Latest news with #NewsBargainingCode
Sydney Morning Herald
5 days ago
- Business
- Sydney Morning Herald
Trump terminates trade talks with Canada over tax on digital companies
Washington: US President Donald Trump said he would immediately cease trade negotiations with Canada and decide on a tariff rate within seven days after being informed Canada would proceed with a 'digital services tax' that applies to American tech companies. The announcement marks a resumption of hostilities between the two North American neighbours after their relationship improved under the leadership of Canada's Prime Minister Mark Carney, a former banker elected in late April who struck a chord with Trump. It also underlines the Trump administration's deep distaste for measures it regards as discriminatory imposts on American tech giants, such as Australia's News Bargaining Code. The policy charges Google, Meta and others for their use of media content, and has been a point of contention in trade talks between Canberra and Washington. Canada confirmed a week ago that it would proceed with its digital services tax as passed by parliament despite ongoing negotiations with the US. It is a 3 per cent levy on revenue earned from Canadian users and will apply to companies such as Amazon, Uber and Airbnb, along with the aforementioned firms. The levy, due to start June 30, will apply retroactively to January 2022, with US companies facing a $U2 billion ($3.1 billion) bill, according to Canadian newswire The Canadian Press. It applies to companies that produce Canadian revenue above $20 million Canadian dollars a year and global revenue above 750 million Euros. The previous US administration under Joe Biden also took issue with the planned tax. Trump called Canada 'a very difficult country to trade with' and labelled the digital services tax 'a direct and blatant attack on our country'. 'They are obviously copying the European Union, which has done the same thing, and is currently under discussion with us,' he posted on Truth Social. 'Based on this egregious tax, we are hereby terminating ALL discussions on Trade with Canada, effective immediately. We will let Canada know the tariff that they will be paying to do business with the United States of America within the next seven-day period.'
The Age
5 days ago
- Business
- The Age
Trump terminates trade talks with Canada over tax on digital companies
Washington: US President Donald Trump said he would immediately cease trade negotiations with Canada and decide on a tariff rate within seven days after being informed Canada would proceed with a 'digital services tax' that applies to American tech companies. The announcement marks a resumption of hostilities between the two North American neighbours after their relationship improved under the leadership of Canada's Prime Minister Mark Carney, a former banker elected in late April who struck a chord with Trump. It also underlines the Trump administration's deep distaste for measures it regards as discriminatory imposts on American tech giants, such as Australia's News Bargaining Code. The policy charges Google, Meta and others for their use of media content, and has been a point of contention in trade talks between Canberra and Washington. Canada confirmed a week ago that it would proceed with its digital services tax as passed by parliament despite ongoing negotiations with the US. It is a 3 per cent levy on revenue earned from Canadian users and will apply to companies such as Amazon, Uber and Airbnb, along with the aforementioned firms. The levy, due to start June 30, will apply retroactively to January 2022, with US companies facing a $U2 billion ($3.1 billion) bill, according to Canadian newswire The Canadian Press. It applies to companies that produce Canadian revenue above $20 million Canadian dollars a year and global revenue above 750 million Euros. The previous US administration under Joe Biden also took issue with the planned tax. Trump called Canada 'a very difficult country to trade with' and labelled the digital services tax 'a direct and blatant attack on our country'. 'They are obviously copying the European Union, which has done the same thing, and is currently under discussion with us,' he posted on Truth Social. 'Based on this egregious tax, we are hereby terminating ALL discussions on Trade with Canada, effective immediately. We will let Canada know the tariff that they will be paying to do business with the United States of America within the next seven-day period.'
West Australian
18-06-2025
- Business
- West Australian
Anthony Albanese holds meetings with Donald Trump's economic team after G7 one-on-one was abandoned
Anthony Albanese has held meetings with Donald Trump's top economic team focused on tariffs, trade and critical minerals after his much-anticipated one-on-one was abandoned. The US president had left G7 leaders on the world stage yesterday, cutting an early exit to convene a National Security Council meeting over the escalating Israel-Iran conflict. Instead, the Prime Minister met with Treasury Secretary Scott Bessent, US Trade Representative Jamieson Greer, and Donald Trump's principal economic adviser Kevin Hassett. The world leader's bilateral meeting had been scheduled to meet on Wednesday AEST where Mr Albanese was expected to raise Australia's case for exemptions from US trade tariffs. It is understood that the US administration officials had sought out world leaders whose bilateral meetings were cancelled after Mr Trump's exit and had two 20-minute sessions with the PM. Speaking in Kananaskis, Canada on Wednesday, Mr Albanese said it was 'understandable' that Mr Trump had to leave the G7 summit early and he was already in discussions to reschedule the meeting. 'I had a meeting this morning with US Secretary of the Treasury Scott Bessent, which was a good opportunity to put forward Australia's position on tariffs,' the PM told a press conference on the sidelines of the G7. He said in the further meeting with Mr Greer and Mr Hassett, he reminded the US officials of the trade surplus America has had with Australia since the 1950s. 'We made the point very clearly to the American Trade Representative and to the National Economic Council and of the Treasury Secretary that the FDA has delivered for both Australia and the United States for a couple of decades now,' he said. Using all the tools in his arsenal, the PM also flagged Australia's critical minerals, saying it had 'essentially the periodic table' of rare earths. 'We also discussed how Australia can support the United States on critical minerals,' he said. 'Australia has endorsed the G7 Critical Minerals Office Action Plan today which increases cooperation to be of standards-based markets, mobilise capital and promote innovation. 'This opens up the prospect of further inspections of the Australian critical minerals and rare earths industry.' Alongside Australian beef and steel, the PM had also raised the News Bargaining Code in the meetings with US trade officials. Mr Albanese said he would 'continue to engage constructively' and flagged that his Trade Minister Don Farrell was still locked in trade talks with Mr Greer.
