Trump Threatens Higher Tariffs On Specific French Imports
In retaliation over a French tech tax that affects American tech companies, Trump has threatened a tariff on French imports.
The French imports that would be affect by Trump’s threat include cheese, wine and handbags. Trump has asserted that this French tax in particular specifically targets American tech companies. The value of the imports to be tariffed is said to be $2.4 billion.
“The tech companies you’re talking about are not my favorite people because they aren’t exactly for me, but that’s O.K.,” Trump said. “They’re American companies. We want to tax American companies. That’s important. We want to tax them, not somebody else.”
Additionally, Trump referenced the already existing tariff on European products. That tariff stands at 25%, but the new tariff he is threatening could be as high as 100%.
“we taxed wine and have other taxes scheduled. We would rather not do that. It will either work out, or we’ll work out some mutually beneficial tax. And the tax will be substantial,” Trump said.
This threat from Trump comes in the face of an effort by the Organization for Economic Cooperation and Development to achieve consensus amongst countries on how to appropriately tax tech companies.