5d ago

Trump tariffs: is a retaliation against payment systems feasible?

After long debates the EU is deciding a very weak response to Trump's tariff. Which show that the union is still behaving like a US colony.

The obvious is that the actions still overlook the core of US exports and the base of their wealth, digital services. The most widespread money bleeding comes from the payment systems. Visa, Mastercard, Google pay, Apple pay and so on. They get a cut on the majority of financial transactions happening in Europe. It is like a Tobin tax that pays private corporations.

Is it technically feasible to target those systems with any political action as a response to the tariffs levied by the US?

Actually the same question applies to all the other countries targeted by the US where those payment systems are as much widespread, how much should the US be worried about such a possibility?

3 comments

Is it technically feasible to target those systems with any political action as a response to the tariffs levied by the US?
Not generally. There's no current drop-in replacement for these systems available. So if you piss off these private corporations, you're going to significantly harm trade within the EU if they decide to take offense to it. When was the last time you used cash?
Now imagine you must use cash, because Visa, MasterCard, Google Pay, and Apple Pay refuse to work inside of the EU because they're being targeted with ire for things the US President and Government are doing.
It's not as easy a situation as you describe here.
- I genuinely would not put it past orangeboi. He is demonstrably that much of a fucking idiot.
- When was the last time you used cash?
  Yesterday evening when I bought some groceries. I didn't buy anything else since.
  Now imagine you must use cash, because Visa, MasterCard, Google Pay, and Apple Pay refuse to work inside of the EU
  Giving up suddenly 50% of their revenues? I doubt so.