Printer Friendly

Trump warns France of reciprocal action on digital tax.

The U.S. will take reciprocal action against France for its decision to impose taxes on digital services that will affect major American technology giants, President Donald Trump warned Friday, APAreports quoting Anadolu Agency.

"France just put a digital tax on our great American technology companies," Trump wrote on Twitter. "If anybody taxes them, it should be their home Country, the USA. We will announce a substantial reciprocal action on Macron's foolishness shortly."

Trump appeared to hint that the punitive actions he is considering could be imposed on French wine, saying "I've always said American wine is better than French wine!"

French President Emmanuel Macron signed the tech giant tax into law Thursday. It applies a 3% tax on tech companies that have total annual revenues of at least 750 million euros with 25 million euros coming from their French revenues.

It is set to hit several major American firms, including Amazon, Apple, Facebook and Google.

The Office of the United States Trade Representative already initiated an investigation at Trump's behest into the law as it was winding its way through the French legislature.

At issue is concern that the law unfairly targets American technology companies.

"France's unilateral measure appears to target innovative U.S. technology firms that provide services in distinct sectors of the economy. It also demonstrates France's lack of commitment to the ongoing OECD negotiations," White House spokesman Judd Deere said in a statement.

"The Trump Administration has consistently stated that it will not sit idly by and tolerate discrimination against U.S.-based firms. The U.S. Trade Representative has already launched a Section 301 investigation into France's digital services tax, and the Administration is looking closely at all other policy tools," added Deere.

COPYRIGHT 2019 Knowledge Bylanes
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2019 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Azeri-Press News Agency
Geographic Code:4EUFR
Date:Jul 27, 2019
Words:352
Previous Article:269 irregular migrants rescued off Libyan coast.
Next Article:Trump says he does not blame Turkey for S-400 system.
Topics:

Terms of use | Privacy policy | Copyright © 2021 Farlex, Inc. | Feedback | For webmasters |