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Failure to reach a global deal on where and how much to tax digital giants such as Google, Amazon or Facebook would result in many digital tax regimes emerging all over the world, France’s finance minister said on Sunday.

It would also likely trigger U.S. retaliatory tariffs, U.S. Treasury Secretary Steven Mnuchin told reporters, underscoring Washington’s determination to thwart tax rules planned by France and other countries if no global deal is reached.

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