Donald Trump raised concerns about European Union fines levied against American tech companies during a recent dinner with industry leaders at the White House. In response, Trump charged that the fines were discriminatory. To accompany the announcement, he too threatened to initiate a trade investigation against what he purports are unfair penalties that’s harming U.S. innovation and job creation.
During the dinner, Trump expressed frustration over the EU’s actions, stating that they were “effectively taking money that would otherwise go to American Investments and Jobs.” Of course his comments came immediately after Google was whacked with a record $3.5 billion fine. This fine was related to an antitrust lawsuit that was recently filed against its ad tech firm. This fine represents a pivotal point for the tech behemoth that has come under fire from regulators around the globe.
Trump’s remarks highlighted his administration’s ongoing concern regarding the treatment of American companies abroad. He made it clear that he is prepared to take bold action if these practices persist.
“We cannot let this happen to brilliant and unprecedented American Ingenuity and, if it does, I will be forced to start a Section 301 proceeding to nullify the unfair penalties being charged to these Taxpaying American Companies.” – Donald Trump
Tensions are boiling over between American technology companies and European regulatory authorities. Industry titans are already looking with concern to Trump’s trade investigation threats. He emphasized that such fines are “very unfair,” asserting that the “American Taxpayer will not stand for it!” This assertion highlights his administration’s priorities in safeguarding American enterprises from harmful, in its eyes, foreign regulation.
This turn of events raises important questions around the EU–U.S. tech companies. These firms are now having to figure out a politically charged and dichotomous regulatory landscape in multiple jurisdictions. Trump’s promised actions would turn the international trading system on its head. They can change the competitive environment for American tech companies.