French Finance Minister Bruno Le Maire said on Friday that the government guaranteed support to all economic sectors that were threatened by the new US tariffs
PARIS (Pakistan Point News / Sputnik - 13th December, 2019) French Finance Minister Bruno Le Maire said on Friday that the government guaranteed support to all economic sectors that were threatened by the new US tariffs.In early December, Washington said it would introduce tariffs up to 100 percent on certain French products, including cheese, wine, handbags and lipstick, in retaliation to France's discriminatory decision to impose the 3 percent digital tax.
"This morning, I held a meeting in Bercy [Finance Ministry] with the representatives of the economic sector, who were threatened by the US sanctions. They can count on our full support," Le Maire wrote on Twitter.
The finance minister added that the threats posed by Washington's sanctions were unacceptable.
"Our priority is to find an international solution in the OECD [Organization for Economic Co-operation and Development] on digital taxation. If necessary, we are ready to respond at the European level," Le Maire said.
In July, the French parliament adopted a law on taxing services of tech giants. The tax targets US heavyweights Google, Amazon, Facebook, Apple, occasionally referred to as GAFA, as well as several other companies. The new tax is to be applied to companies that have a total annual revenue of more than 750 million Euros (about $833 million) with more than 25 million euros in France. They will be required to pay a 3 percent tax on annual sales generated in France.
