America's debt: How much is too much?
U.S. debt is sitting at more than $36 trillion US — double what it was 10 years ago — but is that a real problem? Andrew Chang breaks down the numbers to put the severity of the situation in context and explain how a bad situation could get worse.
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Globe and Mail
an hour ago
- Globe and Mail
Canadian Prime Minister Carney says trade talks with US resume after Canada rescinded tech tax
TORONTO (AP) — Canadian Prime Minister Mark Carney said late Sunday trade talks with U.S. have resumed after Canada rescinded its plan to tax U.S. technology firms. U.S. President Donald Trump said Friday that was suspending trade talks with Canada over its plans to continue with its tax on technology firms, which he called 'a direct and blatant attack on our country.' The Canadian government says 'in anticipation' of a trade deal 'Canada would rescind' the Digital Serves Tax. The tax was set to go into effect Monday. Carney's office said Carney and Trump have agreed to resume negotiations. 'Today's announcement will support a resumption of negotiations toward the July 21, 2025, timeline set out at this month's G7 Leaders' Summit in Kananaskis,' Carney said in a statement. Carney visited Trump in May at the White House, where he was polite but firm. Trump traveled to Canada for the G7 summit in Alberta, where Carney said that Canada and the U.S. had set a 30-day deadline for trade talks. Trump, in a post on his social media network last Friday, said Canada had informed the U.S. that it was sticking to its plan to impose the digital services tax, which applies to Canadian and foreign businesses that engage with online users in Canada. The digital services tax was due to hit companies including Amazon, Google, Meta, Uber and Airbnb with a 3% levy on revenue from Canadian users. It would have applied retroactively, leaving U.S. companies with a $2 billion U.S. bill due at the end of the month. Trump's announcement Friday was the latest swerve in the trade war he's launched since taking office for a second term in January. Progress with Canada has been a roller coaster, starting with the U.S. president poking at the nation's northern neighbor and repeatedly suggesting it would be absorbed as a U.S. state.
Globe and Mail
an hour ago
- Globe and Mail
Federal government rescinds digital services tax to advance trade talks with U.S.
The Canadian government says it's decided to rescind a digital services tax that led U.S. President Donald Trump to break off negotiations aimed at ending a damaging trade war between the United States and Canada. In a late Sunday announcement, Prime Minister Mark Carney's government said talks with the Trump administration would resume now that Canada has repealed the levy that applied to U.S. tech giants such as Amazon, Google parent Alphabet, Meta, Uber and Airbnb. Mr. Trump on Friday had announced the United States was 'terminating all discussions on trade with Canada' in response to the digital sales tax. First payments under the levy were due June 30 and the initial bill faced by big U.S. companies was expected to exceed US$2-billion. 'Prime Minister Carney and President Trump have agreed that parties will resume negotiations with a view towards agreeing on a deal by July 21, 2025,' the Canadian government said in a statement Sunday. The digital sales tax would have imposed a 3-per-cent levy on Canadian revenue from digital services exceeding $20-million that is earned by companies with at least $1.1-billion in global revenue. This includes revenue from search engines, social-media platforms and online marketplaces. With files from Canadian Press
CTV News
an hour ago
- CTV News
Canadian officials trying to work towards tariff trade deal behind the scenes
Watch CTV News' Jeremie Charron says the federal government maintains that negotiations between Canada and the U.S. surrounding trade are still ongoing.
