13 h. ago Trump is bullying Canada over ‘digital taxes’ and Canada caved | Joseph Stiglitz

The question now: will countries cave in to these threats or stick together and collect the billions they are rightly owed?Donald Trump’s announcement calling off trade talks with Canada over its digital tax – and that he would impose retaliatory tariffs – demonstrates, once again, not only the president’s ignorance of economics and willful disregard of international norms and the rule of law, but also his willingness to use brute power to get whatever he and the oligarchs who support him want.He was wrong in labeling the tax as outrageous and “a direct and blatant attack on our country”. It is actually an efficient tax, well designed to ensure that the technology companies – the profits of which benefit the tech oligarchs who have come to dominate US policy – pay their fair share of taxes.Joseph E Stiglitz is a Nobel laureate in economics, university professor at Columbia University and chief economist of the Roosevelt InstituteAnya Schiffrin, senior lecturer at Columbia University...

Politics

17 h. ago Wall Street turns more bullish on US stocks despite Trump’s tariff threats

Goldman Sachs joins other banks in lifting end-of-year target for S&P 500 index

Politics

7 d. ago The G7 has once again put multinationals’ profits over the interests of people

Acceding to US demands to exempt its companies from an agreed global tax deal is morally and financially indefensibleThe US Treasury just made a deal with the other G7 countries that global minimum taxes that were already agreed upon will not apply to American companies. The G7 governments caved under intense pressure from President Donald Trump and lobbying from multinationals in Washington, London, Brussels, and beyond – just as India, and now, sadly, Canada have caved on digital taxation.Years ago, the international community recognised that too many global companies were not paying their fair share of taxes, and some weren’t paying taxes to the country where the economic activity actually occurs. The complex agreement that emerged in 2021 at the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting comprised two pillars; only Pillar Two, a global minimum corporate tax, has been adopted. (The other pillar allocated taxation rights among countries and spurred opposition...

Economics

8 d. ago White House says Canadian PM ‘caved’ to Trump demand to scrap tech tax

Trump officials hail U-turn as Mark Carney says decision to rescind digital services tax means revival of trade talksThe United States has said that Canada’s prime minister Mark Carney “caved” to demands from the White House after his government abruptly scrapped their digital services tax on US technology companies, which was set to go into effect on Monday.“It’s very simple. Prime minister Carney and Canada caved to president [Donald] Trump and the United States of America,” press secretary Karoline Leavitt said in a daily briefing. Continue reading...

Politics

8 d. ago US to resume trade talks after Canada ditches tax on tech giants

With digital services tax rescinded, Donald Trump and Mark Carney agree to resume negotiations with a view to agreeing a deal by 21 JulyThe United States has said it will resume trade negotiations with Canada immediately, hours after prime minister Mark Carney’s government abruptly scrapped their digital services tax on US technology companies.On Monday, White House economic adviser Kevin Hassett told Fox News Canada’s decision “absolutely” meant both rides would resume talks. Continue reading...

Politics

8 d. ago Canada caves to Trump over plan to charge Google and Amazon billions and resumes tariff talks

Canada caved to President Donald Trump and scrapped its digital services tax targeting U.S. technology firms, paving the way for the resumption of tariff talks.

Politics

8 d. ago Canada ditches its tech tax after Trump walks away from negotiating table

The move comes after President Donald Trump said he would suspend trade talks with Canada over the tax

Politics

1 week ago Oh, Canada! Trump cuts off all trade talks with US’s northern neighbor citing ‘blatant attack on our country’

President’s fit of pique comes after Canada’s finance department exempted a digital services levy from a Group of Seven agreement on international taxes

Politics

2 w. ago Developing countries ‘need more debt relief’ to fund education and health

Research warns poorer governments prioritising debt payments over essential development spendingDeveloping countries need a fresh round of debt relief, to prevent money urgently needed for health and education being diverted to creditors, according to a major new report commissioned by the late Pope Francis.The Jubilee report, produced by a panel of experts chaired by Nobel prize-winning economist Joseph Stiglitz, argues for debt restructuring, along the lines of the Heavily Indebted Poor Countries initiative (HIPC). Continue reading...

Economics