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Donald Trump signs memo to impose retaliatory tariffs for digital taxes

Economic Times

Economic Times · 4m ago

Donald Trump signs memo to impose retaliatory tariffs for digital taxes

President Donald Trump signed a memo to impose tariffs on countries taxing U.S. tech firms via digital service taxes (DSTs). The administration aims to counter this by considering tariffs and other measures. Countries like Britain, France, and India impose these taxes on American giants like Google and Amazon. Although President Biden pursued negotiations on a global tax deal, Trump plans to potentially reactivate retaliatory tariffs on imports, aiming to restore fairness in international trade.

Related News

Trump's tariffs have launched global trade wars: Here's a timeline of events

Economic Times

Economic Times · 2m ago

Trump's tariffs have launched global trade wars: Here's a timeline of events

The content outlines the timeline of global trade wars initiated by US President Donald Trump through the imposition of tariffs, primarily targeting China, Canada, Mexico, and the European Union. Trump's tariffs responded with retaliatory measures from these countries, escalating economic tensions. Despite changes in administration, many tariffs remained. The trade wars affected global businesses, commodities, and the prices consumers face. The content further details the specific tariffs and retaliatory measures imposed between January and April of an unspecified year.

India Proposes Retaliatory Tariffs on Select US Goods to Counter US Tariff on Steel, Aluminium

OutlookIndia

OutlookIndia · 2m ago

India Proposes Retaliatory Tariffs on Select US Goods to Counter US Tariff on Steel, Aluminium

India plans to impose retaliatory tariffs on certain U.S. goods in response to the U.S. levying duties on Indian steel and aluminum. The U.S. imposed a 25% tariff on Indian imports, potentially collecting $1.9 billion over $7.6 billion worth of goods. India notified the World Trade Organization about its intention to counter these measures, which were initiated under the Trump administration. The U.S. justifies these tariffs on national security grounds, complicating ongoing trade negotiations between the two nations.

Donald Trump orders tighter restrictions on Chinese investments in key sectors

Economic Times

Economic Times · 4m ago

Donald Trump orders tighter restrictions on Chinese investments in key sectors

US President Donald Trump signed a memo to impose tighter restrictions on Chinese investments in strategic sectors like technology and critical infrastructure to protect national security interests. The memo criticizes China for leveraging U.S. capital to develop its military and intelligence capabilities. It directs the Committee on Foreign Investment in the United States (CFIUS) to evaluate and restrict Chinese investments in key sectors. This action aligns with recent trade tensions and additional duties imposed on Chinese imports.

Apple shares lead tech higher after tariff exemptions

Economic Times

Economic Times · 3m ago

Apple shares lead tech higher after tariff exemptions

Apple's shares surged over 6% in Frankfurt following the U.S. decision to exempt smartphones, computers, and certain other electronics from tariffs, benefiting mainly imports from China. Other tech stocks, including Nvidia, Dell Technologies, and ASML, also experienced gains. Nasdaq futures rose by 1.6% during early European trading. Despite these positive movements, uncertainty loomed as U.S. President Donald Trump indicated plans to impose tariffs on imported semiconductors soon.

'Exposed to disproportionate impacts...': Trump’s tariffs hit Tesla, Musk-led company warns of potential job losses

Business Today

Business Today · 4m ago

'Exposed to disproportionate impacts...': Trump’s tariffs hit Tesla, Musk-led company warns of potential job losses

Tesla is facing potential retaliatory tariffs due to Trump's trade policies, which might affect U.S. automakers. As Trump considers imposing tariffs on global vehicle parts, Tesla and other exporters are worried about reciprocal actions. Canada is already reacting by adjusting policies against Tesla, like excluding it from BC Hydro's rebates. Tesla, reliant on parts from Mexico and Canada, calls for a phased policy approach, while Canadian tariffs are being considered.

Germany seeks to levy 10% tax on online platforms like Google

Economic Times

Economic Times · 1m ago

Germany seeks to levy 10% tax on online platforms like Google

Germany is considering a 10% tax on large online platforms like Google and Facebook, aiming to address what it views as tax evasion and insufficient contributions to society by these companies. This proposal could increase trade tensions with the U.S., given past retaliatory actions by the Trump administration against countries imposing similar digital taxes. Germany's ruling coalition supports this tax, joining other countries with similar levies. The culture minister criticizes these platforms for monopolistic practices and restricted competition.

Donald Trump's US tariffs may impact India’s GDP by 0.1-0.6%: Goldman Sachs

Business Today

Business Today · 4m ago

Donald Trump's US tariffs may impact India’s GDP by 0.1-0.6%: Goldman Sachs

Goldman Sachs suggests India's GDP could decrease by 0.1 to 0.6 percentage points if the US, under President Trump's administration, raises tariffs on all US imports to align with the tariff differential between India and the US. President Trump emphasized a new trade policy prioritizing fairness and reciprocity, indicating the US would implement reciprocal tariffs to mirror the tariffs other countries impose on American goods, potentially impacting global trade dynamics.

HMD looks to strengthen exports from India amid rising US-China trade tensions | Company Business News

Livemint

Livemint · 7m ago

HMD looks to strengthen exports from India amid rising US-China trade tensions | Company Business News

Finnish company Human Mobile Devices (HMD), maker of Nokia-branded mobile phones, is increasing its manufacturing capacity in India to meet the expected rise in exports to global markets. This comes as the incoming US government under President-elect Donald Trump is likely to impose higher tariffs on Chinese products. HMD aims to raise exports from India to over four million, with a focus on the US and Europe. The company is working with the Indian government to develop a local component manufacturing ecosystem. HMD also plans to introduce new form factor devices to gain market share in India.

Trump targets semiconductors as tariff relief for tech firms nears end

Economic Times

Economic Times · 3m ago

Trump targets semiconductors as tariff relief for tech firms nears end

US President Trump plans to impose new tariffs on semiconductors, addressing perceived unfair trade practices, particularly by China. This follows temporary tariff exemptions for key tech items like smartphones and laptops to mitigate inflation and supply chain issues. Major firms like Apple benefited but remain reliant on Chinese manufacturing. The White House emphasizes reducing dependence on China, prompting companies to consider shifting production elsewhere, including India. New tariffs could lead to significant price increases for US consumers.

Trump signs order to establish strategic bitcoin reserve

Economic Times

Economic Times · 4m ago

Trump signs order to establish strategic bitcoin reserve

U.S. President Donald Trump signed an executive order to establish a strategic bitcoin reserve using bitcoin from criminal or civil forfeitures. The planned reserve will include five digital assets: bitcoin, ether, XRP, solana, and cardano. While proponents see potential taxpayer benefits from crypto's price growth, the move has drawn criticism regarding potential conflicts of interest, given Trump's family's involvement in cryptocurrency ventures. Concerns also arise over favoring an already affluent crypto industry.

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