Canada Withdraws Digital Tax | Presidential Summary

Trump blasted it as an attack on the US and accused Canada of mimicking the EU’s approach to taxing American companies. Trump further announced that the US would halt trade negotiations and warned Canada it would face tariffs within seven days.

While the situation de-escalated the trade standoff, the markets reacted quickly, with tech stocks dipping. The Trump administration signaled an impending trade investigation under Article 301 of the Trade Bill to assess economic harm.

The digital services tax was first introduced in 2020 to address a taxation gap. The large tech companies were earning significant revenues from Canadians, but were not taxed. The US goods trade with Canada totaled roughly $762B last year.

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Elon Musk is scaling back his goveernment role to focus on Tesla!

Elon Musk is reducing his role at DOGE and focusing more on his own company following a significant decline in purchases. Tesla's revenue decreased 9% year-over-year to $19.3B, and its net revenue declined 71%. Operating revenue fell 66% to just $0.4B. Tesla blamed the slump on lower deliveries and reduced vehicle sales.

Musk, serving as a "special government employee," is permitted up to 130 days of government work annually. However, he plans to scale back his DOGE involvement starting in May 2025, to reallocate that time to stabilize Tesla’s performance. He has acknowledged criticism over his government role and emphasized the need to prioritize his companies.

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Russia to return?

The next president of the International Olympic Committee (IOC), Kirsty Coventry, has stated that she wouldn’t automatically ban countries for participating in international conflicts. She expressed the need for a more nuanced approach, implying that each situation should be evaluated. Coventry suggests implementing a task force to develop guiding policies for handling conflicts within the Olympics.

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