The French finance minister says it will continue to implement a plan to tax technology companies, despite a threat of French goods rates from US president Donald Trump, according to Reuters.
The country's senate passed the controversial law earlier this month and it was signed in law by President Emmanuel Macron this week. The bill places a 3 percent tax on technology companies that earn more than € 750 million ($ 834 million) in worldwide revenue and € 25 million in France, and would focus on the revenue these companies earn in the country. According to The Washington Post, that would affect nearly 30 companies around the world, not just companies from the United States.
In response, Trump tweeted yesterday that the White House would "announce substantial mutual action," and that he could levy a tax on French wine. The Office of the Trade Representative of the United States had also opened an investigation into the tax. The White House has yet to announce the form in which "mutual action" will take place, but French Finance Minister Bruno Le Maire urges the US to "not confuse the two issues", referring to Trump & # 39 ; s mocking his wine, and said the countries should "agree on fair taxation of digital activities."