French Wine Could Be the Latest Trade War Target
Would you still buy your favorite bottle of French wine if it cost twice as much? A battle between the White House and the French government over a tax on big technology companies has President Donald Trump threatening to impose high tariffs on French wine. That has French vignerons nervous.
The spat stems from a law French President Emmanuel Macron recently approved that imposes a 3 percent tax on the revenues of the world’s biggest tech firms. Retroactive to January, the measure affects companies with at least $845 million in global revenues and sales of $28 million in France.
European Union governments have been debating how to fairly tax revenues of foreign tech firms that do big business in their countries but pay very little taxes. While negotiations continue both within the E.U. and the Group of Seven (G7), the alliance of the seven biggest economies in the world, France has decided to impose its own tax for now.
French finance minister Bruno Le Maire insisted at a press conference on July 28 that the new tax is not anti-America. “The first point I want to make very clear to our American friends is that we are not targeting specifically American companies,” he told reporters. While most of the roughly 30 businesses affected are American, the list also includes Chinese, German, British and French companies.
https://www.winespectator.com/articles/french-wine-could-be-the-latest-trade-war-target?utm_campaign=SipsTips073019&utm_source=Sips-Tips-073019&utm_medium=email&utm_content=06136da64d94599140b32229e92119a4
I don't drink a lot of French Wine. I'll never knowingly drink Trump wine.
= new reply since forum marked as read
