Canada to resume trade talks with US after rescinding digital services tax
The Canadian government said it was rescinding the Digital Services Tax "in anticipation of a mutually beneficial comprehensive trade arrangement with the United States."
"Consistent with this action, 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," Canada's Department of Finance said in a news release.
It added that a June 30, 2025 collection will be halted, and legislation is pending to rescind the Digital Services Tax Act.
Critics Say Socialist Mayoral Frontrunner Threatens Nyc's Economic Capital
Canada's digital services tax took effect in June 2024 and requires large businesses, whether they're headquartered in Canada or elsewhere, to pay a 3% tax on revenue earned from engaging with online users in Canada if they meet certain conditions.
Read On The Fox Business App
Trump terminated trade discussions with Canada on Friday, citing the digital services tax on American tech companies like Amazon, Meta, Google, and Apple, among others, as the reason.
Trump Inks Trade Deal With Uk, Previews China Trade Negotiations During 16Th Week In Office
"They are obviously copying the European Union, which has done the same thing, and is currently under discussion with us, also. Based on this egregious Tax, we are hereby terminating ALL discussions on Trade with Canada, effective immediately," Trump wrote in a post on Truth Social.
Trump said the administration will inform Canada within the "next seven day period" of what tariff it will pay to do business with the U.S.
The president added in his post that Canada is "a very difficult Country to TRADE with" and claimed that Canada has levied tariffs of up to 400% on U.S. dairy products.
The breakdown in trade talks followed the two leaders' G7 meeting early this month, and Carney saying they had agreed to wrap up a new economic agreement within 30 days.
The U.S. is Canada's largest trading partner, while Canada is the largest importer of American exports and one of the top three sources of U.S. imports.
Click Here To Get Fox Business On The Go
Canada had escaped Trump's broad tariffs imposed in April but faces 50% duties on steel and aluminum.
FOX Business' Eric Revell and Reuters contributed to this report. Original article source: Canada to resume trade talks with US after rescinding digital services tax
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
23 minutes ago
- Yahoo
White House Pushes B.S. About ‘Big Beautiful Bill' as Popularity Craters
President Donald Trump has insisted that Republicans get his so-called 'Big Beautiful Bill' to his desk by the Fourth of July. With only days left before the self-imposed deadline, the White House is now scrambling to do damage control around the deeply unpopular legislation produced by Congress. A series of recent polls shows that the bill — which will force millions off of Medicaid, restrict access to food assistance programs, and cost the poorest Americans billions over the next 10 — is underwater with the public. A Washington Post survey recently produced a net favorability rating of -19. Fox News clocked in at -21, a Quinnipiac poll produced a -26 rating, and KFF — formerly the Kaiser Family Foundation — found net favorability to be at -29 points. In the face of this widespread public disapproval and the GOP's inter-party squabbling over the bill, the White House is pushing 'fact checks' insisting that the legislation would not hurt low-income families or the economy at large, and that it is not just a dressed-up tax break for billionaires at the expense of everyone and everything else. In a 'fact check' sheet issued Sunday night by the White House Communication Office, the administration claimed that the legislation would 'put more than $10,000 a year back in the pockets of typical hardworking families,' that the 'OBBB protects and strengthens Medicaid for those who rely on it,' and that the suggestion that people will 'literally die' if denied access to health care is 'one of the most egregious deranged attacks from the Left peddling fear over the facts.' The document repeatedly emphasized that American households would be taking home an extra $10,000 in income a year. Huge, right? Unfortunately — but not unexpectedly — the figure is a gross misrepresentation. The figure, which was circulated in several communications released by the White House and touted by Press Secretary Karoline Leavitt during a briefing earlier this month, is the high end of a projection produced by the Council of Economic Advisers – an internal White House agency. According to a Politifact review, the Council's range of a $7,600-$10,900 increase in annual take-home pay for a family of four was based on uniquely optimistic projections about how much total economic stimulus the 'Big Beautiful Bill' would produce. Where other independent agencies have predicted a maximum GDP increase of around 0.5-2 percent over the next 10 years, the counsel assumed an almost five percent increase over five years and a weighted 2.9-3.5 percent increase over 10 years. The $10,000 figure isn't a tangible change in income based on rewrites to the tax code, but rather a fantastical number carved out of an imaginary GDP boom. According to the Congressional Budget Office (CBO), Trump's enshrinement of his 2017 tax cuts, along with the exclusionary reforms being made to programs like Medicaid and SNAP, will cost the lowest-earning tenth of American households about $1,600 a year. 'Federal and state in-kind benefits would decrease household resources by $1.0 trillion,' the CBO wrote. 'Primarily because federal spending on benefits provided through Medicaid and SNAP would be lower. Changes to program benefits that states made in response to changes in federal policy would also reduce household resources.' Meanwhile, the richest Americans would see 'resources would increase, on average, over the projection period by about $12,000,' or even more given to the favorable pro-corporate policies packed into the bill. During Monday's press briefing, Leavitt insisted that 'this bill strengthens Medicaid,' and that rural hospitals were exaggerating the potential fallout of spending cuts to the program. According to the CBO, 11 million Americans could be squeezed out of their health care coverage over changes to Medicaid, bureaucratic red tape, more stringent work requirements, and changes to public insurance marketplaces. According to KFF, 'an estimated 1.5 million fewer people could be covered by Medicaid in rural areas under the reconciliation bill in 2034,' and the resulting drop in Medicaid enrollment could force rural hospitals and clinics — often the only nodes connecting rural Americans to the health care system — to close down. The bill 'protects' Medicaid only in the sense that the program will continue to exist, but it in no way protects the Americans who rely on it for their health. Millions of them will be forced to find care elsewhere if Republicans pass the 'Big Beautiful Bill.' More from Rolling Stone Senate Republicans Pass Trump's Bill to Strip Health Care From Millions J.D. Vance Dismisses Kicking Millions Off Medicaid: 'Minutiae' Trump Teases Deporting Elon: 'We'll Have to Take a Look' Best of Rolling Stone The Useful Idiots New Guide to the Most Stoned Moments of the 2020 Presidential Campaign Anatomy of a Fake News Scandal The Radical Crusade of Mike Pence
Yahoo
23 minutes ago
- Yahoo
J.D. Vance Dismisses Kicking Millions Off Medicaid: ‘Minutiae'
President Donald Trump and the GOP's so-called 'Big Beautiful Bill' is far from beautiful and deeply unpopular with the public. Battling concerns from voters about increased barriers to accessing programs like Medicaid and food assistance; massive transfers of wealth from less fortunate Americans to corporations and the rich; and the mass deregulation of industries like crypto and AI, Vice President J.D. Vance is attempting a new tactic to persuade the hesitant: ignore all of that and focus on how much money the bill is giving to ICE. 'The thing that will bankrupt this country more than any other policy is flooding the country with illegal immigration and then giving those migrants generous benefits. The [One Big Beautiful Bill] fixes this problem. And therefore it must pass,' Vance wrote Tuesday on X. 'Everything else — the CBO score, the proper baseline, the minutiae of the Medicaid policy — is immaterial compared to the ICE money and immigration enforcement provisions,' he added. The millions of people who are expected to lose access to their health insurance as a result of the legislation would likely beg to differ. The version of the legislation passed by the House would give Immigration and Customs Enforcement (ICE) over $100 billion for the construction of new immigration detention centers, increasing arrest and deportation efforts, militarization of the border and the hiring of new agents. Such a massive windfall for immigration enforcement comes as ICE has blown through its annual budget months before the end of the fiscal year. In May, during a hearing of the U.S. Senate Appropriations Committee, Sen. Chris Murphy (D-Conn.) laid into the reckless spending of the Department of Homeland Security under Secretary Kristi Noem. 'You are spending like you don't have a budget. You are on the verge of running out of money for the fiscal year […] You are ignoring the immigration laws of this nation, implementing a brand-new immigration system that you have invented that has little relation to the statutes that you are required — that you are commanded — to follow as spelled out in your oath of office,' Murphy said. 'Your agency acts as if laws don't matter, as if the election gave you some mandate to violate the Constitution and the laws passed by this Congress. It did not give you that mandate.' Through the reconciliation bill and presidential policy, Republicans in Congress and the Trump administration are looking to give DHS and ICE that mandate. White House Deputy Chief of Staff Stephen Miller has demanded that ICE detain at least 3,000 migrants a day. As the reconciliation bill continues to move through the Senate, Trump and Noem traveled to Florida on Tuesday to tour the so-called 'Alligator Alcatraz,' a migrant detention center built in the hostile backwaters of the Florida Everglades. 'We're going to teach them how to run away from an alligator,' Trump said ahead of his visit to the center. 'Don't run in a straight line,' Trump said, waving his hand in a zig-zag to demonstrate how a detainee might potentially need to move to escape a half-ton reptile. This kind of callous cruelty is what the administration is focused on, whether it be its treatment of migrants, or dismissing kicking millions off of their health care as insignificant 'minutiae.' More from Rolling Stone White House Pushes B.S. About 'Big Beautiful Bill' as Popularity Craters Dem Senator Whines Amid GOP Push to Gut Medicaid: 'I Just Want to Go Home' Rick Scott Demands More Cuts to Medicaid, Which His Company Allegedly Scammed Best of Rolling Stone The Useful Idiots New Guide to the Most Stoned Moments of the 2020 Presidential Campaign Anatomy of a Fake News Scandal The Radical Crusade of Mike Pence
The Verge
23 minutes ago
- The Verge
AMC now warns moviegoers to expect ‘25-30 minutes' of ads and trailers
AMC Theatres is making it easier for moviegoers to know the actual start time of their film screening and avoid sitting through lengthy ads. A new notice has started appearing when people purchase tickets via the AMC website, warning that 'movies start 25-30 minutes after showtime.' This already mirrors the estimated runtime of AMC's preshow content, which includes ads and trailers, but now customers will be better informed if they want to arrive a little later without missing the start of their movie. This small change also tracks with a report made by The Hollywood Reporter last week that said AMC will soon start 'addressing the preshow on its ticketing platforms.' Starting today, AMC will also show more ads than before, meaning its preshow lineup may have to be reconfigured to avoid exceeding the 30-minute mark. The company made an agreement with the National CineMedia ad network that includes as much as five minutes of commercials shown 'after a movie's official start time,' according to The Hollywood Reporter, and an additional 30-to-60-second 'Platinum Spot' that plays before the last one or two trailers. AMC was the only major theater chain to reject the National CineMedia ad spot when it was pitched in 2019, telling Bloomberg at the time that it believed 'US moviegoers would react quite negatively.' Now struggling financially amid an overall decline in movie theater attendance and box-office grosses, AMC has reversed course, telling The Hollywood Reporter that its competitors 'have fully participated for more than five years without any direct impact to their attendance.'
