(Bloomberg) -- President Donald Trump threatened France with “substantial reciprocal action” over a new digital tax that affects U.S. technology companies.“If anybody taxes them, it should be their home Country, the USA,” Trump said in a tweet on Friday. “We will announce a substantial reciprocal action
-- President Donald Trump threatened France with “substantial reciprocal action” over a new digital tax that affects U.S. technology companies.
The tax, which is retroactive to January, affects companies with at least 750 million euros in global revenue and digital sales of 25 million euros in France. About 30 businesses would be affected; while most of them are American, the list also includes Chinese, German, British and even French firms.
Trump’s tweet also referred to his preference for American wine over French wine. Trump last month promised to do “something” about French wine that he said is allowed into the U.S. virtually tariff-free while France imposes duties on U.S. wine, calling the arrangement unfair. Trump’s tweet was followed by a White House statement saying the U.S. is “extremely disappointed” by the tax. In addition to the 301 probe, the Trump administration is “looking closely at all other policy tools,” said spokesman Judd Deere.
Because they’re often domiciled in other countries -- including low-tax jurisdictions such as Ireland or Bermuda -- and shift money seamlessly across borders, companies that sell online can easily avoid paying taxes in countries where they nevertheless make significant sales.
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