Big Tech companies are on the verge of a major defeat in Brussels. Despite threats from Donald Trump to retaliate with tariffs against countries that “discriminate” against US firms, the EU is preparing to block Meta, Apple, Google, and Amazon from tapping into its new financial data-sharing system.

With strong backing from Germany, EU lawmakers want to keep these tech giants out of the Financial Data Access (FiDA) framework — a new regulation aimed at letting third-party providers use consumer financial data to build innovative services like digital wallets and financial advice tools.

Banks, however, have fought hard against Big Tech’s involvement. They argue that companies like Apple or Google could exploit highly sensitive data, push banks aside in customer relationships, and capture much of the value of consumer insights. Their concerns were echoed by the European Parliament, the European Commission, and major EU capitals such as Berlin.

An EU diplomat summed up the situation bluntly: “This is one file where the Big Tech players are actually losing the lobbying fight.”

Protecting Europe’s “Digital Sovereignty”

A German proposal, seen by the Financial Times, urges excluding Big Tech to foster an EU-centric digital finance ecosystem, safeguard consumer data, and ensure a level playing field. If adopted, the move would hand a significant advantage to European banks while reinforcing the EU’s push for “digital sovereignty.”

Tensions Across the Atlantic

Negotiations on FiDA have been ongoing for more than two years and are now in their final stages, with a deal expected this autumn. But the exclusion of US platforms risks reigniting trade tensions between Brussels and Washington. Trump has repeatedly threatened punitive tariffs against any country he deems hostile to US tech interests — and this could become a flashpoint.

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