companies like google facebook amazon and apple which have traditionally been able to keep their foreign tax bills low the tax when it comes into effect will be backdated to january and cover 3 percent of the company's profits from selling advertising and data the french government is hoping it will bring in around half a 1000000000 euros a year but washington says the tax unfairly targets american companies and if the u.s. makes good on its tariffs threat some $2400000000.00 worth of french imports would be hit. already even though the dow jones could recover a little bit we're still seeing tough times there where go to new york where our financial correspondent yes carter is waiting yes we have been talking about the end of the u.s. china trade war for months now what do you make of that statement but on top. yes no yes no i mean this game is going on for ever and that's how it seems well what we know what i heard is that the u.s. president donald trump for quite some time maybe had the intention not to necessarily settle the trade tension with china before the election because the u.s

companies like google facebook amazon and apple. so china isn't alone when it comes to translate its tidings those who were previously settling down for the holidays are sitting at the edge of their seats again. the only peace and joyful tidings this christmas season may be hidden somewhere in millennia trumps magic forest. joined by andrew day's a low in political advisor in berlin andrew. thomas suggested he could sort of keep the trade will going until. the u.s. presidential election in how far is that in his interest well yeah that the president election is a year from now the straight war has been going on for about 18 months so i think it's one thing is important to focus on though is we're all focused on this so-called phase one deal so no one out there including the markets is thinking that a big transformational deal is in the cards we were looking at that back in march that you know a really big deal that included a lot of chinese reforms would happen so what we're really focused on is can there can they stop the bleeding

so what would be the concerns about what google, facebook, amazon, abelard and others are doing?t me just say that our review is not just limited to antitrust. antitrust is of course the front and center, but there are other concerns relating to these companies. that other laws might apply to. there is some pressure, or some people suggested, strong-arming the antitrust laws to reach things that were not really intended to be covered by the antitrust laws. and i'm not really in line with that. i don't mind updating, making sure that we are properly applying the antitrust laws to new situations, but we are looking at antitrust, and we are looking at behavior across the board. and how that implicates other laws. the problem, obviously, and i said this in my confirmation hearing, big is not bad. i worked for verizon and i really appreciated that. but the question is when you have the kind of market power that some companies have in their markets, then some conduct which may have made sense when they were sort of being the insurgent company in a growing industry. can become anticompe

without without the action theyd likely be no google, though facebook, and no amazon. hile the ftc's recent settlement with facebook and google youtube included fines that make for great headlines, they did little to fix the core problems that fuel these companies date abuses. big fines are not big penalties for the world's biggest companies. and as we've s s s s se and again, , when a company can simy pay a fine of its ill-gotten gains, this isn't a penalty. this is incentive. as congress, federal antitrust enforcers estates attorney generals all pursue the investigations, we will need to pursue remedies that reduce concentration, eliminate topics of interest, resend abusive contract terms against small businesses and consumers, , and limit capture. for example, recent scholarship has revealed that antitrust action that separated lines of business are required interoperable standards or order or patterns available for public use after anticompetitive conduct all lead to massive innovation, small business entry, and economic growth. these are useful tools in the toolbox

thet: on the cell--- on isl-side community, it amazon, facebook, google in no particular order. azon, followed by facebook followed by google. they are investing a lot of money in same-day shipping. what is the return going to look like? ineel we will see returns the first half of this year with growth in some shape or form. perhaps investors can give them a pass on margins. the second debate is, can amazon hold its market share in the cloud? i think that is the biggest kind of debate. 6, 12, 18r the next months, what amazon has been doing from machine learning, mega workloads that migrate to the cloud from mainframes and very old data centers, that is where amazon is doing a lot better compared to microsoft and google. that is where i am willing to bet that amazon again steps away from the cloud and continues to hold market share. taylor: picking the other two favorite children, facebook and google, i am showing a chart that is total ad revenue, google and facebook clearly number one and number two. are those the best two poised to benefit from a very constructive ad spend marke

on business the so-called digital tax foresees new fiscal regulations for companies like google amazon and facebook u.s. treasury secretary steven warned the organization of economic cooperation and development o.e.c.d. against overhauling existing international taxation rules but france sees that very differently. right now global giants like amazon google or facebook can decide themselves in which country they tax their profits or regulation the u.s. in particular would like to preserve the paris ones profits that are made in france to be taxed in france and it's determined to enforce that. the american proposal for a solution which companies choose whether to be taxed or not does not convince me if i haven't seen a lot of companies that freely accept being taxed i've always counted on everyone's philanthropy but i'm not sure that with regard to public finance it goes a long way so an optional solution obviously will not be acceptable for friends or it so you see the partners do see do the organization for economic cooperation and development is currently working on a proposal for an internationa

concerns about what google, facebook, amazon, apple are doing? atty. gen. barr: let me just say, our review is not just limited to antitrust, antitrust is obviously front and center. there are also other concerns relating to these concerns that other laws may apply to. there is some pressure. some people suggested strong-arming the antitrust laws to reach things that really were not intended to be covered by the antitrust laws. i am not really in line with that. i don't mind making sure that we are properly applying the antitrust laws to new situations, but we are looking at antitrust, also looking at behavior across the board and how it implicates other laws. the problem, obviously, i said this in my confirmation hearing, big is not bad. i worked for verizon and really appreciate that. you haveion is, when the kind of market power that some companies have in their market. then some conduct which may have made sense with the insurgent company in the growing industry can become anticompetitive, because it ends up fortifying the monopoly. so, there is conduct

reprisal for a new french digital services tax that's how it's called in companies like google facebook and amazon the u.s. trade representative's office says that tax is quote inconsistent with prevailing principles of international tax policy. germany often advertises itself as an investment destination with the slogan germany works but it seems the country is not working for u.s. companies that well anymore and you study by financial firm shows american firms are less willing to make bold investments in europe's largest economy a safe haven for u.s. investment not anymore apparently. germany has always been one of the forced ports of call for u.s. dollars but this new survey from k p n g suggests things are changing for less than a quarter of u.s. companies plan to invest at least 10000000 euros in germany over the next 3 years that's down from a figure of 47 percent just 2 years ago. the u.s. business sector in germany says this news does not come as a surprise. the signals have been out there for a few years by the way american companies have been talking about the problems with digital infra

cheese tires would be a reprisal for a new french digital services tax on companies like google facebook or amazon. check in with our financial correspondents chose to do any event for. france is not the only you country with plans for a digital tax other countries also face similar tariffs. well for instance really been the leader of this effort and after talks is so i think that it makes sense for them to be the 1st to come under scrutiny from the u.s. that there are several other countries that are pursuing taxes. the u.s. administration mentioned yesterday austria italy and turkey as other countries that could also face tariff the routes that there are about a half dozen at least other countries that are looking into digital taxes so there could definitely be more countries hit here they're also still really pushing for an international agreement on that so there is hope that. which has really been trying to get together and additional talks at the international level would be able to to to be successful in that and out they will be able to avoid these tariffs before that happens. these towers

other tariffs would be a reprisal for new french digital services tax on companies like google facebook and amazon the u.s. trade representative's office says france's digital tax is inconsistent with prevailing principles of international tax cuts. president donald trump on monday also announced tariffs on u.s. steel and aluminum imports from brazil and argentina in reaction to both announcements wall street and european exchanges closed lower on monday and shanghai stocks hit a 3 month low now let's check in on the markets with our financial correspondent charles the delaney in frankfurt chelsea france is not the only you country with plans for a digital detox could other countries soon face similar tariffs. there's certainly going to be other countries in the line of fire here and they announced yesterday in the us that they were also considering tariffs on austria and turkey on italy who have also moved to implement these taxes but there also are just a very long list of countries that have been considering additional tax that's the czech republic poland india space and there's just a very wid

so what would be the concerns about what google, facebook, amazon, abelard and others are doing?let me just say that our review is not just limited to antitrust. antitrust is of course the front and center, but there are other concerns relating to these companies. that other laws might apply to. there is some pressure, or some people suggested, strong-arming the antitrust laws to reach things that were not really intended to be covered by the antitrust laws. and i'm not really in line with that. i don't mind updating, making sure that we are properly applying the antitrust laws to new situations, but we are looking at antitrust, and we are looking at behavior across the board. and how that implicates other laws. the problem, obviously, and i said this in my confirmation hearing, big is not bad. i worked for verizon and i really appreciated that. but the question is when you have the kind of market power that some companies have in their markets, then some conduct which may have made sense when they were sort of being the insurgent company in a growing industry. can become anticom

champagne, handbags and more, retaliating for a tax on global tech giants that include google, facebook and amazon. that is likely to increase tensions between the united states and europe and also sets the stage for a tense meeting between the president and the french president macron. the president took aim at mccrone earlier today while meeting with the nato secretary- general in london. >> france is not doing well economically at all. they are starting to tax other products. therefore, we are going to tax them and that is taking place right now. we are doing their wives and everything else. it is a tough statement to make when you have such difficulty in france. >>> the us tariffs could double the price american consumers pay for french imports and that will come on top of a 25% tax on wine imposed just last month over a separate dispute over subsidies to airbus and boeing. >>> a vote on an official impeachment report is expected later today. who >> reporter: the president says this is an investigation in search of a crime, but the results should be made public later today. >> the democrats of

countries for the digital taxes they have imposed on some of the big american tech firms like google, facebook, amazon and such. david: one would hope that there is some overall strategy here. i could connect with those fronts are too what the overall strategy is when it comes to that strategic rivalry with china? i think strategy is a bit of a generous term. you have to think about what is happening with china over the course of the past few weeks. we are in a pretty good spot. trump said we were in the throes of a good deal, we were very close, trade negotiators were in touch with each other, which is always a sign of artful diplomacy, of course. then he signed the hong kong protest bill. that supports the pro-democracy movement going on in hong kong. i think china naturally took issue with this and they had a few days to think about how they would retaliate. they said they would retaliate. mind thato keep in trump did not necessarily need to sign that bill. it had overwhelming support. you have to think about his long-term strategy going into 2020. he does need a win, but does he right now? the tra

break out further the key is that it is a presidential year a lot of these guys especially google facebook and amazonisan issues, it will be tougher for those stocks to do a whole lot better my point is here, if you like those favorite stocks and you can put some new money toward the year, it will see rough patches and better entrance points >> some of the names you mention, facebook has been facing scrutiny and pressure investors don't seem to care at all. do you think it will come to something and get regulations in these performance? >> you don't always need to have the actual regulation. we saw that in the health care stocks especially the bio tech stocks when they really started to hammer down on regulation the bio tech etf and names really overbought with a huge rally they sold off nearly 20% in the last half of 2016 and first half of 2016. the tech stocks are overowned and may be more vulnerable i'm not saying dump the group. in the group, it is still very high we need to be careful, i think >> matt, very quickly. since it is the last day of 2020, what is your best idea for the year ahead >> b

products in retaliation for the so-called gaffa tax this is a tax on digital joints such as google amazon or facebook and apple suggesting it will levy those taxes of up to $2400000000.00 some of that on products such as champagne on luxury goods such as handbags and also the famous french cheese some of these products could see taxes of up to 100 percent doubling that price for u.s. consumers now the u.s. trade representative's office has said that this so-called gaffa tax is discriminatory and trump is hittite to gauge that tax saying frogs will not be taking advantage of his watch. friends say terrorists are on our companies again these are companies that are against you know they were against me if i read the papers correctly or whatever we're going to be we're going to be this supposed to be very powerful and you know what so maybe they're not so her but there are companies i don't want to bridge trashing american companies if they're going to be taxed it's going to be. taxed the wealth of france is part they think that they have a right to the slice of the pie of the profits of these big digita

here is thissue negotiation going on about some sort of tax -- fair tax for google, amazon, facebook, these large tech companies spread across the world. they are working on how to resolve that. meanwhile, this is the ut behindat playing o the scenes. amanda: that digital tax has been floated here as well. in terms of what is happening at nato, spending on defense is very much on the table. there has been a fractious this u.s.' approach to nato. he was in the position to defend it because of president u.s.' is remarks. to be a good meeting in terms of the cosi -- cohesiveness of that organization? laura: you see a lot of money fights playing out on the nato front, digital tax front, everybody looking at these large saying i should get a bigger slice of the pie. saying i should get a bigger slice of the pie. it does not bode well for the agreements on the digital pact. they hope to have an agreement with 135 countries by the end of next year. that is moving slowly. still some optimism they could get that resolved. that would repeal the french tax. they would back up from that if there

digital services joins so this is google this is amazon facebook and apple basically digital service giants tech joint more than 750000000 euros worldwide and 25000000 euros of that is here in france now as a result of that front said we're going to place a 3 percent levy on these companies we want our slice of the pie which is really i read to the americans now they've threatened today that they will now be looking at imposing new taxes on french products in retaliation these taxes could be worth up to $2400000000.00 u.s. dollars will cover things such as champagne luxury goods such as time bikes and even the very famous french cheese with the suggestion that some of those products could be taxed by up to 100 percent making them more than double the doubling the price for u.s. consumers who want to pick them up this comes after the office of the u.s. trade representation described the so-called gaffa tax this digital tax as being discriminatory now donald trump has been speaking ahead of that nato meeting and he said the frogs won't take advantage under his watch. brands puts a terr

cheese, champaign and more in retaliation for french tax on global tech giants including google, facebook and amazons likely to increase trade tensions between the u.s. and europe and set the stage for a 10th meeting at him this morning whin london >> france is not doing well economically at all. we will tax them and that's taking place. it's a tough step. >> the u.s. tariffs could double the price american consumers pay for french and points and would come in addition to 825 percent tax on french wine and post less month over separate dispute over subsidies. >>> the u.s. census bureau will fill half a million positions including 5000 here in the bay area. they prepare for the 2020 census. the agency says local workers will earn $21 to 30 dollars an hour and have flexible hours. the temporary workers will have data for its one every tenure count of every person living in the u.s. to apply applicants must be at least 18 and pass a fingerprint and background check. >>> it is 6:26 am. there's an announcement for new system aimed at keeping san francisco streets clean. when we return who is behind the p

google apple facebook and amazon the big 4 tech giants make their money by harvesting our data most of us use their services every day without worrying too much about privacy issues but do you really have to put up with that number of tonnage civs have been cropping up. this man refuses to use whatsapp and google because they track his online activity even when the apps are closed the internet activist widely known as paddling sees this as an intolerable invasion of his privacy. but who are also in love with you is my nightmare scenario is that any last glimmer of hope will die and people will just say there's nothing more we can do in the fight against total surveillance for a time when the economy. services that tracking collect data about our online lives are incredibly wide spread platforms like facebook say that uses benefits because the tracking enables advertising to be tailored to suit the individual. christiane link works for wire an alternative to whatsapp over the years the company has observed and responded to shifting security needs. what's up rock that was already very bi

amazon, did not pay one nickel in federal income tax. that is called a corrupt political system. >> reporter: employees and packs associated with facebook, googlepple have given over $5.3 million to candidates this campaign season and they overwhelmingly went to democrats. alphabet gave 2.6 million in campaign cash, 83% went to democratic candidates. apple's workers responsible for nearly $600,000 in donations, handed over a whopping 95% of that to democrats. facebook shelling out 69% of their total donationses to democratic candidates and amazon spent 75% of their dollars on democratic candidates, over $1.3 million this cycle. while candidates like senator elizabeth warren and bernie sanders have been known to demonize big tech on the campaign trail, they're still raking in the most cash from california where a lot of people outside of silicon valley work in the tech sector. elizabeth warren with the most and sanders in second. lauren and tracee. tracee: thanks, hillary. well, the security and exchange commission is looking under the hood of bmw. the wall street journal says the sec is investigating whether the company manipulated sales figure

that tax hitting large american tax companies such as google, facebook, and amazon.led threat to the u.s. from north korea. kim jong-un's retheme saying it gifts"aring "christmas for president trump, the latest effort to pressure nuclear talks. global news 24 hours a day, on air and @tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. i'm the vienna hurtado. this is bloomberg. alix: coming up, unicredit is now the latest to announce it is getting rid of jobs. more on today's wall street beat, next. if you have a bloomberg terminal, check out tv . watch us online, interact with us directly. if you miss anything on our show, you can go back and check it out. this is bloomberg. ♪ viviana: you're watching "bloomberg daybreak." california, investigators say pg&e could have prevented the state's deadliest fire. the bankrupt utility failed to properly inspect and maintain its transmission system. a pg&e wire is blamed for starting the fire that killed 85 people, destroyed tens of thousands of homes and businesses, and ultima

administration is urged countries like france to suspend taxes on digital giants like google apple facebook an amazon and wait for inteternational legegislation. a letter to the organization for economic cooperation and development us treasury secretary stephen isshin said the u. s. w was in favor of the framework it't's being negotiatd by the gro m member statates. this week donald trump threatened to increase tariffs on french goods like cheese and champagne in retaliation for the so called gaffe attacks. the menu macro had already agreed to withdraw that unilateral french tax if and when a broader deal is implemented. meanwhile global markets been responding to o the latestst reports about the us china trade war. a day after the trump administration suggested it could delay it deal with beijing until after the twenty twenty elections. bloomberg reported t tt nenegotiators from the world's two largest economies are in fafact making progress towards n initial phase of f a deal- that report citing sourceses familiar with the talks. it was enough to boost walll street the dow jones snapped a three day

handbags, and other goods to retaliate for a french on on digital revenues company such as google, facebook, and amazone first time, iran thatting last month security forces shot and killed protesters. since 1979's islamic -- it was the first time since 1979's islamic revolution. a california republican and his wife accused of spending almost 215 thousand dollars in campaign funds for personal expenses. his wife previously reached a deal to help prosecutors. it is not clear if hunter will get a prison sentence. global news 24 hours a day, on air and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in more than 120 countries. i'm viviana hurtado. this is bloomberg. vonnie: thank you. treasuries are bid today after comments from president trump. he said he has no deadline in trade talks with china. he also said, "i like the idea of waiting until after the election for the china deal, but they want to make a deal now. we will see whether or not the deal is going to be right. it's got to be right." let's bring in our correspondent. what is the bond market thinking? reporter: it

it's retaliation for a french tax on global tech giants that include google, facebook and amazon.ll increase trade tensions between the u.s. and europe. it sets the stage for a tense meeting today between president donald trump and the french president. president donald trump earlier took aim at him today while meeting with nato secretary- general in london. >> france is not doing well economically. they are starting to test other people's products. it's a tough situation when you have difficulty in france. >> the proposed u.s. tariffs could double the price americans pay for french imports. it would come on top of a 25 percent tax on texas opposed last month over a separate dispute. >>> a vote on an official impeachment report is expected later today. that levator live in washington, dc on how the president is responding. >> reporter: the president says this is an investigation in search of a crime. we should learn more about the investigation later today. >> the democrats have done crazy. they are crazy. >> president donald trump meeting with nato secretary- general in london wh

if you look at what drove this rally in the past year it was apple, microsoft, google, facebook, amazon these are brilliant companies. this is not the fed let's not insult our economy by presuming those guys could drive prosperity. this is good company doing it on their own. neil: i want to thank all of you very good read, meantime when we come back home depot is one of the few dow stocks under selling pressure but there are a lot more pressure earlier on. what if i told you, it has its own little financial crisis that deals with the opioid crisis? most people think of verizon as a reliable phone company. but to businesses, we're a reliable partner. we keep companies ready for what's next. (man) we weave security into their business. (second man) virtualize their operations. (woman) and build ai customer experiences. (second woman) we also keep them ready for the next big opportunity. like 5g. almost all of the fortune 500 partner with us. (woman) when it comes to digital transformation... verizon keeps business ready. (vo) thewith every attempt, strto free itself,pider's web. it only b