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Senators voted on a slew of amendments to the “Big, beautiful bill.” The Senate pulled an all-nighter to hold a vote-a-rama—a marathon voting session that’s probably less fun than it sounds—to slog through proposed amendments to the tax bill full of GOP priorities the president hopes to have on his desk by July 4. Lawmakers grappled with many thorny political issues, like Medicaid cuts and clean energy tax credits, as Republicans tried to inch toward a vote on the bill while keeping enough members of their own party on board to pass it without support from any Democrats. To do that, the Republicans can only lose three votes, and two members of the party have already vowed to oppose it. If the Senate version passes, it’ll go back to the House, which will have to sign off on any changes from the version passed there.
Canada scraps tech tax that caused Trump to call off trade talks. One day before it was set to start collecting its new digital services tax—which would have impacted both domestic and foreign tech companies—Canada rescinded it in an effort to get trade talks with the US back on track. The move to kill the tax came after President Trump said last week that he was halting all trade discussions with Canada because of it. The tax would have put a 3% levy on the revenue companies make from digital services for Canadian users that exceeds C$20 million each year. But the stakes of the trade talks are even higher: About 75% of Canadian exports go to the US, while Canada is the biggest buyer of US goods, per Bloomberg.
Home Depot targets pro market with $4.3 billion acquisition. Looking to expand its customer base to homebuilding professionals alongside all the ambitious dads, Home Depot is buying building products distributor GMS for $4.3 billion. A Home Depot subsidiary will buy up shares in GMS in a deal that values it at $5.5 billion that it expects to be completed by early next year, which GMS agreed to despite a competing $5 billion bid. It’s the second recent big purchase for the retailer as it inserts itself deeper into the building materials supply chain in search of new revenue now that the Covid home improvement boom has ended.—AR
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