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Hamilton Spectator
2 hours ago
- Business
- Hamilton Spectator
Donald Trump says he's cutting off trade talks with Canada over Ottawa's digital tax
OTTAWA — U.S. President Donald Trump said Friday that he is cutting off all trade talks with Canada over the federal government's digital services tax that would impact American tech giants, calling it a 'blatant attack' on the United States. Trump announced his plan to end trade talks in a social media post Friday afternoon, less than two weeks after he agreed with Prime Minister Mark Carney at the G7 summit on June 16 to work toward a deal to end the ongoing trade war within 30 days . 'Based on this egregious Tax, we are hereby terminating ALL discussions on Trade with Canada, effective immediately,' Trump's post said. '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 Prime Minister's Office responded later Friday afternoon with a short statement that did not mention the digital services tax and expressed Canada's desire to continue the trade talks. 'The Canadian government will continue to engage in these complex negotiations with the United States in the best interest of Canadian workers and businesses,' the statement said. Finance Minister François-Philippe Champagne said as recently as two weeks ago that Ottawa would press ahead with the tax, which is set to start collecting money on Monday. Prime Minister Mark Carney comments moments after U.S. President Donald Trump said that he was "terminating all discussions on trade with Canada" and threatened new tariffs over Ottawa's plans to push ahead with a digital services tax. Carney called the negotiations "complex." (June 27, 2025 / The Canadian Press) On social media, Conservative Leader Pierre Poilievre said he was disappointed to hear that trade talks have halted, and that he hopes they resume quickly. He also did not name the digital services tax, but pointed to changes his party has long argued will improve the Canadian economy, including the repeal of the existing federal project assessment regime and industrial carbon pricing. 'As always, Conservatives are ready to help get a good deal for Canada,' Poilievre's statement said. 'We must put Canada first.' Under Trump, the U.S. has imposed a series of tariffs on Canadian steel, aluminum, autos and other goods that Canada views as illegal and unjustified. Ottawa has responded with a raft of counter-tariffs in a trade war that Carney vowed during the spring campaign to 'win.' The prime minister has since embarked on talks with Trump, which Carney said are designed to renegotiate Canada's trade and security relationship with the economic and military juggernaut to the south. Flavio Volpe, president of the Automotive Parts Manufacturers' Association, was part of the prime minister's Canada-U.S. council that met virtually on Friday, just as Trump declared he would terminate trade talks. In an interview with the Star, Volpe said he remains cautiously optimistic, and that surprising twists have become an expectation since Trump returned to the White House in January. 'Is this a pressure moment in a negotiation, or is it really the end of the conversation? I don't know. But you know who does know? Donald Trump, who is, in this style of negotiation, a master,' Volpe said. 'Because the prime minister and the president are in direct communication, and have been for the last couple months, I will save my panic for … if the PM suggests we should panic.' Brian Clow, a former deputy chief of staff and senior adviser to prime minister Justin Trudeau, told the Star that it's not surprising Trump would target the tax, which was a trade irritant when Joe Biden was president as well. He urged the Carney government to stay calm and keep trying to talk to its American counterparts. He also said the government should not consider dropping the digital services tax unless the move is part of a broader trade deal with the Trump administration. 'To a certain extent, what we just saw from Donald Trump is exactly from his playbook. We've seen it so many times before,' Clow said. 'This is how he negotiates. He negotiates by threat, attempting to intimidate to yield more concessions from Canada. This is just a part of how it works and they've got to keep talking and hopefully come to some sort of deal.' The trade war has rattled businesses and workers across the country, with layoffs at auto plants and steel factory shutdowns in recent weeks. Trump doubled his steel and aluminum tariffs to 50 per cent against Canada on June 4, arguing the tariffs are needed to protect and promote a key American industry, as his broader policy of tariffs is designed to raise government revenues and overcome what the U.S. president argues is unfair commercial relations for his country. The Liberal government has long planned to impose a tax on digital services, which Trump views as an unfair trade practice that will hit American companies like Google and Meta. In his social media post Friday, Trump alluded to how the European Union is planning a similar digital services tax, and said Canada was 'copying' the bloc of states with 'a direct and blatant attack on our Country.' On Thursday, U.S. Treasury Secretary Scott Bessent announced that the G7 — a group of rich democracies that includes Canada — agreed to exempt American companies from certain taxes. In return, the Trump administration would remove a so-called 'revenge tax' from a sweeping bill in the U.S. Congress, which would have imposed taxes on investments from countries the U.S. deemed to be treating American firms unfairly. President Donald Trump said he's immediately suspending trade talks with Canada over its plans to continue with its tax on technology firms. Trump said the Canadians was sticking to its plan to impose the tax set to take effect Monday. (AP Video / June 27, 2025) Neither the PMO nor Champagne's office responded Friday when asked if that deal impacted Canada's digital services tax. The policy, enacted in 2024's Digital Services Tax Act , imposed a three per cent tax on revenue earned from online marketing and advertising, social media and some sales of user data. The tax applies to domestic and foreign businesses that reap more than $1.1 billion in global revenue and earn more than $20 million of revenue within Canada in a given year. The Liberals promised to introduce the tax in 2019, and argued hiking tax on big companies could help pay for social services and other public investments to spur the economy. The independent Parliamentary Budget Officer reported in 2023 that the tax would raise about $1.2 billion per year in government revenues. In a written statement Friday, the head of the Business Council of Canada said it has warned the government for the past three years that the digital services tax 'could risk undermining' Canada's economic relationship with the U.S. Goldy Hyder called on Canada to immediately propose to eliminate the tax, in exchange for the removal of American tariffs on Canadian goods. Catherine Cobden, president and chief executive officer of the Canadian Steel Producers Association, said Friday that trade relations are so unpredictable and uncertain with the U.S. that even a new deal to remove current tariffs can no longer be seen as a guarantee. She called for stronger measures to encourage using domestically produced steel in Canada, and other steps to protect the sector. 'We are really under attack by the United States, so we are rapidly pivoting away from that market,' she said. Another business group that has opposed the digital services tax, the Canadian Chamber of Commerce, said Friday that 'surprises' should be expected in negotiations. 'The tone and tenor of talks has improved in recent months, and we hope to see progress continue,' said the chamber's president, Candace Laing. 'We respect that Team Canada is conducting these negotiations at the table, and we need to give them the space to navigate.'
Fibre2Fashion
7 hours ago
- Business
- Fibre2Fashion
Amazon launches 5 new fulfilment centres in India
Amazon India has announced the launch of 5 new fulfilment centres (FCs), adding to its robust operations network in India. The expansion brings the very first Amazon FCs in Indore, Bhubaneshwar, Kochi and Rajpura and another one in Delhi-NCR. With over 1.8 million cubic feet of combined storage space, these FCs will lead to faster delivery of customer orders while also creating thousands of local job opportunities in the region. The new FCs will be operated and managed by strategic partners who are leaders in the logistics industry and will significantly boost delivery speeds for customers across the country. The announcement comes as part of Amazon's goal to invest over $233 million in India in 2025. Amazon India has launched five new fulfilment centres in Indore, Bhubaneshwar, Kochi, Rajpura and Delhi-NCR, adding 1.8 million cubic ft of storage before Prime Day (July 12â€'14). Operated by logistics partners, the expansion aims to speed up delivery, support sellers, and create thousands of jobs. This is part of Amazon's $233 million investment in India for 2025. The expansion will enable sellers to better serve customers by choosing an FC closer to them to ensure faster delivery to customers. The new FCs will also help support the region's economic growth by creating new jobs, including a variety of roles in Amazon's operations network, including full-time and part-time options, the company said on its website. All the 5 FCs are ready and operational ahead of the upcoming Prime Day (July 12-14) and have a combined capacity of over 1.8 million cu. feet, equivalent to about 10 cricket grounds. "We are focused on building and operating India's fastest, safest, and most reliable logistics network that delivers to customers across the country. These five new fulfilment centres represent a significant investment in our operations infrastructure and demonstrate our commitment to our customers and sellers across India," said Abhinav Singh, VP Operations India & Australia . "With Prime Day 2025 approaching, Prime members can look forward to even faster deliveries, with lakhs of items available for same-day or next-day delivery," added Abhinav. Amazon recently announced an additional $233 million in investment as part of its commitment to building India's fastest, safest, and most reliable operations network. The investment will be used to expand and upgrade operations infrastructure, improve associate safety and well-being programs, and develop new tools and technology for its fulfilment network. This new investment builds on top of Amazon's investments in creating an operations network that helps the company deliver to all serviceable pin codes across India. Fibre2Fashion News Desk (RR)
India.com
9 hours ago
- Business
- India.com
Amazon Prime Day 2025 Announced: First-Ever 3-Day Sale Begins In July –Check Massive Deals, Bank Offers, Early Access, And More
New Delhi: One of India's biggest sales, Amazon's Prime Day sale is set to begin on July 12 and will continue till July 14. This will give shoppers in India three full days of exclusive deals and offers. Usually held as a two-day event every July, this is the first time Indian Prime members will get 72 hours of continuous discounts, new launches, and entertainment. The extended sale aims to offer more time and variety for customers to grab the best deals across categories. What's new this year? For the first time ever, Prime Day in India will run for three full days—starting at midnight on July 12 and ending at 11:59 PM on July 14. Amazon will be launching over 1,600 new products, including items from small businesses, start-ups, women-led brands, and local artisans. Popular brands like Samsung, OnePlus, Intel, HP, and Adidas will also join the sale. Can Anyone Access Amazon Prime Day Deals? No, Only Amazon Prime members can shop the exclusive deals during Prime Day 2025. The three-day sale event is designed as a special reward for subscribers, giving them early access to massive discounts across categories. From smartphones and tech gadgets (like cameras, VR headsets, laptops, and routers) to home appliances (including smart TVs, refrigerators, and washing machines), and fashion for men, women, and kids—there's something for everyone. Amazon Prime members can look forward to faster delivery on their orders. Plus, the new AI assistant, Rufus, will make shopping easier by helping users find, compare, and pick the best products in no time. What's in Store for Smartphone Shoppers This Prime Day? If you're planning to buy a new smartphone, Prime Day 2025 is the perfect time. Top brands like Apple, Samsung, OnePlus, iQOO, Redmi, and Lava are expected to offer discounts of up to 40 per cent on popular models. You can also enjoy additional benefits like 10 per cent instant discounts on select ICICI and SBI cards (T&C apply), no-cost EMIs, exchange offers, and extra bank coupons. Amazon Prime Membership Plans in India Amazon offers three types of Prime memberships in India, so you can choose one based on your budget and preferences: Prime (Rs 1,499/year) - Full access to Prime Video and Prime Music - Free fast delivery on eligible items - Exclusive deals during sales like Prime Day - Early access to lightning deals - Ad-free music and unlimited streaming Prime Lite (Rs 799/year) - Free standard delivery - Access to Prime Video on mobile only (with ads) - No access to Prime Music - Fewer shopping and entertainment benefits Prime Shopping Edition (Rs 399/year) - Designed mainly for shopping perks - No access to Prime Video or Music - Includes free delivery, exclusive deals, and early sale access
USA Today
12 hours ago
- Business
- USA Today
Cool down fast: Up to 70% off personal and portable AC deals ahead of Prime Day
Save with the best deals from Black+Decker, Whynter, SereneLife and more for summer 2025. Summer 2025 is proving to be simply way too hot. Luckily, so are the early Prime Day deals! Obviously having a portable fan with you at all times is going to be essential for the foreseeable future but, if you need to cool off even more, a portable air conditioner is an affordable way to cool off your bedroom or living space quickly. You can shop the best early Prime Day deals on portable air conditions from Whynter, Black+Decker and SereneLife, plus we even found 70% off this awesome personal air conditioner device that you wear around your neck to keep yourself extra chill. Early Prime Day deals: Shop portable air conditioners at Amazon From full-room coolers to personal chill zones, these early Prime Day deals are your ticket to a cooler, more comfortable summer. Just don't wait too long—these prices could melt away fast. More: Beat the summer heat with hot savings on Dreo fans at Amazon More: We found the perfect Coleman beach chair for summer—and it's 37% off ahead of Prime Day ⛱️ More: Shop early Prime Day deals on summer essentials: Splash pads, griddles, fans Beat the heat this summer: Save up to $500 at Tempur-Pedic's 4th of July sale What are the Prime Day 2025 dates? The 2025 Prime Day sale will start on Tuesday, July 8 at 12:00am PT/3:00am ET and the sale will end at the end of Friday, July 11. This is the first year that the sale has been extended to four days, meaning you have 96 hours of Amazon deals! Do I need to be an Amazon Prime member to shop Amazon Prime Day? Yes, you must be an Amazon Prime member to access the July Prime Day sale and the special Prime-exclusive discounts on select products. Signing up for a Prime membership helps guarantee you get perks like fast shipping all year long, access to Prime Video, Prime Reading, Prime Gaming, fuel savings, GrubHub+ and more. More: Amazon Prime for Young Adults is back! Do you qualify for the discount? Find out here New members can try one week of Amazon Prime benefits for just $1.99. After that, a Prime membership costs $14.99 per month or $139 per year. USA TODAY Shopping will be covering all the savings leading up to Prime Day 2025, during the sale and post-Prime Day deals, so be sure to sign up for text alerts, sign up for our newsletter and follow us on Instagram to stay updated!
Yahoo
21 hours ago
- Business
- Yahoo
The Best AI Stock Today Isn't Nvidia or Palantir, and Shares Are Soaring
Nvidia and Palantir have been big winners of the AI revolution in the past three years, but this tech giant could turn out to be a better bet going forward. The booming demand for AI in cloud services and e-commerce, and a significantly cheaper valuation than Palantir and Nvidia, suggest that this well-known company could take off in the long run. 10 stocks we like better than Amazon › Shares of Nvidia and Palantir Technologies have surged in phenomenal fashion in the past two years or so amid the rapidly growing adoption of artificial intelligence (AI) technology across the globe. While Nvidia stock has jumped an impressive 886% since the beginning of 2023, Palantir has witnessed a bigger surge of more than 2,000% as of this writing. These eye-popping gains are a result of the fast-growing demand for Nvidia's AI hardware and Palantir's software platforms that help companies and governments integrate generative AI into their operations. However, their stunning surges explains why the two stocks are now trading at premium valuations. Nvidia's price-to-earnings ratio stands at 46 right now, while Palantir is way more expensive at 608 times earnings. That's why it would be a good idea to take a closer look at another company that's not only benefiting from the growing demand for AI hardware, software, and other tools but is also trading at an attractive valuation right now. Let's look at the reasons why this alternative to Nvidia and Palantir could turn out to be one of the best AI stocks to buy right now. Amazon (NASDAQ: AMZN) is the fourth-largest company in the world with a market cap of $2.2 trillion. Shares of the company have soared an impressive 148% since the beginning of 2023, outpacing the 87% gains clocked by the Nasdaq Composite index over the same period. Though Amazon's gains aren't as big as those of Nvidia and Palantir, that could change in the long run considering the AI-related markets it could benefit from. Amazon started out as an online marketplace selling books before turning into a full-fledged e-commerce giant with a global presence. However, Amazon didn't stop at just e-commerce. It is now the world's largest provider of public cloud infrastructure services, offers movie and music streaming through its Prime subscription service, and even has a blooming advertising business. Importantly, Amazon is on track to gain from the adoption of AI in all these areas. On its first-quarter 2025 earnings conference call, CEO Andy Jassy said: You can see that in how we're using AI in our fulfillment network, robotics, shopping, Prime Video, and advertising experiences. And you can see that in the building blocks AWS is constructing for external and internal builders to build their own AI solutions. For instance, Amazon has deployed AI-powered shopping assistants on its e-commerce platform to provide personalized suggestions to shoppers in a move that can help boost sales. The company is also using AI and machine learning to analyze customer data to improve product suggestions, while also enabling sellers and brands on its platform to use this technology to optimize their product pages, create marketing and social media content, and research keywords. All this suggests that Amazon is already on track to capitalize on the AI-specific opportunity in e-commerce, which could unlock a $51 billion annual revenue opportunity for the company by 2033, according to third-party estimates. Meanwhile, Amazon is also taking AI's help to improve its fulfillment services so that it can make faster deliveries and is deploying AI-powered robots in its fulfillment centers to improve efficiency and reduce costs. However, Amazon's AI opportunity doesn't end here as the company is looking to capture a bigger share of the cloud AI market with its efficient, in-house custom processors. While Nvidia is the undisputed leader in the AI chip market right now with its powerful graphics cards, major cloud service providers such as Amazon have been developing in-house chips to offer higher performance at lower costs to their customers. For example, Amazon claims that its Trainium2 custom chip is four times more powerful than its predecessor and could be half as expensive while running certain AI models when compared to Nvidia's offerings. Additionally, the company claims that its AI inference-specific Inferentia chip could reduce costs by 40% when compared to graphics cards. With the adoption of custom AI processors expected to grow at an impressive rate of 32% through 2030, there is a good chance that Amazon will continue to witness an increase in AI-related workloads running on its cloud platform. Moreover, the company leads the cloud infrastructure market with an estimated share of 29% at the end of the first quarter. This puts it in a solid position to make the most of the cloud AI market that's expected to generate more than $1.1 trillion in annual revenue by 2033. In all, Amazon is sitting on multiple lucrative opportunities related to AI which could supercharge the company's growth in the long run. I've shown that Palantir and Nvidia are trading at expensive multiples right now. Of course, they can back up their expensive valuations with their impressive growth rates, but even Amazon's earnings growth rate is set to improve going forward. Consensus estimates are projecting a 12% jump in Amazon's earnings this year to $6.21 per share. This is expected to be followed by much stronger growth over the next couple of years. It won't be surprising to see Amazon clocking stronger growth rates in the long run as well, considering the size of the end markets that it stands to gain from. The global e-commerce market alone is expected to hit almost $6 trillion in annual revenue by 2029, and cloud AI services could unlock a $1 trillion-plus revenue opportunity. Given that Amazon is now trading at 34 times trailing earnings, it is cheaper than the likes of Palantir and Nvidia. So if you're looking for a reasonably valued AI stock with strong growth potential, consider buying Amazon before it soars higher following its healthy gains of the past two and a half years. Before you buy stock in Amazon, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the for investors to buy now… and Amazon wasn't one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you'd have $704,676!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you'd have $950,198!* Now, it's worth noting Stock Advisor's total average return is 1,048% — a market-crushing outperformance compared to 175% for the S&P 500. Don't miss out on the latest top 10 list, available when you join . See the 10 stocks » *Stock Advisor returns as of June 23, 2025 John Mackey, former CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool's board of directors. Harsh Chauhan has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Amazon, Nvidia, and Palantir Technologies. The Motley Fool has a disclosure policy. The Best AI Stock Today Isn't Nvidia or Palantir, and Shares Are Soaring was originally published by The Motley Fool Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
