US President Donald Trump said he does not plan to meet Canadian Prime Minister Mark Carney while both are in Asia, after the trade dispute between the two countries escalated over an anti-tariff advertisement.

"I don't want to meet with him," Trump said on Monday when asked by journalists whether he planned to meet Carney during his trip to the Asia-Pacific Economic Cooperation (APEC) summit in South Korea.

On a flight from Malaysia to Japan, the US president said he was "very happy" with the current trade arrangement the United States has with Canada. "We're going to let it ride," he told reporters on Air Force One.

Trump has been on a tour of Asia since Sunday. After a trip to Malaysia, he travelled to Tokyo, and will continue to South Korea later this week.

The US president announced last Thursday that he was halting trade talks with Canada over an advertisemment broadcast by the Canadian province of Ontario.

The video features excerpts of a 1987 radio address by former US president Ronald Reagan, in which he commented on the disadvantages of tariffs. The Republican president, who died in 2004, made the address to explain why he decided to impose trade duties on some Japanese products.

Trump, who has made frequent use of global tariffs in his second term in office, accused the Canadians of running a misleading advertising campaign, saying it cherrypicked from Reagan's statements.

Ontario Premier Doug Ford announced on Friday that the province would suspend its advertising campaign starting on Monday.

But that wasn't quick enough for Trump, who announced on Saturday that he would impose additional tariffs of 10% on Canada. He did not respond to a journalist's question about when these might come into effect.