Trump threatens retaliation against UK over tax on tech giants

https://www.thetimes.com/uk/politics/article/trump-threatens-retaliation-against-uk-over-tax-on-tech-giants-jc6fqsxtx

by ByGollie

43 comments

  1. I’m in the archive webmirror queue – i’ll post the full article when it appears

    i’m down from 780 to 580 in the queue after 35 minutes

    Trumps got the web mirror apps working overtime.

    2 hours later – done

    >
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    > ****
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    > Trump threatens retaliation against UK over tax on tech giants
    >
    > The president has withdrawn US support for the global minimum rate, casting doubt on its future and potentially blowing a hole in Britain’s public finances
    >
    > Steven Swinford, Political Editor |
    >
    > Oliver Wright, Policy Editor
    > Wednesday January 22 2025, 7.30pm GMT, The Times
    >
    >
    > Donald Trump withdrew US support for a 2021 pact agreed under Joe Biden
    > President Trump has warned Britain and other major economies that they face reprisals over taxes that hit American tech giants and other multinational companies.
    >
    > The UK, along with the US, signed an international commitment to a global minimum corporate tax rate of 15 per cent.
    > Under the arrangement, companies that operate abroad and pay lower rates have to pay “top-ups” to HMRC on UK profits until they reach the 15 per cent threshold.
    >
    > The Office for Budget Responsibility has said the measures are expected to generate £2.8 billion a year by the end of this parliament.
    > Trump cast doubt on the future of the pact when he withdrew US support, potentially leaving a significant hole in Britain’s public finances.
    >
    > He also warned that countries which use the deal to impose taxes on American tech firms could face retaliation.
    >
    > The OECD global tax pact was signed by the US, the UK, the EU member states, South Korea, Japan and Canada. It was intended to prevent major companies playing countries off against each other to lower their tax bills.
    >
    >
    > Guests at Trump’s inauguration on Monday included Meta’s Mark Zuckerberg, Amazon’s Jeff Bezos, the Google chief Sundar Pichai and Elon Musk
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    > Trump is concerned that the agreement is damaging US business. His new administration said: “The global tax deal has no force or effect in the United States.”
    >
    > He said in a memo published on Monday that his government would investigate “whether any foreign countries are not in compliance with any tax treaty with the US or have any tax rules in place, or are likely to put tax rules in place, that are extraterritorial or disproportionately affect American companies”.
    >
    > He has demanded “a list of options for protective measures or other actions that the US should adopt”.
    >
    > It will increase concerns in Whitehall that the Trump administration could damage Britain’s economic prospects. Trump has threatened to impose 10 per cent tariffs on all imports to the US, although he has not set out any details since his inauguration on Monday.
    > • Trump threatens to double taxes for foreign nationals
    >
    > Allie Renison, associate director of the consultancy SEC Newgate and a former government trade advisor, warned that Trump’s move left the government between a “rock and a hard place”.
    >
    > “This decision by has put the UK in a difficult position. Ministers will now have to decide whether to push ahead with the tax plan and risk retaliation by the US administration, for example through tariffs, or scrap it.
    >
    > “But the money it is due to raise has already been accounted for in the government’s spending plan so they would have to find it from elsewhere. They are between a rock and a hard place.”
    >
    > The tax deal was agreed at the Paris-based OECD in 2021 with the support of President Biden. Under “pillar two” of the deal, if corporate profits are taxed at below 15 per cent in a country where a multinational company has its headquarters then signatories are able to charge top-up levies.
    >
    > The pact has been heavily criticised by the Republicans, who have called it “discriminatory”.

  4. The era of oligarch capture of America is upon us. One party swears total fealty and is the majority. In the courts and congress, and the Presidency

  5. Just do it already you absolute pathetic piece of shit. As a European I am more than happy to pay the increased prices and rather have that our governments do not move an inch to appease this fascist fool.

    Also, as Europeans we should all get off Meta. I mean it. If you still have accounts; delete your Facebook, Instagram and Threads accounts (**just do it tonight**) and, gradually (or just cold turkey) make the switch to Signal instead of WhatsApp or Messenger. Tell your contacts that from now on you can be found on there, or they can just SMS or call you if needed. Zuckerberg is going to work together with the Trump administration to put pressure on Europe to loosen laws on his garbage data stealing apps. Let’s call it a stop here. People need to start realising we do not need Zuckerberg’s crappy apps that are basically just advertising channels by now. Stop making excuses and just go through the slight inconvenience of deleting your accounts and changing to alternative messaging apps. Also, your life will literally improve without Instagram and Facebook. Let me know if you want to know about alternatives and I am happy to help. Pay this message forward, let’s do our share and tank the value of Meta.

  6. Fool likes to threaten everyone. I´m certain he´s gonna make America great again. A Great Fool.

  8. Tax the fuck out of the tech giants and support your own companies

  11. The same “Christian” president crying over being preached at by a priest about compassion… fuck off snowflake

  12. Literally every CEO in the US, tech industry or otherwise knows that if they kiss enough Trump ass and line his pockets in some way they’ll be protected. It’s essentially an Oligarchy. handed to them largely by the least well off. Ultimate irony.

  13. LOL, he’s trying to pick a fight with everyone, isn’t he? That might not end well if everyone he’s picking on will fight back.

  14. I think Trump is serious here. We are not used to imperialistic USA approach toward Europe but that’s how Trump wants to do things.

  15. It’s time to fight big tech. Nothing good will come of this.

  17. How to remain relevant without actually being relevant.

  18. Imagine if the whole world stood against USA! They all called in the debts, America would be completed annihilated, 3rd world country.

    foreign holders of US debt should threaten to call in their debts as a retaliating measure to tariffs then you watch President Trump run scared .

  19. And this is why I say countries should fine and tax the guck out of big tech and disregards USA section 230 laws

    Imagine all companies got taken to task on paid scam ads on the internet

  20. This is ridiculous. Each country can set whatever taxes they want. The US government shouldn’t be interfering with that at all. If the businesses themselves don’t like it they know where the door is.

  21. The UK cannot alter their policies around what trump says, because it’s different every day.

  22. Chill guys. It happens….your good friend with whom you sometimes had tiffs…but lots of good memories…sometimes they turn nazi. it happens.

  23. Our European leaders are woefully unprepared and uninspiring. We need leaders that are up for the challenge, speak the EU and UK up, work together and are ambitious.

    Tax these lads higher if they start threatening. They’re not needed

  24. We all need to stand together against this malignant narcisssism. Dude wins by a slim margin and thinks he’s the king of the planet.

    UK could maybe come back to the EU and we should have free trade between all of Trump’s targets. Imagine a free trade agreement between EU – UK – Canada – Mexico and maybe Panama and other Middle and South American countries that get a foul taste in their mouth from renewed American imperialism.

    We might just soften the blow while Trump’s economy crumbles and have the door open for the next democrat candidate to join in and immediately lower the price of everything by like 20% by cancelling the mutual tariffs.

  26. Bring it.

    We need the strongest of possible resistance to the US right now. Sir Kier needs to show some fucking leadership.
    They hate him and Labour. There is no point trying to appease him.
    Oppose the evil with full chest.

  27. Threatening every country on the planet is guaranteed to backfire. Between reverse tariffs and boycotts the end result for the average American Joe will not end up well.

  29. Only maga-rats are able to remain blind to the fact that tRump has been “bought off,” bribed, on-the-take from big tech.

  30. In other UK news, Scotland has announced the opening of a giant new outdoor shitter coming this summer up near Aberdeen. With 18 hand selected, marked locations for the ultimate shit with a view.

  31. At a Brit, I hope that this drives us back to the EU, I miss my euro buddies and I despise the idea of pandering to tyrants.

    Hell, if they offered us a speedy readmission, I bet we’d be back in before we knew it. (Pipe dream I know)

  32. If only there was a way for the uk to get together with other likeminded countries to pool their economic strength and increase their bargaining power. You know, act as one economic block.

  33. He is the president of threat, impose tariff, hate poors and love dictator, fascist and billionaires.

  34. He’s threatening American allies and his “friends” that lead China and Russia.

    That’s fine. America elected him twice and the collective world hears that America wants a dictatorship and can fend for itself.

    America can go ahead to nationalize everything, approve mass immigration of unskilled workers and devolve into an isolationist nation, which is the true economic warfare that was waged against America from Russia and China.

    The rest of the world will move on from
    America.

  35. So… How will he satisfy his greed addicted monkey on this???

  41. America is second Russia. But this time shit is in golden paper

  42. If Canada get tariffed then they should join the EU, along with UK too while we’re at it. Not saying it’ll ever happen, but an interesting idea. Keep Greenland in EU too.

  43. I know other European countries aren’t a fan of Ireland and our relationship with the US but we’ve fuck all else going for us… I don’t want to go back to eating nothing but feckin potatoes and living in a hovel please. Stuck between hating the US and their tech companies and feeding my family :/

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