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Photo: Jeremy Moeller/Getty Image

The U.S. Trade Representative on Friday announced plans for a 25% tariff to be slapped on $1.3 billion worth of French goods, but the Trump administration intends to defer the tax collection for up to six months.

The state of play: U.S. trade officials acknowledge the move is retaliatory, serving as a response to the 3% French digital service tax that targets major U.S. internet companies, like Facebook and Amazon. The U.S. argues the French tax is an unfair way to collect revenue from companies that earn billions in foreign markets.

  • The duties will affect French handbags, cosmetics and soaps, per Politico.

Go deeper:

Go deeper

NYT's Trump tax returns exposé explodes on social media

Data: NewsWhip; Chart: Andrew Witherspoon/Axios

The New York Times' bombshell tax investigation has become one of the most viral investigative news stories on social media during the Trump era, according to data from NewsWhip.

Why it matters: The years-long anticipation of the release of President Trump's tax returns has hit a nerve among Americans, many of whom have been waiting to see whether the returns reinforce rumors of the president's flimsy financial record.

"Atmospheric river" swings Northern California from drought to flood

Satellite view of the bomb cyclone swirling off the coast of the Pacific Northwest and the atmospheric river affecting California on Oct. 24. Photo: CIRA/RAMMB

A series of powerful "atmospheric river" storms are delivering historic amounts of rainfall across parts of drought-stricken California and the Pacific Northwest.

Why it matters: The atmospheric river, packing large amounts of moisture, was causing Northern California to whiplash from drought to flood, as it slowly moved south overnight. It's triggered widespread power outages, flooding and mudslides.

In photos: Drought-ravaged California lashed by major storm

Workers try to divert water into drains as rain pours down on Oct. 24 in Marin City, California. Photo: Justin Sullivan/Getty Images

A major storm system was pummeling Northern California and parts of the Pacific Northwest with heavy rains overnight.

The big picture: "Atmospheric river" storms, associated with a record-strong "bomb cyclone" offshore from the Pacific Northwest, have brought flooding and mudslides to parts of California that were razed by recent wildfires and in severe drought. It's also caused widespread power outages in California and Washington state.

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