The Trump administration announced a 25 percent tariff on $1.3 billion worth of French handbags, cosmetics and soaps in retaliation for a digital services tax on U.S. internet giants
However, other countries are increasingly determined to find a way to collect revenue from firms that earn billions of dollars in their markets.“Today’s action sends a strong message that discriminatory taxes aimed at US companies are not a path to modernizing the global tax system,” Matt Schruers, president of the Computer and Communications Industry Association, said in a statement.
U.S. trade officials said the final retaliation figure announced Friday reflects the value of U.S. digital transactions covered by France’s 3 percent digital services tax, which is estimated to be in the range of $15 billion per year, and the amount of taxes that France is expected to collect from U.S. companies.U.S. wine wholesalers and retailers, who have already been hurt by a 25 percent U.S.
Industry groups estimated an additional 100 percent duty on French sparkling wine would increase the cost to importers by $718 million and cause the loss of more than 17,000 jobs throughout the distribution chain. A tariff of just 25 percent would boost costs by $179 million and jeopardize an estimated 6,000 jobs, the groups said.
USTR did not follow through on its tariff threat earlier because France agreed to suspend collection of its digital services tax while negotiations on a multilateral agreement continue at the Organization for Economic Cooperation and Development. However, USTR faced a legal deadline to announce a final decision within one year of beginning its investigation on July 10, 2019. So the action announced today preserves the U.S.’s ability to impose tariffs if the OECD talks fail. It also delays adding to Trump's tariff load on the U.S. economy, which is already in a downturn because of the coronavirus pandemic.
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