Slatestone Wealth Chief Market Strategist Kenny Polkari discussed that investors are drawing their attention to ‘The Claman Countdown’.
chairman Donald Trump On Friday, the US is ending all trade discussions with Canada.
Trump cited Canada’s Digital Services Tax on American technical companies, as the reason for abolishing trade talks.
Trump wrote in a post on Satya Social, “They are clearly mimicking the European Union, which has done the same thing, and is currently discussing with us, this too. Depending on this egoistic tax, we are immediately ending all the discussions on trade with Canada, immediately effective.”
Trump said that the administration will inform Canada within the “next seven -day period” Tariff will pay it To trade with America
The President said in his post that Canada “is a very difficult country to trade” and claimed that Canada has imposed tariffs of up to 400% on American dairy products.
President Donald Trump met Canadian Prime Minister Mark Carney on June 16, 2025 at the Canadian summit with Canadian Prime Minister Mark Carney at the Canadian summit. (Reuters / Kevin Lamark / Reuters)
After Trump’s announcement, the US dollar increased by 0.7% against the Canadian dollar.
Stock crossed its earlier profit on the news. Benchmark s&P 500 index After growing 0.59% in early noon, an all -time high reached a high level, although it drowned for a profit of about 0.21% on the President’s declaration as the market was near the end of this week’s trade.
Stock crossed its earlier profit on the news. (Adam Gray for Fox News Digital / Fox News)
Canada’s Digital Services Tax made effective in June 2024 and requires large businesses, whether they are in Canada or elsewhere, to pay 3% tax on revenue earned by joining online users in Canada if they meet certain conditions if they meet certain conditions.
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Tax payments are to be collected on Monday, and the tax online applies to revenue from marketplace services, online advertising, social media services and some sales of user data.
Canadian government and trump administration After returning to the White House earlier this year, after slapping a series of levy on Canadian goods, collided on tariffs, motivating Canada to retaliate with tariffs on American exports.
Canadian Prime Minister Mark Carney and President Donald Trump had earlier set a deadline of July 21, 2025 to reach a deal on a new trade agreement between the two countries. (Artur Widak / Nurphoto Getty Images / Getty Images)
Many of those tariffs are in effect as the two sides want to compromise on a new business structure. The US-Maxico-Canada Agreement (USMCA), which Trump had interacted during his first term, is due to re-organized by next year-although the two governments have sought to conclude the first talks.
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Canadian Prime Minister Mark Carney and President Trump had previously set a deadline of July 21, 2025, to reach a deal on a new business agreement between the two countries – which engage in a significant amount of bilateral trade.
The US is Canada’s largest trading partner, while Canada is the largest importer of American exports and is one of the top three sources of US imports.
