U.S. to restart trade negotiations with Canada immediately, White House says
CANADA, JUN 30 – Canada dropped its 3% digital services tax targeting U.S. tech firms to resume trade talks aiming for a deal by July 21, 2025, easing tensions and boosting market optimism.
- The White House announced on Monday that trade negotiations with Canada have resumed after Ottawa rescinded its digital services tax targeting U.S. tech firms, aiming for a deal by July 21.
- Following Ottawa's decision to rescind its 3% digital services tax targeting U.S. tech firms, Trump suspended trade talks last Friday, demanding the tax's removal after the G7 summit.
- The digital services tax, set at 3% on revenue over $20 million retroactive to 2022, would have cost major U.S. tech firms billions, including Amazon, Google, and Apple.
- Following the reversal, stocks reached record highs on Wall Street amid optimism over U.S.-Canada trade negotiations.
- The White House plans to ask additional nations to eliminate their digital services taxes before the July 9 tariff deadline, aiming to expand its global trade strategy.
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The abolition of the digital services tax paves the way for a resumption of negotiations between the United States and Canada, according to the White House
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