US-Canada Deal Gives a Boost to Markets

PM Carney rescinds new tax opposed by US tech companies to revive trade talks
Posted Jun 30, 2025 8:06 AM CDT
US-Canada Truce Gives a Boost to Markets
Canadian Prime Minister Mark Carney holds a closing press conference following the NATO Summit in The Hague, Netherlands on Wednesday, June 25, 2025.   (Sean Kilpatrick/The Canadian Press via AP)

Dow futures were up more than 200 points Monday morning after Canadian Prime Minister Mark Carney yanked a planned "digital services" tax opposed by US tech companies after speaking with President Trump by phone on Sunday, reports CNBC. Had Canada not backed down, companies including Amazon, Meta, and Google would have otherwise had to start paying the tax—conceived under former Prime Minister Justin Trudeau—Monday. The benchmark S&P 500 index closed at a record high on Friday, and the index is now poised to add to the record at Monday's open. The two leaders traded insults over the weekend, with Trump telling Fox News that "People don't realize, Canada is very nasty to deal with."

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