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7/26/2019, 6:37 PM (Source: TeleTrader)
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Trump vows to take action against France over digital tax

United States President Donald Trump took to Twitter on Friday to condemn France for instituting a digital tax against US tech companies and said that the US will retaliate with a "substantial reciprocal action" on "Macron's foolishness" in the near future.

"France just put a digital tax on our great American technology companies. If anybody taxes them, it should be their home Country, the USA. We will announce a substantial reciprocal action on Macron’s foolishness shortly. I’ve always said American wine is better than French wine!" Trump tweeted.

Trump's comments come after White House Economic Advisor Larry Kudlow said earlier in the day that Trade Representative Robert Lighthizer prepared a Section 301 Action against France following his investigation into its digital tax. The tax, which will impose a 3% levy on total annual revenues generated by companies whose revenues exceed €750 million globally and €25 million in France, was approved by the French parliament in mid-July.

Breaking the News / DZ