It is widely reported that the changes will be funded by a 20 percent increase in business rates for large fulfillment warehouses used by companies like Amazon and ASOS.
Stephens also criticized the government’s social media ban for under 16s — calling it “a little draconian from a freedom of speech point of view.”
“I don’t think we see it as an attack on U.S. companies, but U.S. companies are the ones that are most affected by it,” he said. “But I think we’ll find a way, as best as we can, to work with the laws and rules of all the countries.”
The U.S. president has recently threatened a 100 percent tariff on European countries that impose digital services tax on Big Tech companies.