Trump is most likely to put steep tariffs on French wine in response to France's digital tax that will affect Facebook and Google.
The investigation under Section 301 of the Trade Act of 1974 gives Trump options to hit French industries beyond wine. For instance, he could put smaller tariffs of up to 5% on all French imports. But the move is unlikely, according to Gary Hufbauer, a nonresident senior fellow at the Peterson Institute for International Economics.
When France was mulling the digital tax last month, Sens. Chuck Grassley and Ron Wyden – the top Republican and Democrat on the Senate Finance Committee, respectively – urged Treasury Secretary Steven Mnuchin to consider raising taxes on French subsidiaries. But experts believe the White House will prefer targeted tariffs to increased taxation.
As the U.S. investigates its options to retaliate, it will also work to strike a multilateral agreement on digital taxation with Organization for Economic Cooperation and Development, or OECD, countries. But a resolution is not expected until next year.
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