The News
Europe needs a new partnership with Washington, French Minister of Economy, Finance and Industrial and Digital Sovereignty Éric Lombard said Wednesday, just hours after the European Union hit US tech giants Apple and Meta with fines under the bloc’s digital regulations.
“I’m calling today for a new partnership between Europe and the US for growth, for sovereignty and security,” Lombard said at Semafor’s World Economy Summit, adding that such a partnership could bring more trade and investment for both sides.
Lombard said that Europe was pursuing a “genuine free trade agreement” with the US after the Trump administration imposed tariffs on imports from the EU. The bloc has responded with its own duties on US goods, but has so far held back from targeting America’s more lucrative services imports, including tech.
“Let me say that very simply, we deeply regret the American decision to increase customs duties on imports,” Lombard told Semafor contributor Hadley Gamble. “It will penalize consumers, businesses, and growth abroad, but also and primarily in the US.”
Lombard said the EU wants a deal as soon as possible. “We are ready to [make a] deal anytime,” he said.
In this article:
Know More
The EU fined Apple and Meta €500 million ($568 million) and €200 million ($227 million), respectively, on Wednesday. Both companies were hit with bigger EU antitrust fines last year, the latest in a series of penalties targeting Silicon Valley.
Taxing Big Tech is one potential retaliation method for the EU to consider if trade talks with the Trump administration fail, European Commission president Ursula von der Leyen said earlier this month.
The Semafor View
The boundaryless pools of money that defined finance in the last 20 years are retreating, and capital is becoming a national resource to be protected. Public and private markets seem set to converge: Where they meet — and which firms stake out territory — could determine finance’s winners over the next decade.