EU Scrutinizes American Tech Giants, Trump Calls it Corporate Tax
In a virtual address at the World Economic Forum in Davos, President Trump criticized the European Union's antitrust lawsuits against American tech companies. He asserted that the billions in fines imposed by the EU amounted to a tax on US corporations.
Trump specifically cited Apple's $15-16 billion fine, Google's $2.7 billion penalty, and Meta's $1.3 billion fine for alleged antitrust violations. He argued that these companies are American businesses and should not be unfairly targeted.
The EU has aggressively pursued antitrust actions against US tech giants in recent years. Most notably, it imposed a 13 billion euro fine on Apple for unpaid taxes in Ireland. Google and Meta have also faced fines for allegedly abusing their market dominance in Europe.
Amazon and Microsoft have also drawn the EU's attention, with Amazon facing potential fines of $47 billion and Microsoft facing objections over its business practices.
The EU is not the only jurisdiction taking on Big Tech. In the US, the Department of Justice has filed antitrust suits against Google, Apple, Amazon, and Meta, alleging anti-competitive behavior and illegal monopolies.
Despite Trump's criticism of the EU, some Big Tech CEOs have sought to cultivate relationships with him. Zuckerberg, Bezos, Pichai, Cook, and Altman all donated to Trump's inauguration, and Bezos and Trump have recently expressed support for one another.
With Trump's second term on the horizon, it remains to be seen whether the regulatory landscape for Big Tech will shift in their favor.