The Biden administration has taken office at an extremely difficult time. The US economy continues to struggle with the massive disruptions of the Covid-19 pandemic. And in response, Congress is busily debating another relief package.

Lost in this Covid-inflicted carnage, however, is a potentially significant economic schism with the EU. Major European governments are currently threatening to impose hefty new corporate taxes on the US’s large tech companies — the so-called “GAFA Group” of Google, Apple, Facebook and Amazon.