We’ve noted many times that America continues to globally dominate the high-tech/social network sector of the economy, and the Europeans are nowhere in this race for tech supremacy. Envy is an ugly thing.
A chilling front-page story from the Wall Street Journal exposes a new Euro strategy of strangulation through regulation as a way to steal tens of billions of dollars from America’s leading trillion-dollar-plus tech companies and American shareholders:
Meta Platforms, Apple, Alphabet’s Google, and other largely U.S. companies will start facing the first of new European Union tech rules set to come into effect soon marking THE LARGEST EXPANSION OF DIGITAL REGULATION YET (emphasis added).
Fines for breaching the online content rules can go as high as 6% of a firm’s global revenue and as high as 20% for repeatedly breaking the digital competition rules. The EU has the power under the digital-competition law to force the breakup of companies.
What’s reprehensible about this story is that here at home, Biden regulators at the FTC and in the Justice Dept. are cheering on this shake-down of American companies located in Silicon Valley and other tech centers.
The Biden Administration should be defending America’s tech supremacy, and instead, they are joining forces with our Chinese and European rivals.
Way to put America Last, Joe.