United States President Donald Trump said on Friday that he is calling off trade negotiations with Canada in retaliation for taxes impacting major US tech firms, adding that Ottawa will learn of their tariff rate within a week.<\/p>\n
\u201cBased on this egregious tax, we are hereby terminating all discussions on trade with Canada, effective immediately,\u201d Trump said in a post on his Truth Social platform.<\/p>\n
He added that Canada will soon find out the levy it needs to pay to do business in the United States, calling his country\u2019s northern neighbour \u201cvery difficult\u201d to trade with.<\/p>\n
Washington has previously taken issue with Canada\u2019s digital services tax, requesting dispute settlement talks last year over the matter.<\/p>\n
While Canada\u2019s digital services tax is not new \u2014 it was enacted last year \u2014 US service providers are \u201con the hook for a multi-billion dollar payment in Canada\u201d by June 30, noted the Computer and Communications Industry Association.<\/p>\n
While Canada has been spared from some of Trump\u2019s most sweeping duties, such as a 10 per cent rate imposed in early April on nearly all trading partners, it faces a separate tariff regime.<\/p>\n
Since returning to the White House in January, Trump has also imposed steep levies on imports of steel, aluminium and autos.<\/p>\n
Last week, Canada said it would adjust its 25pc counter tariffs on US steel and aluminium after Washington doubled its levies on imports of both metals to 50pc \u2014 if a trade deal was not reached within 30 days.<\/p>\n","protected":false},"excerpt":{"rendered":"
United States President Donald Trump said on Friday that he is calling off trade negotiations with Canada in retaliation for taxes impacting major US tech firms, adding that Ottawa will learn of their tariff rate within a week. \u201cBased on this egregious tax, we are hereby terminating all discussions on trade with Canada, effective immediately,\u201d […]<\/p>\n","protected":false},"author":1,"featured_media":10413,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-10412","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news"],"_links":{"self":[{"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/posts\/10412","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10412"}],"version-history":[{"count":1,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/posts\/10412\/revisions"}],"predecessor-version":[{"id":10414,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/posts\/10412\/revisions\/10414"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=\/wp\/v2\/media\/10413"}],"wp:attachment":[{"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10412"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10412"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/weeklyyoung.pk\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10412"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}