EU Antitrust Fines on US Tech Giants Criticized by President Trump
On Thursday, President Trump denounced the European Union (EU) for its antitrust cases against American technology firms. He accused the EU of levying billions of dollars in fines, which he described as a "tax" on US corporations.
During a video address at the World Economic Forum in Davos, Switzerland, Trump criticized the EU's treatment of US companies. He mentioned specific cases involving Apple, Google, and Facebook, where the EU imposed hefty fines. "They are American companies, whether you like them or not," Trump stated, "and they shouldn't be doing that."
The EU's crackdown on the power of US tech companies has escalated in recent years. Most notably, Apple was fined 13 billion euros for unpaid taxes in Ireland, affecting the company's earnings per share. Google was fined 2.7 billion euros for using its price comparison tool to impede rivals in Europe. It also faces an ongoing antitrust case related to its Android operating system. Meta (formerly Facebook) was fined 797 million euros and 1.3 billion euros for breaching antitrust and data protection rules, respectively. Amazon and Microsoft have also been subject to EU antitrust investigations.
Trump's comments come as US tech companies face antitrust scrutiny domestically as well. The US Department of Justice has filed antitrust lawsuits against Google, Apple, Amazon, and Meta. The Federal Trade Commission (FTC) has also launched antitrust cases against these companies.
Ahead of his reelection bid in 2024, Big Tech CEOs have sought to curry favor with Trump. Amazon founder Jeff Bezos, Google CEO Sundar Pichai, and Meta CEO Mark Zuckerberg have all attended Trump events and donated to his campaign. With Trump defending US tech giants against EU antitrust measures, these companies may benefit from a more favorable regulatory environment in the future.