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Trump Eyes Tariffs to Counter Digital Taxes Despised by Big Tech
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February 21, 2025
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3:57Now PlayingPresident Donald Trump is expected to sign a memorandum Friday that opens the door to levies in response to digital services taxes some countries impose on US tech giants, people familiar with the plans said, the latest step to expand a tariff war aimed at addressing imbalances in global trade.
The memo, which the people familiar discussed on condition of anonymity before it is made public, focuses broadly on digital trade issues. Friday’s action directs the Office of the US Trade Representative to develop remedies for the taxes that foreign governments impose on US tech companies such as Alphabet Inc. and Meta Platforms Inc., the people said.
The memo is not expected to implement tariffs immediately and it does not set a timeline for when such duties might take effect, according to the people familiar.
Robert Kaplan, Vice Chairman at Goldman Sachs and former President and CEO of the Federal Reserve Bank of Dallas, discusses how Trump's slew of tariff proposals might ripple through the American economy and impact the Federal Reserve's near-term monetary policy path. Mr. Kaplan speaks with Tom Keene and Paul Sweeney on Bloomberg Radio.
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