US and EU Join Forces to Tackle Digital Platform Dominance
US and EU regulators are joining forces to tackle market dominance by digital platforms. Lina Khan, Chair of the US Federal Trade Commission (FTC), and Jonathan Kanter, Assistant Attorney General of the DOJ's Antitrust Division, have repeatedly expressed their desire to collaborate with the European Union (EU) on the Digital Markets Act (DMA).
Key aspects of their announcements include information sharing, coordinated investigations, harmonization of approaches, and technical and legal support for DMA enforcement. US digital service providers view this as a threat due to stricter controls, potential double regulation, a potential new regulatory wave in the US, potential harm to innovation, and the risk of setting a global precedent.
The FTC is expected to file an antitrust lawsuit against Amazon in 2023. The DMA and related EU policies could cost US businesses and workers between $22 to $50 billion, discriminate against leading US digital services, and increase Beijing's influence and market share. The US digital sector contributed $2.41 trillion to the US GDP in 2021, supporting 8 million jobs with an average compensation of $155,000 per year. A bipartisan group of US lawmakers called on the administration to address EU's unfair discrimination against US digital businesses in 2022.
In March 2023, Khan and Kanter announced plans to assist the EU in enforcing the DMA. This international cooperation could significantly impact US digital service providers, potentially leading to an unprecedented wealth transfer and job losses. The DOJ has also filed an antitrust lawsuit against Google, set to begin in September 2023.
Read also:
- Regensburg Customs Crackdown Nets 40+ Violations in Hotel Industry
- Mural at blast site in CDMX commemorates Alicia Matías, sacrificing life for granddaughter's safety
- Germany Boosts EV Charging: 1,000 Fast-Charging Points on Motorways by 2026
- Albanese Invites LuLu Group to Australia as Free Trade Deal Takes Effect
