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U.S. moving to impose retaliatory tariffs on countries taxing digital goods


 
The U.S. plans to enact new retaliatory tariffs on nations that tax digital goods from American internet companies, including those that tax App Store purchases.
The Office of the United States Trade Representative (USTR) has proposed tariffs that are approximately equal to taxes that various countries are requiring of international tech companies.
Bloomberg estimates that the total annual value of the duties reaches $880 million.
The USTR s retaliatory tariffs would tax imports as much as 25% annually from a list of countries that includes the U.K, India, Spain, Italy, Turkey, and Austria.
The countries currently charge anywhere from a 2% to 5% tariff on digital-services revenue for various online activities. Details vary by country but apply to income from online areas like digital marketplaces, advertising, software-as-a-service, social media, and search engines. ....

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G7 pressure on China over subsidies 'doomed to fail' even as Biden administration gathers coalition


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Pressure from the G7 to force China to change its economic behaviour is “doomed to fail”, and Beijing might simply choose to ignore it if external pressure continues to mount, experts said.
On Wednesday, trade ministers from the Group of 7 (G7) – the United States, Germany, Britain, France, Canada, Italy and Japan – pledged collective action against “harmful industrial subsidies” without naming China directly.
British Trade Minister Liz Truss, with Britain the current president of the bloc, had said before the inaugural meeting under the new G7 Trade Track that it was time for the group to “get tough on China and their behaviour in the global trading system”. ....

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