Mr. Derek Moran:

Yes. Europe is very wary of the US on trade and the US is very sceptical of Europe on tax. There is a long way to go on this. It is not remotely straightforward. The 3% levy that is being proposed as a turnover tax is based on a global turnover of €750 million.

This tends to bring it down to very specific companies and they tend to be US owned. That is not particularly well understood but that is a significant problem for this proposal.