S&P 500 falls toward biggest drop in nearly 2 months
Stocks dropped Monday, the first trading day of December, as investors assessed disappointing manufacturing data along with the latest trade news after capping a month that featured blistering gains. The Dow was down more than 200 points. The S&P 500 pulled back 0.7%, heading for its biggest one-day loss since Oct. 8, while the Nasdaq traded 1% lower. The major averages started off the session with slight gains before turning lower.Shares of Facebook, Amazon, Alphabet, and Apple all dropped more than 1%. Netflix traded 2.7% lower. Roku, which has been one of the hottest stocks of 2019, plummeted more than 15%.
- The Trump administration is scheduled to decide next week whether to retaliate against France for a new digital services tax that hits American technology giants like Amazon and Facebook.
- Countermeasures against the tax could include tariffs on French imports.
- President Trump has sharply criticised steps by European allies to crack down on the technology sector.
The Trump administration is scheduled to decide next week whether to retaliate against France for a new digital services tax that hits American technology giants like Amazon and Facebook.
U.S. vows 100% tariffs on French Champagne, cheese, handbags over digital tax
U.S. vows 100% tariffs on French Champagne, cheese, handbags over digital taxWASHINGTON (Reuters) - The U.S. government on Monday said it may slap punitive duties of up to 100% on $2.4 billion in imports of French Champagne, handbags, cheese and other products, after concluding that France's new digital services tax would harm U.S. tech companies.
The Office of the US Trade Representative said in a statement it would reveal on Monday any countermeasures against President Emmanuel Macron, who finalised this summer the 3% tax on technology companies.
Under Section 301 of the Trade Act of 1974, any retaliation could include additional tariffs on French imports.
In July, US trade officials launched an investigation into whether that tax presented a threat to national security. It applies to technology companies with digital revenue of at least 750 million euros.
Trump has sharply criticised steps by European allies to crack down on the technology sector, arguing that it unfairly hurts businesses in the US. The US has separately prepared to broaden tariffs against the bloc as part of a long-running dispute over aircraft subsidies.
"If anybody taxes them, it should be their home Country, the USA,". "We will announce a substantial reciprocal action on Macron's foolishness shortly. I've always said American wine is better than French wine!"
ASX steadies as investors await further volatility with US-China trade war .
Australian shares are likely to start the day with little momentum, following a volatile week due to conflicting signals from Donald Trump about how the US-China trade dispute was progressing. It began with a massive global sell-off after US President Donald Trump unexpectedly decided to impose metal tariffs on Brazil and Argentina, then suggested he was in no hurry to end the long drawn out US-China trade war. require(["inlineoutstreamAd", "c.