President Trump had suspended discussions after that nation vowed to implement the tax.
Canada rescinded its planned Digital Service Tax over the weekend after President Donald Trump suspended trade discussions over the tax. The tax on online companies was scheduled to take effect on Monday and was estimated that it would have cost U.S. businesses $2.3 billion annually.
On Friday, after learning of the northern nation’s intentions, President Trump announced, “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 new government is focused on building the strongest economy in the G7 and standing up for Canadian workers and businesses,” said Minister of Finance and National Revenue François-Philippe Champagne on Sunday. “Rescinding the digital services tax will allow the negotiations of a new economic and security relationship with the United States to make vital progress and reinforce our work to create jobs and build prosperity for all Canadians.”
President Trump and Canadian Prime Minister Mark Carney agrees to restart trade negotiations and an agreement is expected to be signed by July 21.
As the Lord Leads, Pray with Us…
- For President Trump to be led by the Lord as he and his trade team discuss with foreign leaders and ministers.
- For wisdom for the president, commerce secretary, and U.S. trade representative as they work to to negotiate trade agreements.
Sources: Daily Wire, CNN, CBS News
