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Ottawa Backs Down on Digital Tax Dispute Amid Pressure from Trump White House

Canada has reportedly agreed to delay its planned digital services tax (DST) following pressure from former U.S. President Donald Trump’s administration, according to a recent statement from the White House. The tax, which was originally slated to target tech giants like Amazon, Meta, and Google, had been a major sticking point in U.S.-Canada trade discussions. The White House claimed Canada “caved” to U.S. demands after months of negotiations, with Trump’s team arguing the tax unfairly targeted American firms. The Canadian government, however, framed the delay as a strategic move to preserve economic stability and avoid retaliatory tariffs. Critics within Canada argue that the government’s decision reflects a growing trend of yielding to U.S. economic influence, while others say the delay is pragmatic given ongoing global talks about a coordinated approach to taxing digital revenues. The issue remains contentious, and observers are watching closely to see whether Canada will revive th...
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S&P/TSX Composite Hits New Highs: Canadian and U.S. Markets Rally



On March 21, 2024, the S&P/TSX composite index achieved a remarkable milestone, closing atnew all-time high. Simultaneously, U.S. markets continued their upward trajectory, setting records of their own.

Key Highlights:

  1. Canadian Market Surge:

    • The S&P/TSX composite index gained 41.55 points, reaching 22,087.26. This surpasses its previous record of 22,087.22 set in March 2022.
    • Tech and financial stocks played a pivotal role in driving this surge, reflecting investor confidence in these sectors.

  2. U.S. Market Momentum:

    • Across the border, U.S. markets also soared:
      • The Dow Jones industrial average climbed 306.46 points, closing at 39,818.59.
      • The S&P 500 index rose by 30.20 points, reaching 5,254.82.
      • The Nasdaq composite surged 97.44 points, closing at 16,466.85.

  3. Commodity Prices:

    • The Canadian dollar traded at 73.93 cents US, slightly higher than the previous day.
    • Crude oil experienced a dip, with the May contract down 91 cents at US$80.36 per barrel.
    • Natural gas also declined, with the May contract down four cents at US$1.81 per mmBTU.
    • Gold bucked the trend, rising by US$17.40 to US$2,178.40 per ounce.
    • Copper remained stable, down just a penny at US$4.05 per pound.

In summary, both Canadian and U.S. markets are riding high, fueled by optimism and robust economic indicators. Investors are closely monitoring developments as we navigate these record-breaking times.

Disclaimer: The information provided is for informational purposes only and does not constitute financial advice. Always consult with a qualified professional before making investment decisions.

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