Latest news with #TruthSocial
NDTV
25 minutes ago
- Business
- NDTV
Digital Services Tax: Trump's Latest Beef With Canada
New Delhi: US President Donald Trump is once again going after Canada. He has announced through Truth Social that he is "terminating all discussions on trade" with Canada with immediate effect. The reason for his tirade this time is the Digital Services Tax. The Digital Services Tax was enacted last year, but companies are expected to start paying the tax from June 30. And since it will directly impact the big tech companies and large e-commerce platforms headquartered in the US, President Trump is seeing red. What is the Digital Services Tax The Digital Services Tax requires foreign and domestic large businesses to pay revenue tax that is earned from engaging with online users in Canada. It applies a three per cent tax on revenue earned from some digital services that rely on engagement, data, and content contributions. So, the taxable revenue could be generated through online marketplace services, online advertising services, social media services, and sales of user data. The Digital Services Tax will apply to companies or groups with annual global revenues of €750 million or more and Canadian digital services revenue of more than CAD 20 million. Significantly, the tax is retroactive to January 1, 2022, and companies will start paying the tax on June 30, 2025. Canada's rationale vs US pushback The overarching premise of the Digital Services Tax is that if big companies, that are based abroad, are earning significant revenue from Canadian users, then Canada should be able to tax a portion of that income. The revenue that Canada would make from the Digital Services Tax is expected to be around $875 million per year, said a note from the US Trade Representative last year. Over five years, the Digital Services Tax will increase federal government revenues by CAD 7.2 billion, per the Canadian Parliamentary Budget Office. The Computer and Communications Industry Association (CCIA) in the US claims that companies will end up paying up to $3 billion in taxes to Canada. It is also predicting 3,000 US job losses. What has been US' response in the past The US Trade Representative (USTR) had previously investigated Digital Services Tax in other countries and said that it had found them discriminatory toward US companies. The US had announced plans for retaliatory tariffs against the countries with Digital Services Tax and had said it would use the same yardstick for Canada. In August 2024, USTR Katherine Tai announced that the United States had requested dispute settlement consultations with Canada under the United States-Mexico-Canada Agreement (USMCA or CUSMA) regarding Canada's Digital Services Tax. The USTR had alleged that Canada's tax appeared to be inconsistent with its commitments under the Cross-Border Trade in services and investment chapters of the USMCA, not to treat US businesses less favourably than Canadian businesses. The US said that it had raised the concern with Canada in three official comments about its plan to enact a Digital Services Tax in June 2021, February 2022, and in September 2023. The US Chambers of Commerce has called the Digital Services Tax "discriminatory" and said that it is in contravention of prevailing international tax principles. It adds that doing so would not only discriminate against US companies but also directly contravene Canada's obligations under both the US-Mexico-Canada Agreement (USMCA) and the World Trade Organisation. Hence, President Trump's reaction to the Digital Services Tax as the date of payment closes in is hardly a surprise. Why is Canada not flinching yet on Digital Services Tax Earlier this month, Canadian Finance Minister Francois-Philippe Champagne had said the Digital Services Tax was passed by Parliament, and the government would hence go ahead with the tax. The reason why Canada went ahead and implemented its own Digital Services Tax was that the global effort to establish a broader, multinational digital taxation plan had been woefully delayed. Some argue that the Digital Services Tax is a unilateral measure that would undermine the stability of the agreed multilateral framework. However, with the Trump administration imposing unilateral tariffs - from aluminum and steel to automobiles and energy, against Canada - this argument is unlikely to move Canada. At a time when Canada feels betrayed by its largest trading partner, the United States, and is already reeling under the onslaught of the punishing Trump tariffs, it is beginning to assert its economic leverage. And the Digital Services Tax could perhaps serve as a negotiating tool in the process.
Business Insider
33 minutes ago
- Business
- Business Insider
Stock Market News Review: SPY, QQQ Resilient as U.S.-Canada Trade Talks End, Inflation Rises
Both the S&P 500 ETF (SPY) and the Nasdaq 100 ETF (QQQ) secured new intraday all-time highs on Friday, although some of the gains were erased after President Trump said that the U.S. had terminated its trade talks with Canada. Confident Investing Starts Here: Following Canada's decision to proceed with its digital services tax on U.S. technology companies, Trump announced a halt to all U.S.-Canada trade discussions. The tax charges a 3% fee on all U.S. tech revenue above C$20 million, or about $14.6 million, collected from Canadian users. '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,' said Trump on Truth Social. Trump also said that the U.S. would no longer consider removing sanctions on Iran following a speech from Iranian Supreme Leader Ayatollah Ali Khamenei. Khamenei downplayed the damage of the U.S. strikes on three of Iran's nuclear sites and said that the country had delivered a 'slap to America's face.' Meanwhile, the core personal consumption expenditures (PCE) index, the Fed's preferred gauge of inflation, showed a monthly rise of 0.2% and a yearly rise of 2.7%. Economists were expecting growth of 0.1% and 2.6%, respectively. Furthermore, April's core PCE was revised upward to 2.6% from 2.5%. Core PCE excludes food and energy prices from the regular PCE index given their volatility. Shifting gears to more optimistic news, Trump is preparing executive orders to support AI development, according to Reuters. The orders could include green-lighting the construction of AI data centers on federal land and easier grid access for new energy projects, said sources close to the matter. What's more, consumer sentiment could be in the early stages of a recovery. The June Index of Consumer Sentiment rose by 16% month-over-month to 60.7, reversing six consecutive months of declines. Economists were expecting 60.5, with a higher figure representing a more positive economic outlook. At the same time, fears over tariff-driven inflation and economic uncertainty still persist. 'Despite June's gains, however, sentiment remains about 18% below December 2024, right after the election; consumer views are still broadly consistent with an economic slowdown and an increase in inflation to come,' said Survey of Consumers Director Joanne Hsu.
New Straits Times
35 minutes ago
- Business
- New Straits Times
Trump: US terminating all trade talks with Canada over digital tax
WASHINGTON: President Donald Trump announced Friday that the United States (US) is ending trade discussions with Canada over the country's digital services tax on technology companies, Anadolu Ajansi (AA) reported. "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," Trump said on Truth Social. Trump said the US was informed that Canada is putting a digital services tax on American technology companies, "which is 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, also," he added. Trump's announcement throws a new obstacle into the stalled trade negotiations between the two nations, which have been locked in a tit-for-tat tariff battle for months, despite recent signs of progress towards a potential agreement. – BERNAMA-
News18
an hour ago
- Politics
- News18
Iran Slams Trump's Remarks On Saving Khamenei From 'Ugly' Death: 'Israel Had To Run To Daddy'
Last Updated: Trump said the US had saved Supreme Leader Ayatollah Khamenei from an "ugly and ignominious" death and accused him of ingratitude, calling Iran a blown-up country with no future. Iran's Foreign Minister Abbas Araghchi condemned US President Donald Trump's 'disrespectful and unacceptable" remarks, where he claimed to have saved Iran's Supreme Leader Ayatollah Ali Khamenei from an 'ugly and ignominious death". 'If President Trump is genuine about wanting a deal, he should put aside the disrespectful and unacceptable tone towards Iran's Supreme Leader, Grand Ayatollah Khamenei, and stop hurting his millions of heartfelt supporters," Araghchi said on X. 'The Great and Powerful Iranian People, who showed the world that the Israeli regime had NO CHOICE but to RUN to 'Daddy' to avoid being flattened by our Missiles, do not take kindly to Threats and Insults. If Illusions lead to worse mistakes, Iran will not hesitate to unveil its Real Capabilities, which will certainly END any Delusion about the Power of Iran," he added. The complexity and tenacity of Iranians is famously known in our magnificent carpets, woven through countless hours of hard work and patience. But as a people, our basic premise is very simple and straightforward: we know our worth, value our independence, and never allow anyone…— Seyed Abbas Araghchi (@araghchi) June 27, 2025 What Did Trump Say About Khamenei? In his first speech since the Iran-Israel ceasefire, Khamenei claimed victory over Israel, saying that the United States had 'gained no achievement" by attacking Iran's nuclear sites and was delivered a 'slap" by Iran's forces. He also promised that Iran would respond to any future US attack. 'His Country was decimated, his three evil Nuclear Sites were OBLITERATED, and I knew EXACTLY where he was sheltered, and would not let Israel, or the U.S. Armed Forces, by far the Greatest and Most Powerful in the World, terminate his life. I SAVED HIM FROM A VERY UGLY AND IGNOMINIOUS DEATH, and he does not have to say, 'THANK YOU, PRESIDENT TRUMP!" In fact, in the final act of the War, I demanded that Israel bring back a very large group of planes, which were heading directly to Tehran, looking for a big day, perhaps the final knockout! Tremendous damage would have ensued, and many Iranians would have been killed," Trump said on his Truth Social post. 'Burned Out Country With No Future' The US President said he was working on the possible removal of sanctions on Iran during the last few days, which would have given Iran a better chance at 'complete recovery", but he was hit with a statement of anger, hatred, and disgust, prompting him to drop all work on sanction relief. 'Iran has to get back into the World Order flow, or things will only get worse for them. They are always so angry, hostile, and unhappy, and look at what it has gotten them – A burned out, blown up Country, with no future, a decimated Military, a horrible Economy, and DEATH all around them. They have no hope, and it will only get worse! I wish the leadership of Iran would realize that you often get more with HONEY than you do with VINEGAR. PEACE!!!" The United States carried out strikes on three Iranian nuclear sites last weekend, with no consensus as to how effective they were. He said nuclear talks with Iran would begin after the ceasefire, but Tehran refused. Get breaking news, in-depth analysis, and expert perspectives on everything from geopolitics to diplomacy and global trends. Stay informed with the latest world news only on News18. Download the News18 App to stay updated! tags : Ayatollah Ali Khamenei donald trump us iran conflict Location : Tehran, Iran First Published: June 28, 2025, 07:14 IST News world Iran Slams Trump's Remarks On Saving Khamenei From 'Ugly' Death: 'Israel Had To Run To Daddy'
GMA Network
an hour ago
- Politics
- GMA Network
US Supreme Court hands Trump 'giant' win on powers of judges
US President Donald Trump attends the annual White House Easter Egg Roll, on the South Lawn of the White House in Washington, D.C., April 21, 2025. REUTERS/ Leah Millis/ File photo WASHINGTON, United States — US President Donald Trump hailed a "giant win" Friday after the Supreme Court curbed lone judges from blocking the Republican's raft of controversial policies. The 6-3 ruling, with the court's liberal justices all dissenting, stemmed from Trump's bid to end birthright citizenship. The court said individual district judges had likely exceeded their powers by issuing nationwide injunctions, which have also blocked a string of Trump's hardline policies on immigration, diversity and firing federal employees. "The Supreme Court has delivered a monumental victory for the Constitution, the separation of powers and the rule of law," 79-year-old Trump told a hastily arranged press conference at the White House. Trump said he would now proceed with "so many policies" that had been "wrongly" blocked, including stopping funding for transgender people and "sanctuary cities" for migrants. His initial reaction to the ruling came in a post on Truth Social, welcomed it as a "GIANT WIN." US Attorney General Pam Bondi, standing alongside Trump at the podium, said the ruling would stop "rogue judges striking down President Trump's policies across the entire nation." Trump separately hailed a "great ruling" by the Supreme Court to let parents opt their children out of LGBTQ-themed books at public schools. Critics say the move threatens secular education by opening the door to religious objections. 'Step toward authoritarianism' The Supreme Court did not rule on the constitutionality of Trump's executive order seeking to end automatic citizenship for children born on US soil. But the broader decision on the scope of judicial rulings removes a big roadblock to Trump's often highly contested policy agenda and has far-reaching ramifications for the ability of the judiciary to rein in Trump—or future US presidents. The Supreme Court's majority decision was authored by Justice Amy Coney Barrett, a Trump appointee, and joined by the other five conservative justices. "Federal courts do not exercise general oversight of the Executive Branch," wrote Barrett, who has previously been a frequent target of Trump loyalists over previous decisions that went against the president. The Supreme Court's three liberal justices dissented. Justice Sonia Sotomayor said the ruling was "nothing less than an open invitation for the government to bypass the constitution." Democrats swiftly blasted the decision, saying it would embolden Trump as he pushes the boundaries of presidential power in his second term. Senate Democratic Leader Chuck Schumer called it a "terrifying step toward authoritarianism." Trump however rejected concerns about the concentration of power in the White House. "This is really the opposite of that," Trump said. "This really brings back the Constitution." Trump's executive order on birthright citizenship is just one of a number of his moves that have been blocked by district court judges around the country—both Democratic and Republican appointees—since he took office in January. Courts have, for example, blocked or slowed down his hardline immigration crackdown, firing of federal employees, efforts to end diversity programs and punitive actions against law firms and universities. 'Lawless actions' Past presidents have also complained about national injunctions shackling their agenda. But such orders have sharply risen under Trump, who saw more in his first two months than Democrat Joe Biden did during his first three years in office. The case was ostensibly about Trump's executive order ending birthright citizenship, which was deemed unconstitutional by courts in Maryland, Massachusetts and Washington state. But it actually focused on whether a single federal district court judge has the right to issue a nationwide block to a presidential decree with a universal injunction. The issue has become a rallying cry for Trump and his Republican allies, who accuse the judiciary of impeding his agenda against the will of voters. Steven Schwinn, a law professor at the University of Illinois Chicago, told AFP that the court's ruling "sharply undermines the power of federal courts to rein in lawless actions by the government." Trump's executive order on birthright citizenship decrees that children born to parents in the United States illegally or on temporary visas would not automatically become citizens. Trump said that the policy "was meant for the babies of slaves," dating back to the US Civil War era in the mid 1800s. — Agence France-Presse
