|
|
|
|
|
|
|
|
|
|
Trump Threatens New Tariffs on Countries That Tax Tech Companies
|
|
|
|
|
|
Good morning, CFOs. President Trump vows to retaliate against nations that he views as discriminating against American tech companies; Exxon’s secret talks about going back to Russia; plus, Trump weighs quickly announcing a nominee to replace Lisa Cook on the Fed board.
|
|
|
|
|
|
|
|
President Trump on Monday. PHOTO: AL DRAGO/BLOOMBERG NEWS
|
|
|
|
|
|
The U.S. will increase tariffs and impose export restrictions on countries that tax or regulate U.S. tech firms, President Trump said on Monday evening, in his most direct threat to retaliate against nations that he views as discriminating against companies such as Google and Meta Platforms.
“I put all Countries with Digital Taxes, Legislation, Rules, or Regulations, on notice that unless these discriminatory actions are removed, I, as President of the United States, will impose substantial additional Tariffs on that Country’s Exports to the U.S.A., and institute Export restrictions on our Highly Protected Technology and Chips,” Trump wrote in a post on his Truth Social platform.
Although Trump has at times clashed with big tech companies over censorship and other domestic issues, his administration has taken up their cause across a number of trade negotiations.
Trump and his team have long opposed proposals from the European Union, Canada and other nations to regulate and tax tech firms and web platforms—many of which are American. Earlier this year, he threatened higher tariffs on Canada, forcing it to back away from a digital tax proposal, and initiated a tariff investigation in response to Brazilian tech laws. European digital policies have also been a key issue in trade negotiations between Washington and Brussels, and the recent tariff deal between the economies appeared to leave the issue unresolved.
|
|
|
|
|
Content from our sponsor: Deloitte
|
|
|
It Is Time to Radically Transform Cyber
|
|
It is no longer adequate to keep patching up the walls of the cyber house; it is time to take it down to the studs and rebuild it stronger and ready to withstand the coming decades of technological advancement. Read More
|
|
|
|
|
|
|
|
|
|
|
|
📆 Earnings
-
Abercrombie & Fitch
-
Agilent Technologies
-
HP
-
J.M. Smucker
-
Kohl’s
-
Nvidia
-
Urban Outfitters
|
|
|
|
What Else Matters to CFOs
|
|
|
|
|
|
|
President Trump and Russia’s President Vladimir Putin met earlier this month in Anchorage, Alaska. PHOTO: JULIA DEMAREE NIKHINSON/ASSOCIATED PRESS
|
|
|
|
|
|
Exclusive: After huddling with President Trump in Alaska, President Vladimir Putin told reporters Russia and the U.S. could do more business together—for example, between their Pacific coastlines.
“We look forward to dealing,” Trump replied.
What the two leaders didn’t say: Behind closed doors, their countries’ biggest energy companies had already sketched out a road map to going back into business, pumping oil-and-gas fields off Russia’s far-east coast.
In secret talks with Russia’s biggest state energy company this year, a senior Exxon Mobil executive discussed returning to the massive Sakhalin project if the two governments gave the green light as part of a Ukraine peace process, said people familiar with the discussions.
|
|
|
|
|
|
|
|
|
|
|
“We have some very good people for that position.”
|
|
—President Trump told reporters at the White House Tuesday, speaking of the job of Lisa Cook on the Federal Reserve’s board of governors. Cook has said she won’t resign and has threatened legal action.
|
|
|
|
|
|
|
|
|
British American Tobacco, the U.K.-based tobacco group, said CFO Soraya Benchikh was stepping down with immediate effect after just over a year in the role. The company, which makes the Kent and Lucky Strike brands, is launching a recruitment process to find a new CFO. Benchikh, who has been CFO since May 2024, remains available to support the transition until the end of the year, the company said. Until a successor is found, Javed Iqbal, currently director, digital and information, is taking on the role on an interim basis. Before her appointment to the CFO post, Benchikh served as managing director for Northern Europe at drinks
group Diageo. Prior to that, she had been with BAT in various roles for 20 years, the company said at the time of her appointment.
—Sarah Sloat contributed to today’s Ledger.
|
|
|
|
|
|
|
|
|
The Wall Street Journal's CFO Journal offers corporate leaders and professionals CFO analysis, advice and commentary to make informed decisions. We cover topics including corporate tax, accounting, regulation, capital markets, management and strategy.
Follow us on X @WSJCFO. The WSJ CFO Journal Team comprises reporters Kristin Broughton, Mark Maurer and Jennifer Williams, and Bureau Chief Walden Siew.
You can reach us by replying to any newsletter, or email Walden at walden.siew@wsj.com.
|
|
|
|
|
|
