US pushes with tit-for-tat tariff plans against 6 nations over digital taxes
Documents published by the US trade representative show that America is pushing with its plans to impose retaliatory tariffs on six nations that tax US digital companies. The new tariffs that could be around US$1 billion a year. Media reports said goods entering the US, like Austrian grand pianos, British merry-go-rounds, Turkish rugs and Italian anchovies, could face up to 25% in tariffs a year.
Unfortunately, this type of retaliatory stupidity only hurts the end consumer with increased costs while lining the pockets of government with their added taxation spat.
Are those services taxed in those nations, and does the US have the authority to dictate what goods and/or services other nations decide to levy taxes on in their own territories?
This basically puts that merry-go-round out of my condo remodel budget. 😦
Forget democracy and human rights in your countries. We don't care. We barely care about them in our own country. Just don't mess with our boy, Facebook.
Ugh....where to begin? We are now the global enforcers for corporate monopolies? How will the government funnel the revenues back to the companies? Does the projected revenue take into account the loss of sales? Where have all the real economists gone?