The EU Aims to Counter US Service Exports, Targeting Big Tech Companies

On March 28th, as per the Financial Times, the EU is mulling over retaliating against the US's service exports, encompassing the businesses of large tech companies. This is in response to Trump's imposition of a 25% tariff on the automotive industry, and the EU has pledged to take further action next week. An EU diplomat stated, "Americans believe they hold the upper hand in (the trade war), but we also possess the capacity to do the same." He further added that the ultimate objective is to alleviate tensions through a comprehensive trade agreement. The retaliation might involve restrictions on the intellectual property of large tech companies. Another instance is prohibiting Musk's Starlink satellite network from securing government contracts. Italy is already reexamining whether to make a purchase of the system. (FXStreet)