European Union "hands olive branch" to Trump administration to drop digital tax plan
2025-07-11 20:22:29
The European Union Commission has abandoned plans to tax digital companies, according to Politico, marking a major victory for US President Donald Trump and US tech giants such as Apple (AAPL. O) and Meta Platforms (META. O). Brussels removed the digital tax option from its seven-year fiscal plan starting in 2028 as trade talks between the US and Europe entered the final stretch, documents show. Top European Union officials are in key talks over the budget plan, days before the budget is announced. The policy shift is a significant shift for the European Union, whose 27 commissioners discussed a budget document in May that also mentioned the idea of taxing tech giants to pay off European Union debt. The sharp turn could be a strategic move by the European Union, which is desperate for favourable trade terms with the US and Mr. Trump has previously threatened retaliatory tariffs on Canada to counter its digital tax policies.
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