US Markets Rise as Canada Trade Talks Resume
(MENAFN) US equities closed with gains on Monday as market participants reacted positively to Canada’s decision to withdraw its digital services tax (DST), a move that has opened the door for renewed trade discussions with the United States.
The Dow Jones Industrial Average climbed 0.63 percent, adding 275.5 points to finish at 44,094.77.
Meanwhile, the Nasdaq composite advanced 0.48 percent, gaining 96.28 points to close at 20,369.73.
The S&P 500 increased by 0.52 percent, or 31.88 points, ending the session at a fresh all-time high of 6,204.95, surpassing its previous peak recorded on Friday.
On Sunday evening, Canada declared its intention to revoke the DST and recommence dialogue with Washington, aiming to finalize a trade agreement before 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 noted 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 added.
US President Donald Trump's chief economic adviser, Kevin Hassett, announced Monday that the United States is "immediately" resuming trade talks with Canada following its decision to discontinue the digital services tax (DST).
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