Trade conflict re-emerges! Trump angrily criticizes Canada's digital tax policy and announces the suspension of US-Canada trade negotiations

Trade Relations Between the US and Canada Suddenly Reveal Major Cracks President Trump on Friday issued a statement on the Truth Social platform, furiously criticizing Canada's decision to impose a digital services tax on US technology companies and announcing the "immediate termination of all trade negotiations with Canada". This unexpected decision could severely impact the bilateral trade relationship worth $762 billion. Trump Criticizes Canada: Learning from the EU's Bad Example Trump's post used strong language, accusing the Canadian government of "blatantly copying the EU" by imposing a "shocking" digital services tax on US tech giants. He stated this was a "direct attack" on the US and noted that Canada has long imposed dairy tariffs up to 400% on US farmers, which has now become "intolerable". "Canada Has Done Something Stupid" - Trump Threatens Retaliatory Tariffs Trump further stated that the US would announce the amount of retaliatory tariffs to Canada within seven days, adding: "We have strong control over Canada". During an interview in the Oval Office, he directly said, "They are so stupid to implement this tax. We will immediately stop all negotiations with Canada until they come to their senses." The Canadian Prime Minister's Office Has Not Yet Responded Canadian Prime Minister Mark Carney's office has not yet responded to this sudden declaration. This escalation of the trade dispute has raised concerns about Canada's future role in the G7 and the North American Free Trade Agreement (USMCA). Digital Services Tax Origin - US Companies Directly Affected The Canadian government passed this Digital Services Tax (DST) last year, targeting tech companies earning profits in Canada, retroactive to 2022 revenues. The tax broadly impacts US tech giants like Amazon, Google, and Meta. Despite Washington repeatedly requesting Canada to pause the tax, Canada insisted on implementation. The first tax payment is expected to be officially levied on Monday, July 1st. US Treasury Secretary Harshly Criticizes Canada's Tax Policy as "Clearly Unfair" US Treasury Secretary Scott Bessent stated on Friday that the Trump administration had hoped Canada would suspend the digital tax in good faith. He criticized, "We clearly find the retroactive taxation extremely unfair." He revealed that US Trade Representative Jamieson Greer would initiate an investigation under Section 301 of the 1974 Trade Act to assess the potential economic damage to the US. US Stocks Impacted - Market Turns from Red to Black After Trump's statement, the US stock market immediately reacted. The S&P 500 and Nasdaq Composite indices, which had previously hit new highs, turned downward, indicating market concerns about escalating US-Canada trade tensions, particularly affecting tech stocks. Bilateral Trade Volume Massive - Conflict Could Trigger Larger Storm According to the US Trade Representative's office, the total goods trade between the US and Canada in 2024 is approximately $762 billion, with Canada being the US's second-largest trading partner. If Trump's policies are implemented and retaliatory tariffs are imposed, this could severely damage the North American supply chain and economic stability. Risk Warning Cryptocurrency investments carry high risk, and prices may fluctuate dramatically. You may lose all your principal. Please carefully assess the risks.

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