Trump fumes over France's tech tax, threatens retaliation

27 Juillet, 2019, 01:25 | Auteur: Auguste Feret
  • Trump fumes over France's tech tax, threatens retaliation

The new law paves the way for the eurozone's second largest economy to unilaterally levy a 3-percent tax on much of the internet giants' digital sales in France related to advertising, websites and the resale of private data, and could impact US companies, as well as European and Asian firms.

'I just like the way they look, ' he added.

Last week, Mr Trump spoke to Mr Macron as he about the country's proposed digital services tax, the White House said.

American tech companies have come under target in Europe and have been accused of being monopolies.

French Economy Minister Bruno Le Maire said France will go ahead with the digital tax.

The US is the enviornment's largest person of wine and the largest import market, with France consistently amongst the high origin countries for imported wine. The tax was adopted by the National Assembly, the lower house of Parliament, earlier this month.

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Any digital company with earnings of extra than €750m ($850m; £670m) - of which as a minimum €25m is generated in France - will now be enviornment to the tax, that might maybe be retroactively utilized from early 2019 and is anticipated to raise about €400m in earnings this year.

FOX Business' Charlie Gasparino reports that the Trump administration is looking to go after Big Tech.

"Make them in the U.S., no tariffs!" the United States president tweeted. According to 2018 figures from the European Commission, global tech companies pay a 9.5% average tax rate compared with 23.2% for traditional firms.

Deputy White House spokesman Judd Deere noted that France's digital services tax was already the subject of an investigation at the US Trade Representative's office, potentially opening the door to economic sanctions. France had pushed for a European Union-wide digital levy that was scrapped when four countries - Sweden, Finland, Denmark and Ireland - declined to sign off on it. France's new 3% tax will be based on sales made in the country, rather than on profits. We want to reach a deal on this within the framework of the G7 and the OECD. Chinese, German, Spanish and British firms are also affected, as well as the French online advertising firm Criteo.

The president tweeted in November that it's too hard for American wine producers to sell in France but that the USA makes it "easy" to import French wines, which he said "must change".

President Donald Trump said Friday that while he is a well-documented teetotaler, he prefers the appearance of American wines to their French counterparts.

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