President Donald Trump continues to put his America First agenda at the forefront of his administration’s actions.
On Friday, he issued a memo aimed at protecting American innovation and business from what he described as “overseas extortion.” The order included language that could result in tariffs being imposed on any country that engages in “one-sided, anti-competitive” taxation or financial penalty on the United States.
The order, titled “Defending American Companies and Innovators From Overseas Extortion and Unfair Fines and Penalties,” would give the Trump administration the power to assess and offset any actions taken against America by other countries.
“My Administration will not allow American companies and workers and American economic and national security interests to be compromised by one-sided, anti-competitive policies and practices of foreign governments,” Trump wrote on Friday. “American businesses will no longer prop up failed foreign economies through extortive fines and taxes.”
The order would also allow the administration to reopen investigations into digital service taxes (DSTs), which were initially started under the president’s first term, and determine if “any additional countries that use a DST to discriminate against U.S. companies.”
“European countries, including Austria, Spain, Italy and France, alongside Canada and India, have imposed taxes on the total revenue of tech companies such as Apple, Google, Amazon and others operating inside them,” The Hill reported.
“All of these measures violate American sovereignty and offshore American jobs, limit American companies’ global competitiveness, and increase American operational costs while exposing our sensitive information to potentially hostile foreign regulators,” said the White House.
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Sierra Marlee is a millennial whose hunger for the truth in a world of fake news has led her to write. Marlee also contributes to BizPac Review.
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