Trump tariffs live updates: Trump sees no need to extend July 9 deadline; Canada scraps tech tax

Key Points

  • President Trump has set a July 9 deadline for countries to finalize trade deals with the US, threatening higher tariffs if agreements are not reached, though he has indicated flexibility on extending or shortening this deadline.
  • Canada canceled its digital services tax on US tech companies like Apple, Amazon, and Alphabet just before implementation, aiming to restart stalled trade talks with the US, with a target deal date of July 21.
  • US-China trade relations show progress with a potential full tariff and trade deal, while prices of Chinese-made goods on Amazon have risen faster than inflation due to existing tariffs.
  • Treasury Secretary Scott Bessent is optimistic about wrapping up trade negotiations with key partners by Labor Day, though only a deal with the UK has been finalized so far.
  • Economic concerns loom as tariffs could impact inflation and consumer prices, with upcoming economic reports expected to reflect these effects, amidst tensions between the Trump administration and the Federal Reserve over interest rates.

Summary

President Donald Trump has set a July 9 deadline for countries to secure trade deals with the US, threatening higher tariffs if agreements are not reached, though he remains open to adjusting the timeline. Canada recently canceled its digital services tax on US tech giants like Apple, Amazon, and Alphabet to revive stalled trade talks, aiming for a deal by July 21. Meanwhile, US-China relations show promise with a potential comprehensive trade agreement, but tariffs are already driving up prices of Chinese-made goods on Amazon, outpacing inflation. Treasury Secretary Scott Bessent is hopeful for trade resolutions by Labor Day, though only a deal with the UK is finalized. Other nations, including Japan and the EU, face challenges in negotiations, with the EU firmly excluding its tech regulations from trade talks. Economically, tariffs are raising concerns about inflation, with upcoming reports expected to reveal their impact, while tensions between Trump and the Federal Reserve over interest rates add uncertainty. Despite these pressures, the US economy has held steady with stable inflation and record stock highs, though the looming deadline could shift this balance.

yahoo
June 30, 2025
Stocks
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