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US threatens 100% tariffs on French cheese and champagne
https://www.cnn.com/2019/12/02/tech/french-tariffs-digital-services-tax/index.html
New York (CNN Business)US trade officials proposed a wave of tariffs on French goods Monday as they released a report finding that a new French tax on digital services — affecting large American tech companies such as Facebook (FB) and Google — represents a barrier to trade.
The list of proposed US tariffs covers dozens of products, including cheeses, beauty products, handbags and sparkling wines such as champagne. The move risks raising escalating transatlantic trade tensions after the United States already hit $7.5 billion worth of European goods — including French wine, Italian parmesan cheese and Scotch whisky — in October over subsidies to planemaker Airbus (EADSF).
Roughly $2.4 billion in French products could be subject to the new taxes of up to 100%, the office of the United States Trade Representative said Monday. The public will have until early January to weigh in on the proposal.
The report and proposed tariffs could drive a further wedge between members of the European Union and President Donald Trump, who in July threatened France with "substantial reciprocal action" if it moved forward with its digital services tax.
Trump told reporters in London on Tuesday that while he was "not in love" with Facebook and Google, (GOOGL) he would defend US businesses.
"I'm not going to let people take advantage of American companies," Trump said Tuesday. "If anyone is going to take advantage of the American companies, it's going to be us, it's not going to be France."
New York (CNN Business)US trade officials proposed a wave of tariffs on French goods Monday as they released a report finding that a new French tax on digital services — affecting large American tech companies such as Facebook (FB) and Google — represents a barrier to trade.
The list of proposed US tariffs covers dozens of products, including cheeses, beauty products, handbags and sparkling wines such as champagne. The move risks raising escalating transatlantic trade tensions after the United States already hit $7.5 billion worth of European goods — including French wine, Italian parmesan cheese and Scotch whisky — in October over subsidies to planemaker Airbus (EADSF).
Roughly $2.4 billion in French products could be subject to the new taxes of up to 100%, the office of the United States Trade Representative said Monday. The public will have until early January to weigh in on the proposal.
The report and proposed tariffs could drive a further wedge between members of the European Union and President Donald Trump, who in July threatened France with "substantial reciprocal action" if it moved forward with its digital services tax.
Trump told reporters in London on Tuesday that while he was "not in love" with Facebook and Google, (GOOGL) he would defend US businesses.
"I'm not going to let people take advantage of American companies," Trump said Tuesday. "If anyone is going to take advantage of the American companies, it's going to be us, it's not going to be France."
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