EU threatens US tech leading companies
(MENAFN) The European Union has issued a warning that it may impose tariffs on major US tech companies, such as Meta and Google, if ongoing trade negotiations with Washington fail to yield results. European Commission President Ursula von der Leyen stated that Brussels is ready to take strong trade actions, including targeting American digital service providers and Silicon Valley giants' advertising revenues.
While US President Donald Trump has paused tariff hikes for 90 days, maintaining a 10% import duty instead of the planned 20% on EU exports, the European Commission has decided to temporarily suspend its countermeasures, pending further talks. However, von der Leyen confirmed that the EU is preparing retaliatory measures, which could involve levying taxes on digital services, such as advertising revenues, across the entire EU market.
Von der Leyen emphasized that the EU is committed to reaching a balanced agreement but warned that if negotiations do not succeed, Brussels will take action. The EU is also considering tariffs on US scrap metal exports and measures to prevent Chinese goods from flooding European markets due to the 145% US tariffs imposed on them.
Describing Trump’s tariff war as a “turning point” for global trade, von der Leyen noted that the EU had tried to negotiate with Washington but was told to wait until Trump’s tariff announcement. She also expressed concern over the economic uncertainty caused by the tariff dispute, warning that the costs would be heavy for global markets.
The EU remains firm on its "untouchable" rules, including its stance on digital content, market power, and VAT, which the US has criticized. The EU has agreed to pause its retaliation on US steel and aluminum tariffs during negotiations but made it clear that it will not compromise on certain issues.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
