Canada Enacts Digital-Services Tax Despite US Retaliation Threat

- Canadian Prime Minister Justin Trudeau's government has authorized a digital-services tax on large foreign technology companies - The tax came into effect on June 28, applying for the calendar year 2024 - Despite warnings of trade retaliation from the US, Canada enacted the tax - The tax covers taxable revenues earned since Jan. 1, 2022 - No specific companies or stock tickers mentioned in the article

🚨 Reddit sentiment: negative - Comments express concern that companies like Netflix and Amazon will raise prices in response to the tax, and skepticism about the effective use of the tax revenue Summarized comments: - Punishing big companies with tax leads them to raise prices (e.g., Netflix and Amazon may raise prices by 10%) - Users hope that the tax revenue benefits Canadians but there is skepticism about its actual use Stock tickers discussed: $NFLX, $AMZN