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Investing.com -- President Donald Trump has pledged to challenge the European Union’s latest fine against Google, calling the penalty "very unfair" to American companies.
In a post on Truth Social, Trump criticized the EU for imposing a $3.5 billion fine on Google, arguing that the money "would otherwise go to American Investments and Jobs."
The European Commission announced Friday that it had fined Alphabet Inc.’s Google almost €3 billion ($3.5 billion) 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.
"When markets fail, public institutions must act to prevent dominant players from abusing their power," EU antitrust commissioner Teresa Ribera said in a statement. Google has vowed to appeal the decision.
Trump’s statement referenced other penalties against American tech companies, specifically mentioning Apple’s $17 billion fine, which he believes "should not have been charged."
The president threatened to initiate a Section 301 proceeding to "nullify the unfair penalties," stating that "the American Taxpayer will not stand for it."
"We cannot let this happen to brilliant and unprecedented American Ingenuity," Trump wrote, suggesting his administration would take action against what he views as discriminatory practices targeting U.S. companies.