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President Donald Trump said he was ending all trade discussions with Canada after claiming the country moved to implement a digital services tax, and threatened to impose a fresh tariff rate within the next week.
“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,” Trump posted Friday on social media.
The Canadian dollar dropped more than 0.5% almost immediately. Canada’s benchmark equity index fell, and the shares of companies that rely on trade across the border, including General Motors Co. and apparel maker Canada Goose Holdings Inc., also took a hit.
Canadian Prime Minister Mark Carney’s office and the country’s finance ministry did not immediately respond to requests for comment.
Dozens of countries face a July 9 deadline for Trump’s higher tariffs to kick back into place, and have been engaged in negotiations with the US. That group does not include Canada and Mexico. The president imposed tariffs the US’s North American neighbors earlier this year over fentanyl trafficking and migration concerns and talks with them are being handled on a separate track.
Today's show features:
- Bloomberg New Senior White House Correspondent Josh Wingrove on the latest US trade deal negotiations
- Harold J. Krent, Professor of Law at the Chicago-Kent College of Law on Friday’s Supreme Court decisions
- Alli McCartney, managing director of Wealth Management at UBS on the investing outlook for the second half of 2025 amid geopolitical uncertainty
- Michael Loeb, founder & CEO of Loeb.nyc on the venture capital landscape and the value of the Uncharted Summit
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