As per the US Trade Representative (USTR), quoted by CNN, the US government announced new, suspended tariffs on Wednesday against six countries in response to those governments’ digital services taxes.
Details of the report also mention, “The six countries subject to the tariffs, which are set at 25% on about $2 billion worth of goods, include Austria, India, Italy, Spain, Turkey and the United Kingdom.”
“The additional duties will be prevented from taking effect for up to 180 days while the US continues negotiating on a proposed global tax regime through the Organization for Economic Co-operation and Development and the G20 process,” added USTR, per CNN.
Market implications”¦
Although the news seems positive on the face, it does encourage taxing big-tech companies and suggests further hardships for Wall Street. However, no major reaction was given to the news on the release.
Read: Wall Street Close: Mildly bid as US Treasury yields slip amid pre-NFP caution
Share
