A trade dispute between the Trump administration and France intensified on both sides of the Atlantic today
A trade dispute between the Trump administration and France intensified on both sides of the Atlantic on Tuesday, with U.S. tech giants backing tariffs to retaliate against a new French digital services tax and a top EU official warning the bloc would stand behind its member country.
The United States is home to many of the world's biggest tech companies, which have operations all over the world. Countries such as France want to be able to collect tax revenue on those business activities within their borders, but there is no international consensus yet on how to do that. “We gave ourselves 15 days, until our next meeting in Davos in end-January. We want to try all options to reach an agreement at the OECD in the next 15 days,” Le Maire said.
Hogan is scheduled to meet with Lighthizer in Washington next week to discuss digital taxes and other trade irritants. An additional 100 percent duty on French sparkling wine would increase the cost to importers by $718 million and cause the loss of more than 17,000 jobs throughout the distribution chain, a coalition of ten wine and alcohol groups said in a letter to USTR. A tariff of just 25 percent would boost costs by $179 million and jeopardize an estimated 6,000 jobs, the groups said.
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