Trump ends trade talks with Canada over tax issue
Trump ends trade talks with Canada over tax issue originally appeared on TheStreet.
On June 27, President Donald Trump posted a shocking announcement regarding trade discussions with Canada on Truth Social.
Trump said he was terminating all trade discussions with Canada, effective immediately following them announcing a Digital Services Tax on U.S. technology companies.
The crypto market reacted sharply to the latest announcement.
As per Kraken's price feed, Bitcoin fell $106,848.05 to $106,572.48 within minutes of Trump posting. Similarly, Ethereum fell from $2,407.45 to $2,391.79 following the announcement.
While XRP fell from $2.0926 to $2.0791, SOL dipped from $141.91 to $140.51.
Trump wrote that Canada is "a very difficult Country to TRADE with." As he announced ending all trade talks with the country, he said the U.S. will inform Canada of the new tariffs within the next seven days.
The president criticized the neighboring country for tariffs on American dairy products and accused it of imitating the European Union in its trade practices.
July 8 deadline approaches
Trump started the global tariff war on Apr. 2, dubbing it "Liberation Day," as he hiked tariffs on nearly all the countries trading with the U.S. On Apr. 9, he froze the hiked tariffs on all countries except China for 90 days.
There would be 90 trade deals within the next 90 days, the Trump administration had claimed. But as we approach the July 8 deadline, there is little progress except some development with countries like the U.K. and China.
Treasury Secretary Scott Bessent told Fox Business News on June 27 that trade deals with other countries could be done by the Sept. 1 Labor Day holiday.
The tariff war rattled the crypto markets as the total market cap fell from $2.74 trillion on Apr. 2 to as low as $2.42 trillion on Apr. 9. Nonetheless, the crypto market has demonstrated remarkable resilience as it recovered to as high as $3.52 trillion on May 23.
At press time, the total crypto market stood at $3.26 trillion.
Trump ends trade talks with Canada over tax issue first appeared on TheStreet on Jun 27, 2025
This story was originally reported by TheStreet on Jun 27, 2025, where it first appeared.
