President Trump announced an immediate suspension of trade negotiations with Canada in response to its implementation of a digital services tax aimed at technology firms. In a statement on his social media, Trump described the tax as a "direct and blatant attack" on the United States, prompting him to end discussions on trade. The tax, which is set to take effect soon, will impact major U.S. companies, imposing a 3% levy on revenue derived from Canadian users, resulting in significant financial obligations for these businesses.
Based on this egregious Tax, we are hereby terminating ALL discussions on Trade with Canada, effective immediately.
Canada's digital services tax requires Canadian and foreign businesses that engage with online users in Canada.
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