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— This is the script of CNBC's news report for China's CCTV on August 27, 2019, Tuesday.
France, G7 summit host, released a short statement after several days' meeting, but in the past, a joint statement was not released for every meeting.
So from this abnormal point, we can see that there is a big divergence among G7 members. Actually, this meeting was seen as the most divisive G7 meeting in recent decades, they are hard to make a deal, either on trade, exchange rate, govern expenditure or on Brexit, and relationship between Iran and Russia.
France and America reached deal on digital tax problem. That would be a highlight for this divisive G7 summit. French President Macron said that,
France and America has made an agreement on imposing tax. Under the terms of the deal, under the terms of the agreement, France would repay companies the difference between its digital tax and whatever taxes come from a planned mechanism being drawn up by the Organization for Economic Cooperation and Development (OECD).
But we noticed the specific expressions about this digital tax for France and US are a little bit different, at a joint press conference with Trump, Macron confirmed directly that they have reached a compromise. And said it was hard to do that, both overcame many difficulties and this is a very good agreement. Trump, however, avoided direct discussion of the agreement and did not directly confirm whether an agreement had been reached by the two sides or whether he has gave up imposing tariffs on French wine, just said the first lady likes French wine very much.
Donald Trump, US President
"No. I can confirm is that the first lady loves your French wines."
At another joint press conference with German president Merkel, Trump said, they are close to reach a deal with France on digital tax problems. At the same conference, Merkel said they hope the OECD could make up unified solution next year, according to CNBC. That means, before that happens, France will continue to impose digital tax on tech companies that meet the tax criteria. Till now, major tech companies impacted have not replied to requests from the news media.
France is optimistic to have an international digital tax plan though, agreement that have to coordinate multiple sides faces challenges. Last year, EU was failed to implement a unified digital tax. Apart from digital tax and antitrust investigation, US tech giants still face pressure from European countries.
EU is going to launch a sovereign wealth fund, which is about $11m, to invest on European companies, helping them catch up with other tech giants.
We will keep an eye on follow-ups.