The U.S. and France struck a deal on a global framework for digital taxation Wednesday to avert a transatlantic trade war, French Finance Minister Bruno Le Maire said.
At a meeting with U.S. Treasury Secretary
“We now agree on a shared global framework,” Le Maire told reporters at a briefing in Davos, Switzerland.
The deal provides some respite from escalating threats between the U.S. and the EU. The U.S. was ready to impose tariffs as high as 100% on $2.4 billion of signature French goods including sparkling wine and cheese. The European Union, Le Maire has said, would have responded “fast and strongly” with retaliatory tariffs.
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