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Headline: trade talks between Canada and the U.S. resume after Canada rescinds its plan to tax U.S. tech firms.
Key Points:
Canadian Prime Minister Mark Carney announced that trade talks wiht the U.S. have resumed.
This resumption follows Canada’s decision to rescind its planned tax on U.S. technology firms.
President Trump had previously suspended trade talks in response to the planned tax, calling it an attack on the U.S.
canada rescinded the Digital Services Tax “in anticipation” of a trade deal.
Carney and Trump spoke on the phone and agreed to resume negotiations.
The goal is to reach a trade deal by July 21, 2025, as set out at the G7 Leaders’ Summit.
The digital services tax would have affected companies like Amazon, Google, Meta, Uber, and Airbnb, imposing a 3% levy on revenue from Canadian users. A political science professor called Carney’s retreat a “clear victory” for Trump and big tech.
Image Caption:
Canadian Prime Minister Mark Carney holds a closing press conference following the NATO Summit in The Hague, Netherlands on Wednesday, June 25.
Credit: Sean Kilpatrick/The canadian Press via AP
