President Donald Trump on Monday night threatened to hike tariffs and impose export restrictions on countries that tax or regulate American tech companies.
Trump vowed on his Truth Social platform to "stand up" to countries that he said "attack our incredible American Tech Companies."
"Digital Taxes, Digital Services Legislation, and Digital Markets Regulations are all designed to harm, or discriminate against, American Technology," he asserted. "They also, outrageously, give a complete pass to China's largest Tech Companies. This must end, and end NOW!"
Trump added that, "With this TRUTH, 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."
He concluded that neither the U.S. nor tech firms are a "piggy bank" or a “doormat” for other nations any longer.
"Show respect to America and our amazing Tech Companies or, consider the consequences!" he said.
The Wall Street Journal noted that Trump’s threat came just hours after he met with President Lee Jae Myung of South Korea, where lawmakers are weighing a proposal to regulate online tech platforms. The plan has faced opposition from U.S.-based companies and was previously criticized by Trump’s trade chief.
