US stocks end with gains as trade talks with Canada to resume
ISTANBUL
US stocks ended higher Monday as investors welcomed Canada’s decision to retract the digital services tax (DST) to resume trade talks with the US.
The Dow Jones Industrial Average rose 0.63%, or 275.5 points, to close at 44,094.77, and the Nasdaq composite went up 0.48%, or 96.28 points to end at 20,369.73.
The S&P 500 earned 0.52%, or 31.88 points, to close the day at its new record high of 6,204.95. The index had reached another record high on Friday.
On late Sunday, Canada announced that it would rescind its DST and resume negotiations with the US with a view towards reaching a trade deal by July 21.
“Today’s announcement will support a resumption of negotiations toward the July 21, 2025 timeline set out at this month’s G7 Leaders’ Summit in Kananaskis,” Canadian Prime Minister Mark Carney said in a statement.
“In our negotiations on a new economic and security relationship between Canada and the United States, Canada’s new government will always be guided by the overall contribution of any possible agreement to the best interests of Canadian workers and businesses,” he said.
US President Donald Trump’s top economic advisor, Kevin Hassett, stated Monday that the US is “immediately” resuming trade negotiations with Canada after it agreed to stop enacting the digital services tax (DST).
The developments came after Trump announced on June 27 that the US would terminate trade negotiations with Canada because of the DST.
“Based on this egregious Tax, we are hereby terminating ALL discussions on Trade with Canada, effective immediately,” Trump said previously.
On the other hand, Trump threatened Japan with higher tariffs on Monday, saying that they won’t take rice from the US, and yet they have a “massive” rice shortage.
He said that they will be sending Japan a letter, which he previously noted would include tariff requirements and trade conditions.
Meanwhile, investors are still awaiting announcements of trade deals while the tariff deadline of July 9 is nearing.
Anadolu Agency website contains only a portion of the news stories offered to subscribers in the AA News Broadcasting System (HAS), and in summarized form. Please contact us for subscription options.
