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The office of the U.S. Trade Representative on Monday proposed to impose up to 100% additional duties on certain French imports worth $2.4 billion.
What Happened
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The federal agency said that its investigation found France’s Digital Services Tax to be “burdensome” for the affected U.S. companies.
It said that internet-based companies Alphabet Inc (NASDAQ:GOOGL), Apple Inc (NASDAQ:AAPL), Facebook IncFREE REPORT: How To Learn Options Trading Fast
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All of the tech giants listed as affected companies by the USTR testified against the law, Reuters reported in August.
The import duties will be increased on some of France’s most popular products worth $2.4 billion, including various types of Cheeses, Handbags, sparkling wine, and personal care and cosmetics items.
What’s Next
The USTR is inviting comments on the matter ahead of a public hearing scheduled on January 7. The trade agency expects to “proceed expeditiously thereafter.”
The federal agency is also looking into whether it should open similar investigations against Austria, Italy, and Turkey, according to Trade Representative Robert Lighthizer.
“The USTR is focused on countering the growing protectionism of EU member states, which unfairly targets U.S. companies, whether through digital services taxes or other efforts that target leading U.S. digital services companies,” Lighthizer said.
France had disputed the fact that American companies are particularly targeted by its tax law ahead of the USTR announcing its findings, Reuters reported.
“We will not give up on taxation,” of the digital firms, a French official said, according to Reuters.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.