Nasdaq 100 Drops as Trump Terminates Canada Trade Talks Over Digital Tax

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2025-06-27 20:38:02

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The Nasdaq 100 (NDX) erased early gains after former President Donald TRUMP announced the immediate termination of U.S.-Canada trade talks. The tech-heavy index had climbed 0.69% to a record high before reversing course following Trump's Truth Social post condemning Canada's digital services tax.

Canada's 3% levy on revenue above C$20 million from U.S. tech firms operating in Canada triggered the breakdown. Trump warned of new tariffs within seven days, turning the trade halt into potential leverage against the tax policy. Finance Minister Francois-Philippe Champagne had previously signaled openness to negotiate the tax within broader trade discussions.

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