- cross-posted to:
- canada@lemmy.ca
- cross-posted to:
- canada@lemmy.ca
U.S. President Donald Trump said Friday he’s terminating all trade discussions 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 said in a social media post.
He says he’s pulling back from the bilateral trade discussions because Canada plans to move ahead with its digital services tax (DST), which requires web giants pay a special tax.
Set to take effect on June 30, the DST requires U.S. companies like Amazon, Google, Meta, Uber and Airbnb pay a three per cent levy on revenue from Canadian users — a policy enacted by former prime minister Justin Trudeau’s government that the Parliamentary Budget Office projects will bring in billions of dollars in revenue.
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Yeah, well, Trump says lots of things. None of which have any meaning or worth. He’ll be saying the opposite next week.
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Snip snap snip snap snip snap
Set to take effect on June 30, the DST requires U.S. companies like Amazon, Google, Meta, Uber and Airbnb pay a three per cent levy on revenue from Canadian users
Good.
It should be a lot higher, honestly. Encourage building Canadian services and using European services instead of relying on predatory American monopolies.
3% of revenue is a substantial number.
However, even better:
The tax, which will take effect on 30 June and be applied retroactively from 2022, will impact both domestic and international companies, meaning American giants Amazon, Google, Meta, Airbnb and Uber will have to start payments from Monday.
hah, imagine companies asking customers for taxes back from 2022
You know this is not how it works, yes?
Yes and no. Companies will always try to pass expenses like tax onto their customers. My guess is they will increase rates on customers significantly to recover some of those unexpected retroactive costs in the near term with the side effect of increasing revenue above the 3% tax in the long term.
I mean it doesn’t stop companies trying to comply with the law the worst way possible
It is a corporation tax, not the sales tax.
They are using the turnover to estimate tax liability because taxing profits achieved in a single country by digital multinationals is bordering on impossible (and too easy to avoid).
Yup. Companies avoid paying taxes in one country by getting their divisions in other, lower tax countries to charge the one in the high tax country so much for intellectual property and branding etc that they make a loss in the high tax country, which in some countries entitles them to a tax rebate. It’s insane.
We will let Canada know the Tariff that they will be paying
…that’s… not how this works…
It works like that when you assume the other country will desperately lower their export prices and eat the difference so in the end it’s still sold at the same price in the country raising the tariffs. In practice the greedy capitalists raise prices in the shops at the mere mention of the concept of tariffs, even when the product is produced locally.
After all this time he still has no idea how tariffs work.
Doesn’t matter, it’s what his sycophants believe. If Trump does it/says it - it becomes the truth to them. It’s the result of a decade or more of brainwashing on tens of millions of trump fans by Fox News etc
Or he’s a fucking liar.
Good. I was a bit worried that we’d make some concessions to end the tariffs. Once you’ve paid the Dane-geld you’ll never get rid of the Dane. We have other partners to trade with.
That’s definitely going to help him make a deal.
Bring in BYD …
ART OF THE DEAL
Wait until Tremp finds out all digital services now need to charge GST in Australia (10%) since like 10 years ago.
If I were say… Disney, I’d consider planning a Canada Disney Land due to all the missed non-American’s avoiding tourism in Florida. Just Sayin’…
That means nothing. He will taco. Then Canada will get even more pushed away from our once great partnership.
Remember how Trump fucked up the election in Canada for the conservatives? They literally had it in the bag. But Taco showed up with his tiny mushroom dick.
If people could stop putting that man’s meat and two veg in my head, that would be great…
Conspiracy Time!
I wonder if they are trying to flood the ‘Canada’ SEO because of this recent event:
https://globalnews.ca/news/11262681/canadian-dead-ice-custody-florida/
The deceased lived in the US for their entire adult life. It’s not like a tourist was snatched and died in custody. First, everybody should be outraged about this type of treatment happening to a human being, but there’s no reason for Canada to have anything more to do with this.
Canada needs to start cashing in their US Bonds. Let’s watch the US economy start to crash.
I feel like that’s probably our nuclear option and we’re holding out for now since it’s likely Trump chickens out again
It’s Carney’s primary strategy. This plus the Canadian who died in ICE custody should speed up the sell off. Japan will likely join.
I hope not. Please do it. tRump and his shit-sucking base only give a shit when the leopard is dousing them and theirs in hot sauce. If crashing and burning this fucker and our country is what it takes to end him and them, don’t wait! Do it slowly, like someone shredding important documents.
Bonus points if they or anyone does it each time this regime tries to lie or bury that pressure point. Rich people back this fuck-squad because they care about two things: their money and their lives. Threaten one and/or the other until they abandon him!
Agree with @regedit Canada should cash in a few bonds, and when president felon freaks out, do a few more. Explain to the orange child that he needs to shut up about Canada, drop the tariffs and observe the trade agreements. America deserves all the backlash the world is piling on it right now. Republicans are vile scum, treat them with the disrespect they have earned.
Especially considering the rating of those bonds dropped after some ignorant spray-tanned chimp decided to skullfuck a functioning and stable economy.
