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US President Donald Trump has reacted strongly to Canada's decision to impose a digital services tax on American technology companies.
In a statement on Truth Social today, Trump said, “We are terminating all trade negotiations with Canada immediately.”
Trump accused Canada of carrying out a “clear and brazen attack” on American technology firms by imitating the European Union. The tariff decision suddenly put long-standing trade relations with Canada, a close U.S. ally, at risk.
“We will notify Canada within the next seven days of the tariffs they will have to pay to trade with the United States,” Trump said, adding that the country has been imposing tariffs of up to 400% on dairy products on American farmers for years.
According to the Office of the US Trade Representative, the volume of goods trade between the two countries was approximately $762 billion last year. With this new development, economic balances in North America are expected to be shaken.
*This is not investment advice.