Canada cancels digital tax for US - Aims to advance trade talks with Washington
Canada has scrapped a 3% digital tax on American technology companies to avoid a trade conflict with the United States. The decision came after Trump threatened new tariffs on Canadian goods.
Canada canceled a digital services tax targeting American technology firms just hours before it was due to take effect, in an effort to advance trade negotiations with the United States.
Canadian Prime Minister Mark Carney and US President Donald Trump will resume trade negotiations in order to agree on a deal by July 21, Canada's finance ministry said in a statement.
Trump abruptly called off trade talks on Friday over the tax targeting US technology firms, saying it was an "open attack".
He repeated his comments on Sunday, vowing to impose a new tariff rate on Canadian goods within the next week, a move that threatened to push U.S.-Canada relations back into chaos.
The trade talks come after the two leaders met at the G7 summit in mid-June and Carney said they had agreed to finalize a new economic deal within 30 days. Canada's digital tax would levy 3% of a company's revenue from services it receives from Canadian users if they exceed $20 million in a year. The tax would also apply to previous years, starting in 2022.
The decision would have affected major US technology firms, including Amazon, Meta, Google and Apple.
Canada is the U.S.'s second-largest trading partner after Mexico and the largest buyer of U.S. exports. The country bought $349.4 billion in U.S. goods last year and exported $412.7 billion to the United States.
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