President Trump has reached a truce with French President Emmanuel Macron in their dispute over digital taxes, a French diplomat said, according to a Los Angeles Times report. As a result, neither the U.S. or France will impose punitive tariffs this year.
“Great discussion with @realDonaldTrump on digital tax,” Macron said in a tweet, Monday. “We will work together on a good agreement to avoid tariff escalation.”
According to the French diplomat, France and the U.S. will continue negotiations along with their European partners until the end of 2020 to agree to a global framework that ensures tech companies pay an appropriate amount of tax, according to the report.
Before the agreement, the U.S. contemplated targeting French wine and cheese with tariffs of as much as 100 percent. The French government had warned that the E.U. would retaliate if the U.S. imposed additional tariffs. Full Story
Related: Panelists Provide Updates on Regulatory Challenges; USTR Reviews EU Items Under Tariff.
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