President Trump and Italian President Sergio Mattarella discuss the EU digital tax.
WASHINGTON — The Trump administration is proposing tariffs on up to $2.4 billion worth of French imports — from Roquefort cheese to handbags — in retaliation for France’s tax on American tech giants like Google, Amazon and Facebook.
Continue Reading Below
GET FOX BUSINESS ON THE GO BY CLICKING HERE
The Office of the U.S. Trade Representative says France’s new digital services tax discriminates against U.S. companies and says that the tariffs could reach 100%. The agency will accept public comment on the plan through Jan. 6 and hold a hearing Jan. 7.
French President Emmanuel Macron and President Trump in August. (AP Photo/Markus Schreiber)
CLICK HERE TO READ MORE ON FOX BUSINESS
The French tax is designed to prevent tech companies from dodging taxes by putting headquarters in low-tax European countries. It would impose a 3% annual levy on French revenues of digital companies with yearly global sales worth more than 750 million euros ($830 million) and French revenue exceeding 25 million euros.
