The decision will affect efforts to forge agreement among almost 140 countries on a global digital tax overhaul
US trade representative Robert Lighthizer at a hearing on Capitol Hill, in Washington, the US, June 17 2020. Picture: ANDREW HARMIK / AFPTreasury secretary Steven Mnuchin withdrew the US from international talks over a digital tax deal after failing to reach an agreement with countries looking to place levies on the revenue of American tech companies, US trade representative Robert Lighthizer said on Wednesday.
“We have a situation where a variety of countries have decided that the easiest way to raise revenue is to tax somebody else’s companies and they happen to be ours,” Lighthizer said. “The US will not let that happen.” “The answer is that we need an international regime that not only focuses on certain size and certain industries but where we generally agree as to how we’re going to tax people internationally,” he said. “So I think there is clearly room for a negotiated settlement.
The US also announced investigations into Austria, Brazil, the Czech Republic, the EU, India, Indonesia, Italy, Spain, Turkey, and the UK in June that could also lead to more tariffs.France’s finance minister Bruno Le Maire has said the US has been the lone holdout in reaching a deal, but still thinks it’s possible to have an agreement this year.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
US airlines threaten to ban passengers who refuse to wear masksUS airline passengers who refuse to wear face coverings during the novel coronavirus pandemic could have their flying privileges revoked.
Read more »
Ramaphosa’s Covid-19 warning: ‘Virus will be with us for many years’President Cyril Ramaphosa said confronting the Covid-19 pandemic was not a sprint, but a marathon race. He also warned that the Eastern Cape was a few weeks away from Western Cape levels.
Read more »
Trump-Comey clash coming to US television after November electionJames Comey’s firing by Donald Trump in 2017 triggered a 22-month long investigation by Special Counsel Robert Mueller to investigate Russian election interference in 2016.
Read more »
OPINION: How the George Floyd movement plays into the US electionsThe 'George Floyd incident' is changing the landscape of the U.S. election, and it does not look likely that Trump will be triumphant this time around.
Read more »
'This is racial,' US protesters insist after hanging death of black manAuthorities initially labeled Fuller's death a suicide, but then backtracked following an outcry from his family and civic leaders who demanded a full investigation and have sought an independent probe and autopsy.
Read more »