The White House has launched a trade investigation into a new French law, which U.S. officials argue could discriminate against large, American technology companies.
This week, French lawmakers voted to impose a 3 percent tax on revenues from digital services that reach French users. It would apply to companies with total revenues of 750 million euros internationally, and with at least 25 million euros of revenues in France.
The law, which French President Emmanuel Macron is expected to sign within two weeks, could leave U.S. tech giants like Facebook, Google, and Amazon facing a hefty new tax bill.
On Wednesday, the U.S. Trade Representative Robert Lighthizer began an investigation into France over whether the law would constitute an unfair trading practice. The White House contends that the tax appears to target particular services in which the U.S. excels.
The European Union had hoped, but ultimately failed, to reach a tax plan similar to France’s that would apply to all 28 of its member states.
The European Commission, an agency that proposes legislation within the European confederation, estimates that digital companies pay half the effective tax rates of their non-technology-based counterparts.
The Commission had proposed a 3 percent tax rate on companies that profit from online placement of advertisements, sale of user data, and interactive, digital platforms.
Like with recent duties imposed against China, the U.S. could implement tariffs on French goods, should it find that the law unfairly targets American digital services companies.
Facebook ($FB), Google ($GOOGL), and Amazon ($AMZN) did not respond to a request for comment by the time of publication.
Reports say olive oil prices have jumped 75% since January of 2021.
The big three car companies for GM and Stellantis have agreed to pay striking workers as they spend time on the picket line, according to The Wall Street Journal.
Elon Musk is making a big prediction about artificial intelligence and the jobs market.
Open enrollment season is here and the stress of picking the right plan for you could sometimes get overwhelming. Rosalyn Glenn, financial advisor with Prudential, joined Cheddar News to discuss what to know and understand about selecting your benefits to cover your medical needs and conditions, if any.
Learning about money is a skill that should be learned at an early age. OneMain Financial is now offering a financial course called 'Credit Worthy' across several high schools across the country, along with some scholarships. Doug Shulman, CEO of OneMain Financial, joined Cheddar News to discuss the importance of learning and understanding credit. "Over half of high school students graduate without knowing the basics about credit," Schulman said. "It really helps establish a great foundation to being an independent adult, to have a healthy and happy life, and some financial security is part of that."
Mariah Carey is facing a second lawsuit claiming copyright infringement over her song, "All I Want For Christmas is You."
Apple posted better-than-expected results for the third quarter but continued to report soft revenue. Cheddar News breaks it all down.
Thousands of hospitality workers across 18 casinos in Las Vegas have announced they are set to strike if a new contract agreement is not reached by Friday, November 10.
Mariah Carey, the 'Queen of Christmas,' is teaming up with Victoria's Secret for a new holiday collection.
Stocks jumped Friday after a jobs report showed a higher slowdown in hiring, giving hope to an end in rate hikes.
