This is a good move by Trump because Europe tries to live off taxes from U.S. tech companies because it is free, easy money. And U.S. tech companies are at Europe’s mercy and have to pay so-called tolls to do business. That is not the American way, and this countermove should put the kibosh on this socialist tactic of taxing anything that is not nailed down. All IMO.
“In a social media post, Trump took aim at European countries, he said, that are discussing the ‘imminent’ implementation of taxes on American companies.
The US president has repeatedly sought to use tariffs to deter such taxes, but many countries are seeking revenue as their economies increasingly operate in digital realms dominated by American companies.”
“’Please let this statement serve to represent that any Country that imposes such a Tax will immediately be met with a 100% tariff on any and all Goods sent to the United States of America’, Trump wrote.
He added that the new tax would supersede any previously negotiated trade deals. Trump said the penalty would apply to any country that moves forward with such a tax, but he singled out European nations in his post.”
“Before setting off for the [G7] summit [last week] in France, Trump had warned that the U.S. would “have no choice” but to apply 100% tariffs on French wine unless Paris eliminated its digital tax.
France has applied a 3% levy since 2019 on revenue earned in France from digital services provided by companies with revenue of more than €25 million in the country and €750 million ($854.02 million) worldwide. French lawmakers last year proposed doubling the tax to 6%.
The U.S. Trade Representative’s office has long threatened France, Britain, Austria, Spain and other European countries with retaliatory tariffs if they impose digital services taxes, arguing that these levies discriminate against U.S. companies, which dominate the sector globally.”