Canada moves to restart trade talks

Canada withdrew its digital services tax on technology companies such as Meta Platforms Inc. and Alphabet Inc. in a move to restart trade talks with the U.S.

“Rescinding the DST will allow the negotiations to make vital progress and reinforce our work to create jobs and build prosperity for all Canadians,” Finance Minister Francois-Philippe Champagne said in a social media post late Sunday local time.

On Friday afternoon, President Donald Trump said he was ending all trade discussions with Canada, one of its largest trading partners, in retaliation for the digital tax. He also threatened to impose a fresh tariff rate within a week.

Instead, Trump and Canadian Prime Minister Mark Carney agreed the countries will restart negotiations and try to settle a deal by July 21, according to a statement.

For Canada, the economic stakes of the discussions are huge. About three-quarters of its exports go to the U.S., including the vast majority of its oil and many other commodities, as well as most of the cars and trucks it produces. But the U.S. also has something on the line: Canada is the largest buyer of U.S. products.

Home Depot buying GMS for $4.3 Billion

Home Depot is buying specialty building products distributor GMS for $4.3 billion, the second notable acquisition in a little over a year that emphasizes a deliberate push by the home improvement chain into building and materials supply.

The acquisitions arrive as booming sales from the pandemic fade and Home Depot intensifies its focus on professional builders.

GMS Inc. of Tucker, Georgia, is a distributor of specialty building products like drywall, steel framing and other supplies used in both residential and commercial projects.

A subsidiary of Home Depot’s SRS Distribution Inc., the supply company it bought last year, will start a cash tender offer to buy all outstanding shares of GMS for $110 per share. The total equity value of the transaction is approximately $4.3 billion. The deal is worth about $5.5 billion, including debt.

Costco opening early for some members

Costco members with the pricier executive membership saw an old perk revived Monday: early entrance.

The membership club is now open starting at 9 a.m. for members who pay the annual executive rate of $130. Gold Star and business members ($65 annually) can enter at 10 a.m.

The company told Business Insider that the change was a “reward” for its most loyal customers and “their commitment to Costco.”

The retailer advised its members to check local warehouses to be sure the early hours were in effect. Opening times may vary by location.

Costco has introduced a number of changes at its stores in recent years.

It expanded gas pump hours to 10 p.m. during the week and 8:30 p.m. on weekends. Last year, it raised membership prices, a first since 2017. It swapped its popular churro at the food court with a 750-calorie chocolate chip cookie, and last year it installed membership scanners at store entrances in an attempt to curtail shared memberships.

Compiled from AP, Bloomberg and staff reports.