Latest news with #tariff
Bloomberg
9 hours ago
- Business
- Bloomberg
Trump Ends Trade Talks With Canada
President Donald Trump said he was ending all trade discussions with Canada after claiming the country moved to implement a digital services tax, and threatened to impose a fresh tariff rate within the next week. Tyler Kendall reports from the White House. (Source: Bloomberg)
Globe and Mail
10 hours ago
- Business
- Globe and Mail
Trump ending trade talks with Canada over its digital services tax
U.S. President Donald Trump says he is ending trade discussions with Canada and will soon impose a blanket tariff on all of the country's products in retaliation for Ottawa's digital services tax. In a Truth Social post Friday afternoon, Mr. Trump abruptly broke off talks, which Prime Minister Mark Carney has said were aimed at reaching a deal by late July. 'Based on this egregious Tax, we are hereby terminating ALL discussions on Trade with Canada, effective immediately,' Mr. Trump wrote. '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.' Canada is set to start levying the digital services tax next week. Mr. Trump said Canada is already 'a very difficult Country to TRADE with' because of its protected dairy industry. He described the digital services tax as 'a direct and blatant attack on our country.'
CNN
11 hours ago
- Business
- CNN
Trump is ending trade talks with Canada
President Donald Trump ceased trade talks with Canada and will soon announce a new tariff rate the country will have to pay, he said in a Truth Social post on Friday. The decision to end negotiations, which have been ongoing for several months, came after Canada announced a digital service tax, Trump said, calling it 'a direct and blatant attack on our Country.' '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,' he said. Digital services taxes are a way for countries to tax online services, in contrast to taxes on physical products. Countries with these taxes can collect revenue from large companies that operate online — even if the business is unprofitable. American firms, especially Big Tech companies such as Meta, Apple, Google, Amazon and Microsoft, are disproportionately affected by DSTs, according to a report published last year by the nonpartisan Congressional Research Service. Trump has taken particular issue with DSTs throughout trade negotiations with other countries, commonly referring to them as 'non-tariff trade barriers.' Canada has a new DST that is set to take effect on Monday that will be retroactive to 2022. This is a developing story and will be updated.
CNN
11 hours ago
- Business
- CNN
Trump is ending trade talks with Canada
President Donald Trump ceased trade talks with Canada and will soon announce a new tariff rate the country will have to pay, he said in a Truth Social post on Friday. The decision to end negotiations, which have been ongoing for several months, came after Canada announced a digital service tax, Trump said, calling it 'a direct and blatant attack on our Country.' This is a developing story and will be updated.
CNN
11 hours ago
- Business
- CNN
Trump is ending trade talks with Canada
President Donald Trump ceased trade talks with Canada and will soon announce a new tariff rate the country will have to pay, he said in a Truth Social post on Friday. The decision to end negotiations, which have been ongoing for several months, came after Canada announced a digital service tax, Trump said, calling it 'a direct and blatant attack on our Country.' This is a developing story and will be updated.
