- France has adopted a new tax on big internet companies like Google, Amazon and Facebook.
- The move comes despite threats from the Trump administration that it would slap tariffs on France in retaliation.
- The roughly 3% annual levy applies to digital companies with at least 750 euros (about $845 million) in global revenue, with 25 million euros or more in France.
- Other countries including Australia, Austria, Italy and even the U.K. have similar proposals in the works.
France on Thursday adopted a tax on internet giants like Google, Amazon and Facebook despite U.S. threats to use a favorite tool of the Trump administration: tariffs. The administration says it could invoke the same 1970s-era laws it used to slap tariffs on imports from China and other trading partners, including traditional U.S. allies.
France’s roughly 3% annual levy applies to digital companies with at least 750 euros (about $845 million) in global revenue with 25 million euros or more in France. It would affect about 30 companies in total.
[To read the original article, click here.]