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August 25, 2026 / 7:10 PM EDT

/ CBS News

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As a budding trade war between the U.S. and Canada sparks a round of cross-border insults, the leader of Canada's largest province told CBS News he's hopeful that Canadian officials and President Trump's team can reach an agreement — but cautioned that "no deal is better than a bad deal.""He's treating us like we're Communist China here," Ontario Premier Doug Ford told CBS News chief Washington correspondent Major Garrett, when discussing Mr. Trump's trade strategy with the U.S.'s northern neighbor. "We're the closest friends and allies that the U.S. has anywhere in the entire world, and I want to keep it that way."Talks between the two countries ended last week without a trade deal, leading the Trump administration to follow through on its threats to impose 50% tariffs on some $20 billion worth of Canadian goods. Canadian Prime Minister Mark Carney vowed to retaliate "dollar for dollar" with his own 50% tariffs on certain U.S. goods starting on Sept. 8.Meanwhile, Ford and Mr. Trump have slung invectives at each other in recent days. Mr. Trump called Ford "unimpressive" and a "flunky" of Carney, who belongs to a different political party but has drawn support from the Ontario premier. Ford, for his part, has called the U.S. president a "dictator" and said: "I have a lot of real estate on my a**, so he has a lot of room to kiss my a**."Mr. Trump said Tuesday he's considering renaming Lake Ontario to "Lake America" because "we don't expect to be doing much business with Ontario any longer."Said Ford: "I have to laugh when he comes up with these ideas. It's always going to be Lake Ontario here in Canada. … If he wants to name it Lake America, Lake Trump, whatever he wants to do, that's his prerogative."The dispute could threaten billions in annual trade between the U.S. and its second-largest trading partner. Mr. Trump earlier this week threatened further tariffs on Canadian automotive and steel imports starting next year, once again accusing Canada of unfair trade practices.