The news: Europe is considering taxing the digital ad revenues of tech giants like Google and Meta if tariff negotiations with President Donald Trump fail, per the Financial Times.

• Ursula von der Leyen, president of the European Commission, said the Commission is “developing retaliatory measures” to prepare for unsuccessful negotiations, adding that “an example is you could put a levy on the advertising revenues of digital services.”
• Von der Leyen added that the EU is seeking a “completely balanced” agreement with Washington during the current 90-day tariff pause.