Latest news with #U.S.-Mexico-CanadaAgreement
Boston Globe
6 hours ago
- Business
- Boston Globe
Trump says he's ending trade talks with Canada over its ‘egregious Tax' on technology firms
Advertisement Canadian Prime Minister Mark Carney said his country would 'continue to conduct these complex negotiations in the best interests of Canadians. It's a negotiation.' Get Starting Point A guide through the most important stories of the morning, delivered Monday through Friday. Enter Email Sign Up Trump later said he expects that Canada will remove the tax. 'Economically we have such power over Canada. We'd rather not use it,' Trump said. 'It's not going to work out well for Canada. They were foolish to do it.' When asked if Canada could do anything to restart talks, he suggested Canada could remove the tax, predicted it will but said, 'It doesn't matter to me.' Trump's announcement was the latest swerve in the trade war he's launched since taking office for a second term in January. Progress with Canada has been a roller coaster, starting with the U.S. president poking at the nation's northern neighbor and repeatedly suggesting it would be absorbed as a U.S. state. Advertisement Carney visited Trump in May at the White House, where he was polite but firm. Trump last week traveled to Canada for the G7 summit in Alberta, where Carney said that Canada and the U.S. had set a 30-day deadline for trade talks. The digital services tax will hit companies including Amazon, Google, Meta, Uber and Airbnb with a 3% levy on revenue from Canadian users. It will apply retroactively, leaving U.S. companies with a $2 billion U.S. bill due at the end of the month. 'We appreciate the Administration's decisive response to Canada's discriminatory tax on U.S. digital exports,' Matt Schruers, chief executive of the Computer & Communications Industry Association, said in a statement. Canada and the U.S. have been discussing easing a series of steep tariffs Trump imposed on goods from America's neighbor. The Republican president earlier told reporters that the U.S. was soon preparing to send letters to different countries, informing them of the new tariff rate his administration would impose on them. Trump has imposed 50% tariffs on steel and aluminum as well as 25% tariffs on autos. He is also charging a 10% tax on imports from most countries, though he could raise rates on July 9, after the 90-day negotiating period he set would expire. Canada and Mexico face separate tariffs of as much as 25% that Trump put into place under the auspices of stopping fentanyl smuggling, though some products are still protected under the 2020 U.S.-Mexico-Canada Agreement signed during Trump's first term. Addressing reporters after a private meeting with Republican senators Friday, Treasury Secretary Scott Bessent declined to comment on news that Trump had ended trade talks with Canada. Advertisement 'I was in the meeting,' Bessent said before moving on to the next question. About 60% of U.S. crude oil imports are from Canada, and 85% of U.S. electricity imports as well. Canada is also the largest foreign supplier of steel, aluminum and uranium to the U.S. and has 34 critical minerals and metals that the Pentagon is eager to obtain. About 80% of Canada's exports go to the U.S. Associated Press writers Will Weissert and Paul Wiseman in Washington and Rob Gillies in Toronto contributed to this report.
San Francisco Chronicle
8 hours ago
- Business
- San Francisco Chronicle
Trump says he's ending trade talks with Canada over its 'egregious Tax' on technology firms
WASHINGTON (AP) — President Donald Trump said Friday that he's suspending trade talks with Canada over its plans to continue with its tax on technology firms, which he called 'a direct and blatant attack on our country.' Trump, in a post on his social media network, said Canada had just informed the U.S. that it was sticking to its plan to impose the digital services tax, which applies to Canadian and foreign businesses that engage with online users in Canada. The tax is set to go into effect Monday. '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 in his post. Canadian Prime Minister Mark Carney said his country would 'continue to conduct these complex negotiations in the best interests of Canadians. It's a negotiation.' Trump's announcement was the latest swerve in the trade war he's launched since taking office for a second term in January. Progress with Canada has been a roller coaster, starting with the U.S. president poking at the nation's northern neighbor and repeatedly suggesting it would be absorbed as a U.S. state. Carney visited Trump in May at the White House, where he was polite but firm with Trump. Trump last week traveled to Canada for the G7 summit in Alberta, where Carney said that Canada and the U.S. had set a 30-day deadline for trade talks. The digital services tax will hit companies including Amazon, Google, Meta, Uber and Airbnb with a 3% levy on revenue from Canadian users. It will apply retroactively, leaving U.S. companies with a $2 billion U.S. bill due at the end of the month. The Republican president earlier told reporters that the U.S. was soon preparing to send letters to different countries, informing them of the new tariff rate his administration would impose on them. Trump has imposed 50% tariffs on steel and aluminum as well as 25% tariffs on autos. He is also charging a 10% tax on imports from most countries, though he could raise rates on July 9, after the 90-day negotiating period set by him would expire. Canada and Mexico face separate tariffs of as much as 25% that Trump put into place under the auspices of stopping fentanyl smuggling, though some products are still protected under the 2020 U.S.-Mexico-Canada Agreement signed during Trump's first term.
Boston Globe
20-06-2025
- Business
- Boston Globe
Canadian tariffs on US steel and aluminum could rise depending on trade talks, Carney says
He added: 'In parallel, we must reinforce our strength at home – and safeguard Canadian workers and businesses from the unjust U.S. tariffs. That's why today we are announcing Canada will be introducing a series of countermeasures to protect Canadian steel and aluminum workers and producers. 'First, Canada will adjust its existing counter-tariffs on U.S. steel and aluminum products on July 21 to levels consistent with progress made in the broader trading agreement with the United States.' Carney said Trump's trade war is running the risk of a global recession. Advertisement 'The world is in the middle of a trade war and several wars, actual wars, including wars that can have quite significant implications for commodity prices and global growth,' said Carney, who led the central banks of both Canada and the United Kingdom. Trump has imposed 50% tariffs on steel and aluminum as well as 25% tariffs on autos. Trump is also charging a 10% tax on imports from most countries, though he could raise rates on July 9, after the 90-day negotiating period set by him would expire. Canada and Mexico face separate tariffs of as much as 25% that Trump put into place under the auspices of stopping fentanyl smuggling, through some products are still protected under the 2020 U.S.-Mexico-Canada Agreement signed during Trump's first term. Advertisement Canada is the largest foreign supplier of steel, aluminum and uranium to the U.S. and has 34 critical minerals and metals that the Pentagon is eager for. Nearly $3.6 billion Canadian dollars ($2.6 billion) worth of goods and services cross the border each day. Canada is the top export destination for 36 U.S. states. 'We need to stabilize the trading relationship with the United States. We need to have ready access to U.S. markets,' Carney said. Trump announced with British Prime Minister Keir Starmer that they had signed a trade framework Monday that was previously announced in May. The trade framework included quotas to protect against some tariffs, but the 10% baseline would largely remain as the Trump administration is banking on tariff revenues to help cover the cost of its income tax cuts. Carney didn't say if he would sign a deal with the U.S. if any tariffs remain in place on Canada. 'This a negotiation, and it is better for the Americans, and of course for Canada, to have true free trade between our countries, particularly in the steel, aluminum and auto sectors,' he said.
19-06-2025
- Business
Canadian tariffs on U.S. steel and aluminum could rise depending on trade talks, says Carney
TORONTO -- Canada's Prime Minister Mark Carney said Thursday he will impose new tariffs on U.S. steel and aluminum imports on July 21 depending the progress of trade talks with U.S. President Donald Trump. Carney, who met with Trump at the Group of Seven meetings in Alberta this week, reiterated Thursday that Canada and the U.S. "agreed to pursue negotiations toward a deal within the coming 30 days." 'We will review our response as the negotiations progress,' Carney said. He added: "In parallel, we must reinforce our strength at home – and safeguard Canadian workers and businesses from the unjust U.S. tariffs. That's why today we are announcing Canada will be introducing a series of countermeasures to protect Canadian steel and aluminum workers and producers. "First, Canada will adjust its existing counter-tariffs on U.S. steel and aluminum products on July 21 to levels consistent with progress made in the broader trading agreement with the United States.' Carney said Trump's trade war is running the risk of a global recession. 'The world is in the middle of a trade war and several wars, actual wars, including wars that can have quite significant implications for commodity prices and global growth,' said Carney, who led the central banks of both Canada and the United Kingdom. Trump has imposed 50% tariffs on steel and aluminum as well as 25% tariffs on autos. Trump is also charging a 10% tax on imports from most countries, though he could raise rates on July 9, after the 90-day negotiating period set by him would expire. Canada and Mexico face separate tariffs of as much as 25% that Trump put into place under the auspices of stopping fentanyl smuggling, through some products are still protected under the 2020 U.S.-Mexico-Canada Agreement signed during Trump's first term. Canada is the largest foreign supplier of steel, aluminum and uranium to the U.S. and has 34 critical minerals and metals that the Pentagon is eager for. Nearly $3.6 billion Canadian dollars ($2.6 billion) worth of goods and services cross the border each day. Canada is the top export destination for 36 U.S. states. 'We need to stabilize the trading relationship with the United States. We need to have ready access to U.S. markets,' Carney said. Trump announced with British Prime Minister Keir Starmer that they had signed a trade framework Monday that was previously announced in May. The trade framework included quotas to protect against some tariffs, but the 10% baseline would largely remain as the Trump administration is banking on tariff revenues to help cover the cost of its income tax cuts. Carney didn't say if he would sign a deal with the U.S. if any tariffs remain in place on Canada. auto sectors,' he said.
San Francisco Chronicle
19-06-2025
- Business
- San Francisco Chronicle
Canadian tariffs on U.S. steel and aluminum could rise depending on trade talks, says Carney
TORONTO (AP) — Canada's Prime Minister Mark Carney said Thursday he will impose new tariffs on U.S. steel and aluminum imports on July 21 depending the progress of trade talks with U.S. President Donald Trump. Carney, who met with Trump at the Group of Seven meetings in Alberta this week, reiterated Thursday that Canada and the U.S. "agreed to pursue negotiations toward a deal within the coming 30 days." 'We will review our response as the negotiations progress,' Carney said. He added: "In parallel, we must reinforce our strength at home – and safeguard Canadian workers and businesses from the unjust U.S. tariffs. That's why today we are announcing Canada will be introducing a series of countermeasures to protect Canadian steel and aluminum workers and producers. "First, Canada will adjust its existing counter-tariffs on U.S. steel and aluminum products on July 21 to levels consistent with progress made in the broader trading agreement with the United States.' Carney said Trump's trade war is running the risk of a global recession. 'The world is in the middle of a trade war and several wars, actual wars, including wars that can have quite significant implications for commodity prices and global growth,' said Carney, who led the central banks of both Canada and the United Kingdom. Trump has imposed 50% tariffs on steel and aluminum as well as 25% tariffs on autos. Trump is also charging a 10% tax on imports from most countries, though he could raise rates on July 9, after the 90-day negotiating period set by him would expire. Canada and Mexico face separate tariffs of as much as 25% that Trump put into place under the auspices of stopping fentanyl smuggling, through some products are still protected under the 2020 U.S.-Mexico-Canada Agreement signed during Trump's first term. Canada is the largest foreign supplier of steel, aluminum and uranium to the U.S. and has 34 critical minerals and metals that the Pentagon is eager for. Nearly $3.6 billion Canadian dollars ($2.6 billion) worth of goods and services cross the border each day. Canada is the top export destination for 36 U.S. states. 'We need to stabilize the trading relationship with the United States. We need to have ready access to U.S. markets,' Carney said. Trump announced with British Prime Minister Keir Starmer that they had signed a trade framework Monday that was previously announced in May. The trade framework included quotas to protect against some tariffs, but the 10% baseline would largely remain as the Trump administration is banking on tariff revenues to help cover the cost of its income tax cuts. 'This a negotiation, and it is better for the Americans, and of course for Canada, to have true free trade between our countries, particularly in the steel, aluminum and auto sectors,' he said.
