<ul data-eligibleForWebStory="true"><li>Canada decided to scrap a digital services tax following a trade threat from President Donald Trump, which would have cost US tech firms billions each year and $3 billion in retroactive payments.</li><li>The tax targeted large digital companies and was set to be retroactively imposed from 2022.</li><li>The measure was estimated to lead to annual losses of between $900 million and $2.3 billion for US firms, potentially resulting in up to 3,000 job losses in Canada.</li><li>Canada's decision to halt the tax aligns with the US resuming trade discussions, with France and the UK also having similar digital tax measures in place.</li></ul>

US tech giants saved billions with Canada backing off its digital services tax

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