US Threatens with 25% Tax on French Luxury & Beauty

Finance and Trade
12/07/2020 09:18

Bloomberg reports that in a response to France's plans to start taxing US-based tech companies, which were the result of failed EU-US negotations a month ago when the US representative walked out, the US is now planning to impose a 25% tax on luxury (especially handbags) and beauty products imported from France. The total value of the goods listed by the US Trade Representative's website, Bloomberg reports, amounts to roughly 1.3 billion US$. The tax will be suspended and will go into effect in January 2021, if by that time an agreement hasn't been reached.