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Trump ends trade talks with Canada over tech tax. President Trump posted to Truth Social yesterday that the US would be “terminating ALL discussions on Trade with Canada, effective immediately” and would set new tariffs on Canadian goods within a week. Trump cut off trade negotiations after feeling that US Big Tech companies weren’t experiencing the famous Canadian friendliness because the country is imposing a new digital services tax similar to the one tech giants loathe in Europe. Canada has long been an ally and one of the US’ largest trading partners, but recent US tariffs have raised tensions.
Consumers spent less in May, but were happier in June. Last month, US consumers pulled back for the first time since January, and personal incomes also fell, data released yesterday by the Commerce Department showed. Meanwhile, the personal consumption expenditures price index—the Fed’s favorite inflation gauge—ticked up slightly. But the economic data wasn’t all a bummer, because as the most recent survey results from the University of Michigan revealed, consumer sentiment rose this month, with Americans feeling rosier about their economic future as the initial fears raised by the president’s aggressive tariffs began to subside.
University of Virginia president resigns amid DEI fight. A day after the New York Times reported that the Department of Justice had urged UVA President James Ryan to step down to resolve an investigation into the school’s diversity, equity, and inclusion initiatives, he did just that. “I cannot make a unilateral decision to fight the federal government in order to save my own job,” he said in a letter to the university community. Ryan, who had led the school since 2018, drew criticism from conservatives for the school’s DEI practices, and the DOJ claimed that the university had failed to comply with a Trump executive order that banned schools with federal funding from having them. The resignation comes as the Trump administration has also put pressure on other universities, including Harvard and Columbia.—AR
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