Publicado: Mier, Diciembre 04, 2019
Financiera | Por Marilu Caballero

United States threatens tariffs on French goods over digital tax

United States threatens tariffs on French goods over digital tax

"Trump weighed in today during a meeting with North Atlantic Treaty Organisation leaders in London, saying: "[France is] starting to tax other people's products so therefore we're going to tax them.

"I think that it is not that hard", Li Yong, deputy chair of the expert committee of the China Association of International Trade, told the Global Times on Sunday. "But they want to make a deal now, and we'll see whether or not the deal's going to be right; it's got to be right".

BNN Bloomberg Commentator Andrew McCreath discusses Trump's comments regarding the U.S.

Hermes HRMS.PA was around 1.9% lower, while LVMH LVMH.PA and Kering PRTP.PA fell 1.3% and 1.2% respectively.

Investors piled into government bonds, driving the yield on the 10-year US Treasury note to a one-month low near 1.7 percent. Trump on Monday signalled he wants the Federal Reserve to act to weaken the dollar.

The remarks suggested another round of China tariffs - due 15 December - might become reality, sending U.S. shares to their largest losses in weeks.

Additional duties of up to 100 percent have been suggested, alongside "the option of imposing fees or restrictions on French services".

But Trump's most recent trade actions may leave Chinese officials concerned about whether he would uphold an initial deal.

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Trump announced the move earlier on Monday after accusing the two Latin American countries of overseeing over a significant devaluation of their currencies.

The comments came after the US Administration threatened France with 100% tariffs on exports, including luxury goods and wine, worth $2.4 billion, after a US investigation found that the digital tax "discriminates against US companies" like Google, Apple, Facebook and Amazon. While the proposed tariffs directed at France are small in comparison to the China levies, a US move on a member of the European Union might open Trump up retaliation from Brussels. If the USA continues the trade war, China will fight back.

As a result, the USA initiated a process to increase the tariff rates already imposed on a long list of European goods, especially from France, Spain, Germany and the United Kingdom, the countries behind the Airbus consortium.

United States officials reportedly asked France to refrain from adopting the new legislation and called for an open discussion on the matter.

Trump said he has "no deadline" for the trade talks, indicating that he does not mind if the negotiations become protracted. He said later in a meeting with Canadian Prime Minister Justin Trudeau that he won't sign a deal unless it's a "good deal".

Rosario said the European Union would seek immediate discussions with the United States on how to resolve the dispute and avoid a confrontation. "And China is paying for it, and China is having by far the worst year that they have had in 57 years". "If and when that happens (the imposition of U.S. tariffs), we will take it from there".

China reported its slowest economic growth in 27 years in October as the trade tensions with the USA hit its manufacturing sector.

There were also hopes that the USA and China might strike a limited "phase one" deal to avert the 15 December round of tariffs, which will affect a wide range of consumer goods, including Apple products, clothing and Christmas lights.

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