Trump says the US will hit France with ‘a substantial reciprocal action’ in fight over technology tax – Business Insider
Ludovic Marin/Reuters
- President Donald Trump on Friday doubled down on plans to retaliate against a French tax on American technology giants including Facebook and Amazon.
- Trump has sharply criticized steps European allies have taken to crack down on technology companies.
- The escalation could open another front in a global trade dispute that has sprawled over the past year.
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President Donald Trump on Friday doubled down on plans to retaliate against a French tax on American technology giants including Facebook and Amazon, suggesting the US would soon roll out countermeasures.
“France just put a digital tax on our great American technology companies. If anybody taxes them, it should be their home Country, the USA,” the president wrote on Twitter. “We will announce a substantial reciprocal action on Macron’s foolishness shortly. I’ve always said American wine is better than French wine!”
French President Emmanuel Macron signed into law on Thursday the 3% tax on companies with digital revenue of at least 750 million euros. Trump has sharply criticized steps by European allies to crack down on the technology sector, arguing that it unfairly hurts business in the US.
“They make it very — almost impossible — to do two-way business,” the president said last month on Fox Business Network.
The escalation could open another front in a global trade dispute that has sprawled over the past year.
Trump has separately threatened to slap a tax on auto imports from the EU and accused its central bank of currency manipulation. The US has also prepared to broaden tariffs against the bloc as part of a long-running dispute over aircraft subsidies.
The White House and the Office of the US Trade Representative did not respond to emails requesting comment.
