financetom
Business
financetom
/
Business
/
US demands EU antitrust chief clarify rules reining in Big Tech
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
US demands EU antitrust chief clarify rules reining in Big Tech
Feb 23, 2025 9:24 AM

BRUSSELS, Feb 23 (Reuters) -

U.S. House Judiciary Chair Jim Jordan on Sunday demanded EU

antitrust chief Teresa Ribera clarify how she enforces the

European Union's rules reining in Big Tech, saying they appear

to target U.S. companies.

The request came two days after U.S. President Donald Trump

signed a memorandum warning that his administration would

scrutinise the EU's Digital Markets Act and the Digital Services

Act "that dictate how American companies interact with consumers

in the European Union".

The Digital Markets Act sets out a list of dos and don'ts

for Alphabet, Amazon ( AMZN ), Apple ( AAPL ),

Booking.com, ByteDance, Meta Platforms ( META ),

Microsoft ( MSFT ), aimed at securing a level playing field and

giving consumers more choices.

"We write to express our concerns that the DMA may

target American companies," Jordan wrote in a letter sent to

Ribera on Sunday and seen by Reuters, saying that the rules

subject companies to burdensome regulations and give European

companies an advantage.

He criticised fines up to 10% of global annual revenues for

DMA violations.

"These severe fines appear to have two goals: to compel

businesses to follow European standards worldwide, and as a

European tax on American companies," Jordan said.

He also took a swipe at the DMA requirements, saying some of

them could benefit China.

"These, along with other provisions of the DMA, stifle

innovation, disincentivize research and development, and hand

vast amounts of highly valuable proprietary data to companies

and adversarial nations," Jordan said.

He urged Ribera to brief the judiciary committee by March

10.

The European Commission, where Ribera is the second most

powerful official after its president, Ursula von der Leyen, has

denied taking aim at American companies.

Ribera in an interview with Reuters last Monday said the EU

executive should not be pushed into making changes to laws that

have been approved by lawmakers.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Exclusive-Qatar LNG sales to key Asian markets confronted by US, UAE rivalry
Exclusive-Qatar LNG sales to key Asian markets confronted by US, UAE rivalry
Oct 21, 2024
(Reuters) - Qatar is finding it hard to agree new deals to supply liquefied natural gas (LNG) to Japan and South Korea as rising competition from the U.S. and elsewhere with more flexible contract terms challenges Doha's decades-old dominance of the market. Qatar was once the top LNG supplier to Japan and South Korea, but buyers are showing preference for...
ING Comments on Euro, Sterling, Hungary's Forint
ING Comments on Euro, Sterling, Hungary's Forint
Oct 21, 2024
06:15 AM EDT, 10/21/2024 (MT Newswires) -- EUR/USD is licking its wounds after a tough week, said ING. According to the bank, the two key drivers have been: a) the market's repricing of a potential United States presidential candidate Donald Trump victory presaging a potentially tariff-inflicted period for world trade, and b) European Central Bank President Christine Lagarde throwing more...
Biotech Septerna aims to raise up to $186 million in US IPO
Biotech Septerna aims to raise up to $186 million in US IPO
Oct 21, 2024
Oct 21 (Reuters) - Biotechnology company Septerna said on Monday it is aiming to raise up to $186 million in its initial public offering in the United States. ...
GM, Ford brace for investor scrutiny over pricing power, EV losses
GM, Ford brace for investor scrutiny over pricing power, EV losses
Oct 21, 2024
(Reuters) - General Motors ( GM ) and Ford Motor ( F ) will likely have a tough time convincing investors when they report results that Detroit's pricing power for gasoline cars is still strong and losses from their EV ventures are dwindling. GM is set to release its results for the July to September period on Oct. 22, while...
Copyright 2023-2025 - www.financetom.com All Rights Reserved