While it is common for countries, states, and even cities to have business advocacy organizations in other nations, the European Union (EU) is doing a variation on this theme: setting up an office in San Francisco to constrain and exploit America’s tech companies.
The EU has half-heartedly acknowledged this while launching a full-fledged campaign against the U.S. tech industry. For example, the Digital Markets Act imposes onerous requirements against five successful U.S. tech companies the EU designates as “technology gatekeepers.” These companies could face annual fines of $150 billion for failing to comply with EU regulations, which serve no useful purpose.
Lexington Institute’s Paul Steidler discusses this in an Op-Ed for RealClearMarkets here.
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