President Trump on Friday said he was cutting off trade talks with Canada and threatened to set a new tariff rate on the country's goods within the next week. Trump said the move was in response to Canada's move to implement a digital services tax on technology companies,

The president posted on Truth Social that Canada had planned to put a tax on U.S. technology companies, calling the move "a blatant attack."

Canada has hit back hard after Donald Trump abruptly terminated all trade talks, citing Canada’s Digital Services Tax. In response, Canada imposed strict quotas on U.S. steel imports and a 50% surcharge on excess shipments.