If there's one sector that doesn't seem to be struggling, it's the market for counterfeit goods with Rolex, Louis Vuitton and Gucci featuring among the brands whose counterfeits are the most popular online.
A long road strewn with potential political pitfalls lies ahead for countries seeking to end a race to the bottom on international corporate tax, even though many have agreed to overhaul the way multinationals are taxed.
The US on Wednesday announced 25% tariffs on over $2 billion worth of imports from six countries over their digital services taxes, but immediately suspended the duties to allow time for international tax negotiations.
Negotiators from nearly 140 countries will ask Washington this week to reaffirm political support for global rules to tax digital giants after the coronavirus and looming U.S. elections stalled the process.
The U.S. Trade Representative's office said on Tuesday it was launching a "Section 301" investigation into digital services taxes adopted or under consideration by a number of U.S. trading partners including India.
Some 110 countries have agreed to work towards forming an international consensus by 2020 on how to tax digital businesses across borders, the Organisation for Economic Cooperation and Development said on Friday.