Trump threatens more tariffs on EU following Google fine

U.S. President Donald Trump threatened on Friday to impose more tariffs on the European Union (EU) shortly after the bloc slapped a 2.95-billion-euro fine, or 3.47 billion U.S. dollars, on Google for violating anti-monopoly laws.

Right after the EU decision, Trump said on his Truth Social platform that "Europe today 'hit' another great American company, Google, with a $3.5 Billion Dollar fine, effectively taking money that would otherwise go to American Investments and Jobs ... Very unfair, and the American Taxpayer will not stand for it!"

"As I have said before, my Administration will NOT allow these discriminatory actions to stand ... I will be forced to start a Section 301 proceeding to nullify the unfair penalties being charged to these Taxpaying American Companies," Trump added.

The EU announced Friday a fine of nearly 3.5 billion dollars against Google for abusing its market dominance by giving its own ad exchanges a competitive advantage over rivals. The EU also ordered Google to stop these practices. It is the fourth time Brussels has sanctioned the company with a multibillion-euro fine in an antitrust case.

"Today's decision shows that Google abused its dominant position in ad tech, harming publishers, advertisers and consumers," Teresa Ribera, the European Commission's top antitrust regulator, said in a statement.

Google vowed to appeal the decision.

The EU's enforcement of digital regulations came up regularly during trade negotiations between the bloc and the Trump administration.

International Energy Agency (IEA) Executive Director Fatih Birol warned on Thursday that the global oil market may enter a "red zone" in July and August this year, as fuel demand rise and stocks dwindle.

Birol noted that the supply crisis triggered by the situation in the Middle East was initially cushioned by spare capacity in the global oil market, but that oil stocks are now gradually decreasing.

The 32 members of the IEA on March 11 unanimously agreed to make 400 million barrels of oil from their emergency reserves available to the market in response to disruptions caused by the Middle East conflict.

The IEA stands ready to coordinate further reserve releases if necessary, Birol added.