By Song Sang-ho

WASHINGTON, July 24 (Yonhap) -- U.S. President Donald Trump threatened Friday to impose a new "substantial" tariff on the European Union, criticizing its decision this week to fine U.S. tech giant Google some US$1 billion for violating a regulation aimed at promoting fair competition in digital markets.

In a social media post, Trump said that his administration will launch trade investigations into the EU under Section 301 of the 1974 Trade Act, which could lead to new tariffs. The European Commission on Thursday announced the fine for Google.

"The United States of America is not a 'PIGGYBANK' for Europe, nor will we allow it to be! Please let this TRUTH serve to represent that we will immediately initiate a 301 Investigation into the practice of 'ROBBING' American Companies and, in turn, the American Taxpayer," he wrote on Truth Social.

"The European Union will pay a very big price for this illegal and highly unethical conduct, which I have consistently warned them about. The penalties will be entirely reversed and, we anticipate, a substantial TARIFF to be placed on them at the earliest possible moment," he added.

He described the EU measure against Google as an "illegal and highly discriminatory" practice that he argued started during the first year of the Biden administration.

"It's not going to continue during the Trump Administration," he said.

Section 301 is a legal provision that allows the U.S. administration to investigate unfair foreign trade practices.

The previous day, the Trump administration announced new Section 301 tariffs of up to 12.5 percent on South Korea, Japan and dozens of other economies over forced labor concerns, as it sought to reimpose the same level of earlier tariffs that were struck down by the Supreme Court in February.

South Korea has been closely watching the U.S. tariff action at a time when U.S. officials and lawmakers have taken issue with Seoul's regulatory action regarding U.S.-listed e-commerce giant Coupang Inc.'s massive personal data breach.

sshluck@yna.co.kr

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