Big Tech targeted by U.S. and EU in draft memo ahead of tech and trade meeting

WASHINGTON, Sept 23 (Reuters) – The United States and European Union plan to take a more unified approach to limit the growing market power of Big Tech companies, according to a draft memo seen by Reuters.

The move will be among announcements on tech, climate, trade and supply chains likely to be made at a U.S.-EU Trade & Technology Council meeting on Sept. 29 in Pittsburgh.

With the U.S. and Europe trying to restrain the growing power of American tech giants such as Alphabet’s Google (GOOGL.O), Facebook (FB.O), Apple (AAPL.O) and Inc (AMZN.O), such cooperation has become critically important for regulators on both sides of the Atlantic – and would make it harder for the U.S. tech industry to fight new rules.

This month, the White House announced that the council would meet for the first time on Sept. 29 in Pittsburgh. U.S. Secretary of State Antony Blinken, Commerce Secretary Gina Raimondo, U.S. Trade Representative Katherine Tai and the European Union’s trade chief Valdis Dombrovskis are scheduled to attend along with European Commissioner for Competition Margrethe Vestager.

The White House, which is coordinating with different agencies on the meeting, declined to comment on the memo. Apple, Facebook, Amazon and Google did not immediately respond to requests for comment.

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Source: Reuters