President Trump announced the immediate suspension of trade negotiations with Canada after the country confirmed its plan to impose a digital services tax on tech firms, including U.S. giants like Amazon and Google. The tax, effective immediately, will charge a 3% levy on revenues derived from Canadian users. This decision affects businesses from the U.S., leading to a retroactive tax obligation of approximately $2 billion. Trump stated that the U.S. will announce new tariffs on Canada in response, highlighting escalating trade tensions.
"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."
"Canada's digital services tax requires Canadian and foreign businesses that engage with online users in Canada. This will apply retroactively, leaving U.S. companies with a $2 billion US bill due at the end of the month."
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