are under investigation.

Suspects arrested in connection with Louvre museum heist. Two men are in custody following last Sunday’s burglary of crown jewels at the famed Paris museum, according to French media. The BBC reported that one of the suspects was trying to travel to Algeria and the other to Mali. DNA evidence left at the crime scene helped police locate both suspects. However, the Paris prosecutor criticized leaks about the case, saying it “hindered” efforts to find the jewels and the thieves. The prosecutor’s office confirmed the arrests took place on Saturday evening, but said no further details would be provided until after the 96-hour custody window ended. There is no word on whether any of the stolen artifacts have been recovered. There’s also no word on what role Dapper Man may have played in bringing these two into custody.—HVL

Private equity is plowing some serious dough into bagels. Stripes, a firm that’s invested in high-end grocery chain Erewhon and Levain Bakery, wants to make PopUp Bagels “a national bagel juggernaut,” Bloomberg reported.

Who? PopUp Bagels began as a pandemic project in Connecticut and achieved virality on TikTok. It offers smaller, fluffier bagels and encourages patrons to “grip it, rip it, and dip it” rather than slice.

B(re)aking new ground

According to Bloomberg, a successful national bagel chain hasn’t taken hold because the bagel biz is labor-intensive and low-margin. The biggest player is Einstein Bros. Bagels, which operates around 600 stores in the US.

PopUp plans to open 300 locations in the next four years, and it thinks it can go mainstream with:

• Better margins. The minimum order is three bagels and a container of schmear, which costs between $13 and $17.
• A “barebones” business model. Locations have a small footprint with minimal seating.

PopUp was recently valued at $60 million. It is reportedly already profitable.

Back of the napkin math: It’s easier to get into Harvard than it is to get a PopUp Bagel franchise. PopUp is not currently accepting new applications after selecting 15 from 2,500 inquiries. Fittingly, the chain just opened a location in Harvard Square in Cambridge, MA.—HVL

President Trump is set to meet with Chinese President Xi Jinping: Treasury Secretary Scott Bessent and Chinese officials have been engaged in trade talks to lay the groundwork for the leaders’ expected face-to-face in South Korea on Thursday. Bessent told NBC he expects a “very productive” meeting, saying headway has been made on a TikTok deal, soybean purchases, and rare earth exports. Bessent told CBS yesterday that a 100% tariff that was set to be imposed on China this Saturday is now “effectively off the table.” During his Asia trip this week, Trump will attend the Association of Southeast Asian Nations (ASEAN) summit in Malaysia, visit Japan to meet with the country’s new prime minister, Sanae Takaichi, and then attend the Asia-Pacific Economic Cooperation (APEC) summit in South Korea.

A magnificent earnings week: More than 170 companies are expected to report earnings this week, including most of the Magnificent Seven. Alphabet, Microsoft, and Meta report on Wednesday, while Amazon and Apple announce results on Thursday. Beyond that, we’ll hear from a variety of industries this week. UnitedHealth, UPS, and Visa report on Tuesday, while Boeing, Caterpillar, CVS, Chipotle, Carvana, and Starbucks report on Wednesday. Mastercard, Eli Lilly, and Merck post results on Thursday, while Chevron and Exxon report on Friday.

Waiting for a second rate cut: Inflation ticked up to 3% in September, but investors don’t expect that to shake the Federal Reserve off of a second straight rate cut when it meets on Wednesday. Markets will also be reading the tea leaves on whether the central bank will cut rates again at its next meeting in December—a decision that could be impacted by the lack of official government data amid the shutdown.

Everything else:

• We’ll have a World Series winner by the end of the week. The Toronto Blue Jays and Los Angeles Dodgers are tied 1–1, with games planned today, tomorrow, Wednesday, Friday (if necessary), and Saturday (if necessary).
• Fresh consumer confidence numbers will be released tomorrow.
• Netflix’s Selling Sunset is back for a ninth season on Wednesday.
• The new season of The Witcher hits Netflix on Thursday, with Liam Hemsworth replacing Henry Cavill in the lead role.
• Florence and the Machine’s new album, Everybody Scream, will be out on Friday.
• Friday is Halloween. Friday night is when your house gets egged if you hand out floss to trick-or-treaters.

Even if you previously thought Meatless Monday was kinda lame, this may send you reaching for the peanut butter jar. Consumer prices for lunchmeats experienced the largest monthly increase on record in September—4.2%—according to Bureau of Labor Statistics data reported by Bloomberg.

While last year’s listeria recalls battered the sector, its current woes are more directly attributable to record US beef prices, smaller domestic pig and cattle herds, a worker shortage, and President Trump’s 50% tariff on imports from Brazil.

“Everybody has to raise prices along the food chain,” American Association of Meat Processors Spokesman Sam Gazdziak told Bloomberg. “It has a ripple effect.”—HVL