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Friday, August 7, 2020

Does Europe Need to Regulate American Tech Companies?

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Looks like the new officials of EU, Ursula Von Der Leyen, has decided to wage war against the US tech companies. The Europeans have criticized the US techs by saying, “it is not acceptable that they (tech companies) make profits, but are barely paying any taxes.”

It seems that this type of negative scrutiny will be happening for a prolonged time.

What EU Has to Say about the US’s Tech Business? 

The EU Commission has fined big companies of which the victims are Google for not respecting competition laws, Amazon for not having paid taxes in Ireland, and, recently, Apple is going under strict examination.

CNBC had received a verdict through the phone from Dexter Thillien, who is the chief analyst of Fitch solutions. He stated that they feel when it comes to regulating the tech world, the EU is the best! And, recently they have spotted issues with the current level of the tech world.

Recently, the US law and order has placed distrust towards Google, Facebook, and Amazon. Dexter’s reaction to this was very normal, and he stated that he had expected this to happen. He further added, “But questions remain whether the US will go as far as its European counterparts.”

And ended by saying that they are finding ways to limit the liberty of online data transfer and access by tech companies.

The biggest statement that he had made was that they are planning to open the data set of big tech companies or have a more strict set of rules for them.

Final Word

It is very clear that the EU feels that the United States of America is completely incapable of keeping tabs on their tech companies. They have criticized the US a lot on their trustworthiness, functionality, and highly recommend that they areallowed to regulate their tech business.

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