Global geopolitical series: Trump hits out at EU over record google fine
Source: FxWire Pro - Commentary / 19 Jul 2018 10:44:07 America/New_York
As it came out earlier this week that the European Union has fined Google a record €4.3 billion for abusing the dominant market position of its Android operating system for mobile phones. The European Commission finding is the most consequential decision made in its eight-year antitrust battle with the US technology company. The fine significantly outstrips the €2.4bn charge Brussels imposed on the company last year for favoring its own site in comparison shopping searches.
In response to the Brussels’ decision, President Trump has taken to Twitter to criticize the decision saying that it is yet another example that shows that EU is taking advantage of the United States. He tweeted, “I told you so! The European Union just slapped a Five Billion Dollar fine on one of our great companies, Google. They truly have taken advantage of the U.S., but not for long!”
However, his argument is not likely to hold as the United States has fined several EU companies mainly banks accusing money laundering to bypass the U.S. sanctions. For example, the United States has fined BNP Paribas a record $9 billion in response to the sanctions violation.
This issue is likely to get discussed as key representatives from the EU including Jean Claude Juncker arrives in Washington later this month to discuss trade.© FxWire Pro 2018. All rights reserved. The FxWire Pro content received through this service is the intellectual property of FxWire Pro or its third party suppliers. Republication or redistribution of content provided by FxWire Pro is expressly prohibited without the prior written consent of FxWire Pro, except for personal and non-commercial use. Neither FxWire Pro nor its third party suppliers shall be liable for any errors, omissions or delays in content, or for any actions taken in reliance thereon.