Facebook Vice President David Marcus is the face of the company's Libra digital currency, but the original driving force was a 26-year-old female corporate-development...Technologyread more
After a year of flooding, Midwest farmers face a stifling heat wave that's spreading across the U.S.Agricultureread more
There is no end in sight to the Boeing 737 Max grounding after two fatal crashes, prompting airlines to rethink their growth plans.Airlinesread more
A quarter of the S&P 500 companies report earnings next week, and that could buffet the market as investors await the July Fed meeting.Market Insiderread more
Iran's Revolutionary Guard claims a British tanker it still holds, Stena Impero, failed to follow international maritime rules.World Newsread more
Moving lots of data to a public cloud over the internet can take months or years. CNBC got an inside look at how AWS transfers data to the cloud for its clients.Technologyread more
The president also said he "offered to personally vouch" for Rocky's bail. Sweden, however, does not have a bail system.Politicsread more
CoinShares Chief Strategy Officer Meltem Demirors discusses Facebook's Libra project and its impact on the cryptocurrency market after testifying to the House Financial...Fast Moneyread more
Some 40% of Americans would struggle to come up with even $400 to pay for an emergency expense. Just how are so many Americans so short on cash? Blame debt.Personal Financeread more
Amazon hires Trump-allied lobbyist Jeff Miller as battle for Pentagon contract heats up.Politicsread more
In a series of tweets, the president addressed an unusual controversy stemming from a speech delivered Thursday by New York Fed President John Williams.Marketsread more
U.S. President Donald Trump on Wednesday ordered an investigation into France's planned tax on technology companies, a probe that could lead to the United States imposing new tariffs or other trade restrictions.
"The United States is very concerned that the digital services tax which is expected to pass the French Senate tomorrow unfairly targets American companies," U.S. Trade Representative Robert Lighthizer said in a statement announcing the investigation.
The move gives Lighthizer up to a year to investigate if France's digital tax plan would hurt U.S. technology companies.
The "Section 301" investigation will determine if the levy poses an unfair trade practice. Prior investigations have covered Chinese trade practices and European Union subsidies on large commercial aircraft.
French Finance Minister Bruno Le Maire said in March that a 3% tax on the French revenue of large internet companies could yield 500 million euros ($563 million) a year.
USTR said in a statement the "services covered are ones where U.S. firms are global leaders. The structure of the proposed new tax as well as statements by officials suggest that France is unfairly targeting the tax at certain U.S.-based technology companies."
Lighthizer said Trump "has directed that we investigate the effects of this legislation and determine whether it is discriminatory or unreasonable and burdens or restricts United States commerce."
Le Maire said the tax would target some 30 companies, mostly American but also Chinese, German, Spanish and British, as well as one French firm and several firms with French origins that have been bought by foreign companies.
The tax would affect companies with at least 750 million euros ($844 million) in annual revenues and apply to revenue from digital business including online advertising. Companies such as Alphabet's Google, Apple, Facebook and Amazon would likely be subject to the tax.
Senate Finance Committee Chairman Chuck Grassley, a Republican, and Senator Ron Wyden, the top Democrat on the panel, praised the investigation.
"The digital services tax that France and other European countries are pursuing is clearly protectionist and unfairly targets American companies in a way that will cost U.S. jobs and harm American workers, " they said in a joint statement.
"The United States would not need to pursue this path if other countries would abandon these unilateral actions and focus their energies on the multilateral process that is underway," the statement added.
Lighthizer said the United States "will continue its efforts with other countries at the OECD to reach a multilateral agreement to address the challenges to the international tax system posed by an increasingly digitized global economy."