With the GAFA tax, an acronym for Google, Apple, Facebook and Amazon, France becomes the first major economy to tax tech giants, defying US President Trump's probe that could trigger reprisal tariffs.
The new law aims at plugging a taxation gap
The US president has imposed tariffs on Mexico to punish the country for failing to stop the flow of migrants towards the US border. It’s a tactic he uses frequently to pressure rivals.
Trade talks between the US and China end without a deal, but negotiators from both sides say they held "constructive" talks that went "fairly well" after the US raised tariffs on $200 billion in Chinese goods and Beijing promised to retaliate.
The talks were thrown into disarray this week after top US trade negotiator Robert Lighthizer and Treasury Secretary Steven Mnuchin accused the Chinese of reneging on commitments they made earlier.
Stocks fell a day after Washington accused Beijing of backtracking on key commitments, marking a reverse in hopes which saw markets rally to new highs in recent days.
China says its top trade negotiator and vice premier Liu He will visit Washington for a new round of talks this week despite a US pledge to go ahead with a tariff hike on Chinese goods.
The USPresident Donald Trump announced increasing of tariffs on $200 billion of Chinese goods ahead of scheduled talks with China, causing the Asian markets to tumble in early trade on Monday.
US Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin expected to resume talks in Beijing with China's top economic official Liu He, the first since China put into law new measures seen as an olive branch in their stand-off.
The two-week gathering of the congress's 3,000-plus delegates in the Great Hall of the People is a grand political spectacle. But it does little law making, serving as a platform to highlight the government's plans for the year and earn endorsement.
Top officials from the world's two biggest economies held two days of talks, hoping to at least create sufficient goodwill to stave off an escalation of their tariff war. The talks ended without any signs of specific progress.
US President Donald Trump says he expects to meet with his Chinese counterpart Xi Jinping and will try to reach a final resolution to the six-month trade standoff.
The three-day talks between the United States and China ended on Wednesday. US President Donald Trump tweeted that they were "going really well!" Asian stock markets responded well to the news that the two-day meetings would extend to three days.
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