A spokeswoman for the Treasury Department did not comment.
Senior economic officials from Spain, Italy, France and Germany expressed optimism on Friday morning that the tax negotiations, which have been going on for several years, are on track. In an essay published in the Guardian newspaper, they suggested that the Biden administration’s new negotiating approach was more constructive than the tactics of the Trump administration, which walked away from the negotiating table last year.
Today in business
“With the new Biden administration, there is no longer a threat of a veto over this new system,” they wrote, adding that they believed a global tax deal could be reached by July. “It’s within our reach.
Officials hope a G7 deal will lead to even wider support when the Group of 20 finance ministers meet in Italy next month and pave the way for a final deal when G20 leaders meet in October. The negotiations are being conducted through the Organization for Economic Co-operation and Development, the Paris-based international policy agency that counts the world’s richest countries among its members.
Completing the deal will be complicated and will force countries to change their laws to conform to what has been agreed in principle. Republican lawmakers in the United States have previously expressed concern over the proposals.
The Biden administration continues to consider the possibility of retaliatory tariffs against European countries that have adopted digital taxes.
Earlier this week, the administration imposed tariffs on around $ 2.1 billion worth of goods from Austria, Britain, India, Italy, Spain and Turkey, but it immediately suspended these tariffs for 180 days to allow negotiations to continue.
The G7 countries are Great Britain, Canada, France, Germany, Italy, Japan and the United States. The summit is the first in-person gathering of top officials from the world’s advanced economies since the pandemic emerged in early 2020 and turned such events into virtual business.