With a July 9 deadline looming for the U.S. to reimpose tariffs of up to 50% on key trading partners, global trade dynamics are shifting fast. Here’s the latest on who’s bending, who’s holding firm, and what it means for your TikTok-favorite tech giants. 📉💻
🇨🇦 Canada Scraps Digital Tax, Revives U.S. Talks
Canada blinked first! Ottawa announced it’s scrapping its planned 3% digital services tax (DST) targeting U.S. tech companies like Amazon and Google—a move that instantly restarted trade negotiations with Washington. White House advisor Kevin Hassett called the decision a "major step forward," crediting President Trump’s pressure at the recent G7 meeting.
Why it matters: The DST would’ve hit U.S. firms’ Canadian revenue starting this week. Now, both sides are racing to finalize a broader trade deal before tariffs kick in. 🕒
🇪🇺 EU Doubles Down on Digital Rules
Meanwhile, the EU is channeling "nope, not today" energy. Brussels flatly refused to adjust its landmark Digital Markets Act (DMA) and Digital Services Act (DSA)—laws that recently fined Apple and Meta billions—during trade talks with the U.S. "Our legislation isn’t up for negotiation," declared EU Commission spokesperson Thomas Regnier.
Behind the scenes: The U.S. wants lighter oversight of its tech titans, but the EU’s counteroffer includes a proposed 10% universal tariff on many exports—with carveouts for sectors like semiconductors and aircraft. Will Washington bite? Talks resume July 1. ✈️💊
Stay tuned: The clock’s ticking for deals to avoid tariffs that could ripple through global markets. For young professionals and entrepreneurs, this could mean everything from gadget prices to startup regulations. 📈🔧
