US, France reach truce on tech taxes



January 28, 2020 - 1:20 PM

For the sake of consumers and producers everywhere, this international dispute should be settled without threats and tariffs.

The recent trade truce between President Donald Trump and French President Emmanuel Macron did more than spare France’s wine, cheese and lipstick industries from up to 100% U.S. tariffs.

It also presents breathing room for an international agreement governing how to tax U.S. tech firms with worldwide reach such as Facebook and Google parent company Alphabet Inc.

France last year said it would impose a 3% tax on the revenue of tech companies with more than $832 million in annual sales. Italy and Great Britain have similar taxes set to take effect this year.

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