Latest news with #Can
RTÉ News
4 hours ago
- Business
- RTÉ News
Trump ends trade talks with Canada over tax hitting US tech firms
President Donald Trump said he is calling off trade negotiations with Canada in retaliation for taxes impacting US tech firms, adding that Ottawa will learn of their new tariff rate within a week. Mr Trump was referring to Canada's digital services tax, which was enacted last year and forecast to bring in Can$5.9 billion (US$4.2 billion) over five years. While the measure is not new, US service providers will be "on the hook for a multi-billion dollar payment in Canada" come 30 June, noted the Computer & Communications Industry Association recently. The three percent tax applies to large or multinational companies such as Alphabet, Amazon and Meta that provide digital services to Canadians, and Washington has previously requested dispute settlement talks over the matter. "Based on this egregious Tax, we are hereby terminating ALL discussions on Trade with Canada, effective immediately," Mr Trump said in a post on his Truth Social platform Friday. Canada may have been spared some of Mr Trump's sweeping duties, but it faces a separate tariff regime. Mr Trump has also imposed steep levies on imports of steel, aluminum and autos. Last week, Canadian Prime Minister Mark Carney said Ottawa will adjust its 25% counter tariffs on US steel and aluminum - in response to a doubling of US levies on the metals to 50% - if a bilateral trade deal was not reached in 30 days. "We will continue to conduct these complex negotiations in the best interest of Canadians," Mr Carney said yesterday, adding that he had not spoken to Mr Trump on the day. US Treasury Secretary Scott Bessent told CNBC that Washington had hoped Mr Carney's government would halt the tax "as a sign of goodwill." He now expects US Trade Representative Jamieson Greer to start a probe to determine the harm stemming from Canada's digital tax. China progress Mr Trump's salvo targeting Canada came shortly after Washington and Beijing confirmed finalising a framework to move forward on trade. A priority for Washington in talks with Beijing had been ensuring the supply of the rare earths essential for products including electric vehicles, hard drives and national defense equipment. China, which dominates global production of the elements, began requiring export licenses in early April, a move widely viewed as a response to Mr Trump's blistering tariffs. Both sides agreed after talks in Geneva in May to temporarily lower steep tit-for-tat duties on each other's products. China also committed to easing some non-tariff countermeasures but US officials later accused Beijing of violating the pact and slow-walking export license approvals for rare earths. They eventually agreed on a framework to move forward with their Geneva consensus, following talks in London this month. A White House official told AFP on Thursday that the Trump administration and China had "agreed to an additional understanding for a framework to implement the Geneva agreement." This clarification came after the US president told an event that Washington had inked a deal relating to trade with China, without providing details. Under the deal, China "will review and approve applications for the export control items that meet the requirements in accordance with the law," China's commerce ministry said. "The US side will correspondingly cancel a series of restrictive measures against China," it added. Upcoming deals Dozens of economies, although not China, face a 9 July deadline for steeper duties to kick in - rising from a current 10%. It remains to be seen if countries will successfully reach agreements to avoid them before the deadline. On talks with the European Union, for example, Mr Trump told an event at the White House on Friday: "We have the cards. We have the cards far more than they do." But Mr Bessent said Washington could wrap up its agenda for trade deals by September, indicating more agreements could be concluded, although talks were likely to extend past July. Mr Bessent told Fox Business there are 18 key partners Washington is focused on pacts with. "If we can ink 10 or 12 of the important 18, there are another important 20 relationships, then I think we could have trade wrapped up by Labor Day," Mr Bessent said, referring to the US holiday on 1 September. Wall Street's major indexes finished at fresh records as markets cheered progress in US-China trade while shrugging off concerns about Canada.
The Hindu
12 hours ago
- Business
- The Hindu
Trump ends trade talks with Canada over tax on U.S. tech firms
President Donald Trump said on Friday (June 27, 2025) he is calling off trade negotiations with Canada in retaliation for taxes impacting U.S. tech firms, adding that Ottawa will learn of their new tariff rate within a week. Mr. Trump was referring to Canada's digital services tax, which was enacted last year and forecast to bring in Can$5.9 billion (US$4.2 billion) over five years. While the measure is not new, U.S. service providers will be 'on the hook for a multi-billion dollar payment in Canada' come June 30, noted the Computer & Communications Industry Association recently. The three percent tax applies to large or multinational companies such as Alphabet, Amazon and Meta that provide digital services to Canadians, and Washington has previously requested dispute settlement talks over the matter. 'Based on this egregious Tax, we are hereby terminating ALL discussions on Trade with Canada, effective immediately,' Mr. Trump said in a post on his Truth Social platform Friday. Canada may have been spared some of Trump's sweeping duties, but it faces a separate tariff regime. Mr. Trump has also imposed steep levies on imports of steel, aluminum and autos. Last week, Canadian Prime Minister Mark Carney said Ottawa will adjust its 25% counter tariffs on U.S. steel and aluminium — in response to a doubling of U.S. levies on the metals to 50% — if a bilateral trade deal was not reached in 30 days. 'We will continue to conduct these complex negotiations in the best interest of Canadians,' Mr. Carney said Friday, adding that he had not spoken to Mr. Trump on the day. U.S. Treasury Secretary Scott Bessent told CNBC that Washington had hoped Carney's government would halt the tax 'as a sign of goodwill.' He now expects U.S. Trade Representative Jamieson Greer to start a probe to determine the harm stemming from Canada's digital tax. China progress Mr. Trump's salvo targeting Canada came shortly after Washington and Beijing confirmed finalising a framework to move forward on trade. A priority for Washington in talks with Beijing had been ensuring the supply of the rare earths essential for products including electric vehicles, hard drives and national defence equipment. China, which dominates global production of the elements, began requiring export licenses in early April, a move widely viewed as a response to Mr. Trump's blistering tariffs. Both sides agreed after talks in Geneva in May to temporarily lower steep tit-for-tat duties on each other's products. China also committed to easing some non-tariff countermeasures but U.S. officials later accused Beijing of violating the pact and slow-walking export license approvals for rare earths. They eventually agreed on a framework to move forward with their Geneva consensus, following talks in London this month. A White House official told AFP on Thursday that the Trump administration and China had 'agreed to an additional understanding for a framework to implement the Geneva agreement.' This clarification came after the US president told an event that Washington had inked a deal relating to trade with China, without providing details. Under the deal, China 'will review and approve applications for the export control items that meet the requirements in accordance with the law,' China's Commerce Ministry said. 'The U.S. side will correspondingly cancel a series of restrictive measures against China,' it added. Upcoming deals? Dozens of economies, although not China, face a July 9 deadline for steeper duties to kick in — rising from a current 10%. It remains to be seen if countries will successfully reach agreements to avoid them before the deadline. On talks with the European Union, for example, Mr. Trump told an event at the White House on Friday: 'We have the cards. We have the cards far more than they do.' But Mr. Bessent said Washington could wrap up its agenda for trade deals by September, indicating more agreements could be concluded, although talks were likely to extend past July. Mr. Bessent told Fox Business there are 18 key partners Washington is focused on pacts with. 'If we can ink 10 or 12 of the important 18, there are another important 20 relationships, then I think we could have trade wrapped up by Labor Day,' Mr. Bessent said, referring to the U.S. holiday on September 1. Wall Street's major indexes finished at fresh records as markets cheered progress in US-China trade while shrugging off concerns about Canada.
Roya News
13 hours ago
- Business
- Roya News
US ends trade talks with Canada over tech firms tax
President Donald Trump said Friday he is calling off trade negotiations with Canada in retaliation for taxes impacting US tech firms, adding that Ottawa will learn of their new tariff rate within a week. Trump was referring to Canada's digital services tax, which was enacted last year and forecast to bring in Can$5.9 billion (US$4.2 billion) over five years. While the measure is not new, US service providers will be "on the hook for a multi-billion dollar payment in Canada" come June 30, noted the Computer & Communications Industry Association recently. The three percent tax applies to large or multinational companies such as Alphabet, Amazon and Meta that provide digital services to Canadians, and Washington has previously requested dispute settlement talks over the matter. "Based on this egregious Tax, we are hereby terminating ALL discussions on Trade with Canada, effective immediately," Trump said in a post on his Truth Social platform Friday. Canada may have been spared some of Trump's sweeping duties, but it faces a separate tariff regime. Trump has also imposed steep levies on imports of steel, aluminum and autos. Last week, Canadian Prime Minister Mark Carney said Ottawa will adjust its 25 percent counter tariffs on US steel and aluminum -- in response to a doubling of US levies on the metals to 50 percent -- if a bilateral trade deal was not reached in 30 days. "We will continue to conduct these complex negotiations in the best interest of Canadians," Carney said Friday, adding that he had not spoken to Trump on the day. US Treasury Secretary Scott Bessent told CNBC that Washington had hoped Carney's government would halt the tax "as a sign of goodwill." He now expects US Trade Representative Jamieson Greer to start a probe to determine the harm stemming from Canada's digital tax. China progress Trump's salvo targeting Canada came shortly after Washington and Beijing confirmed finalizing a framework to move forward on trade. A priority for Washington in talks with Beijing had been ensuring the supply of the rare earths essential for products including electric vehicles, hard drives and national defense equipment. China, which dominates global production of the elements, began requiring export licenses in early April, a move widely viewed as a response to Trump's blistering tariffs. Both sides agreed after talks in Geneva in May to temporarily lower steep tit-for-tat duties on each other's products. China also committed to easing some non-tariff countermeasures but US officials later accused Beijing of violating the pact and slow-walking export license approvals for rare earths. They eventually agreed on a framework to move forward with their Geneva consensus, following talks in London this month. A White House official told AFP on Thursday that the Trump administration and China had "agreed to an additional understanding for a framework to implement the Geneva agreement." This clarification came after the US president told an event that Washington had inked a deal relating to trade with China, without providing details. Under the deal, China "will review and approve applications for the export control items that meet the requirements in accordance with the law," China's commerce ministry said. "The US side will correspondingly cancel a series of restrictive measures against China," it added. Upcoming deals? Dozens of economies, although not China, face a July 9 deadline for steeper duties to kick in -- rising from a current 10 percent. It remains to be seen if countries will successfully reach agreements to avoid them before the deadline. On talks with the European Union, for example, Trump told an event at the White House on Friday: "We have the cards. We have the cards far more than they do." But Bessent said Washington could wrap up its agenda for trade deals by September, indicating more agreements could be concluded, although talks were likely to extend past July. Bessent told Fox Business there are 18 key partners Washington is focused on pacts with. "If we can ink 10 or 12 of the important 18, there are another important 20 relationships, then I think we could have trade wrapped up by Labor Day," Bessent said, referring to the US holiday on September 1.
LeMonde
17 hours ago
- Business
- LeMonde
Trump ends trade talks with Canada over tax on US tech firms
President Donald Trump said on Friday, June 27, that he is calling off trade negotiations with Canada in retaliation for taxes impacting US tech firms, adding that Ottawa will learn of their new tariff rate within a week. Trump was referring to Canada's digital services tax, which was enacted last year and forecast to bring in Can$5.9 billion (US4.2 billion) over five years. While the measure is not new, US service providers will be "on the hook for a multi-billion dollar payment in Canada" come June 30, noted the Computer & Communications Industry Association recently. The 3% tax applies to large or multinational companies such as Alphabet, Amazon and Meta that provide digital services to Canadians, and Washington has previously requested dispute settlement talks over the matter. "Based on this egregious Tax, we are hereby terminating ALL discussions on Trade with Canada, effective immediately," Trump said in a post on his Truth Social platform Friday. He called the country "very difficult" to trade with. Canada may have been spared some of Trump's most sweeping duties, such as a 10% levy on nearly all US trading partners, but it faces a separate tariff regime. Trump has also imposed steep levies on imports of steel, aluminum and autos. Last week, Canadian Prime Minister Mark Carney said Ottawa will adjust its 25% counter tariffs on US steel and aluminum − in response to a doubling of US levies on the metals to 50% − if a bilateral trade deal was not reached in 30 days. "We will continue to conduct these complex negotiations in the best interest of Canadians," Carney said Friday, adding that he had not spoken to Trump following the US president's announcement.
Sky News AU
5 days ago
- Entertainment
- Sky News AU
The Block 2025: Grim 'reality' of renovation series exposed as leaked photos show homes 'identical' to 2022 season, less drama among Blockheads
Nine insiders have exposed the grim "reality" of The Block 2025 before it airs, claiming the newly completed homes will be "identical" to those from the 2022 season, with a lot less drama among the Blockheads. Channel Nine's renovation series is expected to return to screens in early August, with a fresh round of Blockheads this year building homes from scratch, rather than renovating them, in the Victorian town of Daylesford. Leaked photos show couple Han and Can's completed home has a very similar aesthetic to Rachel and Ryan's living room from the 2022 Tree Change season, particularly in terms of the furniture. Han and Can's lounge features a very similar beige couch to the one seen in both Rachel and Ryan and Ankur and Sharon's living rooms in 2022. Rumours at Nine suggest the new season, which the network has remained tight-lipped about, could be branded a sequel to Tree Change. The past season of the top-rated show saw the contestants renovate five properties into luxury rural escapes on a 79-acre site in Gisborne South, located in Victoria's Macedon Ranges, near this year's location. "Honestly, the style and finish of the homes are nearly identical to what we saw in Tree Change," an insider told Daily Mail Australia on Sunday. "Same vibe, same tones, same country-chic energy." Another well-placed insider quelled fans' hopes of some fiery encounters and heightened emotions among the contestants. "There's actually much less conflict this year," the insider said. "But that doesn't mean it's boring. There's a charm and warmth to this season that will surprise long-term fans." The source also poured cold water over speculation the new homes would focus on living off the land, healthy eating, and holistic living—the lifestyle in Daylesford—and said they won't be markedly different at all. "In reality, the houses are still very much classic Block homes," they said. Can and Han's home, however, is set still apart from the rest through a plush beige wall facing the rear end of the couch. Other leaked photos show an equally neutral yet opulent open-plan living and kitchen space, with a large fireplace encased in a marble wall. The kitchen boasts a several-meter marble worktop and is fit for the avid entertainer. The heart of the home also comes with a dedicated wine fridge and storage rack, as well as a makeshift mini-bar. The development follows Channel Nine inadvertently putting itself in the firing line after revealing the new trailer for The Block last week. In the teaser, Scotty Cam and Shelley Craft can be seen sounding the horns of two big red trucks en route to the new countryside location. The co-hosts are joined by The Block's famous troupe, including former contestant turned foreman Dan Reilly and real estate agent Marty Fox. Judge Darren Palmer also made a cameo appearance riding a horse shirtless and, in true county theme, declared, "Howdy man". However, fans were quick to notice that Scotty and Shelley were not wearing seatbelts while driving the trucks and lashed out at the detail. "Probably should have put ya seatbelts on," one viewer wrote. Elsewhere in the trailer, the new 2025 Blockheads were introduced as Emma and Ben, Can and Han, Robby and Matt, Alicia and Sonny, and Brit and Taz, who happily jumped out of the back of one of the trailers. Scotty said a "truckload of fun" awaited the contestants, who will undergo the tough job of building homes from scratch in a dramatic series first. The move marks a pivotal step away from the previous series, in which the stars competed with each other by renovating a home for auction. The premise remains that the couple who wins the highest price at auction receives a grand monetary prize to help set them up for life. The Block has continuously built a strong lead in the prime-time TV ratings, surging ahead of Seven's My Kitchen Rules and The Voice.
