"Canada has ditched its plan for a digital services tax on U.S. tech giants after President Trump threatened to cut off trade negotiations."
"The canceled tax, targeting tech companies with over $800 million in annual sales, was seen as a significant move towards nurturing trade relations."
Canada has abandoned its proposed digital services tax (DST) targeting U.S. tech giants like Meta and Amazon, originally set to collect $3 billion. The decision followed President Trump's denouncement of the tax as a "blatant attack" on American companies and his threat to terminate trade discussions with Canada. Prime Minister Mark Carney emphasized that Canada's government would prioritize agreements benefiting workers and businesses, opening a path toward completing a trade deal by July 21, and consequently affecting stock market responses from major tech companies involved.
Read at TheWrap
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