cooperation development: France introduced a 3% tax last month on digital companies that may be headquartered elsewhere but do billions in digital business such as advertising and retail in France, according to Market Watch. That includes companies like Alphabet's GOOGL, 1.53%GOOG, 1.53% Google, Amazon AMZN, 1.10% and Facebook FB, 1.47% but also big Chinese and French online businesses too. Angel Gurria, secretary general of the Paris-based Organization for Economic Cooperation and Development, said Sunday at the Group of Seven summit in France that what we are seeing is a very strong and a very clear signal of wanting to find a multilateral solution. The move has angered U.S. President Donald Trump, who is threatening tariffs on French wine in retaliation. The French government says it will drop the tax if there's a solution in the OECD process, which aims for a result by the end of 2020. The aim of the French tax is to stop the companies from setting up regional headquarters in low-tax jurisdictions to limit their exposure in high-tax countries like France.
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