European antitrust officials have delayed issuing a fine against Google (GOOGL) over its advertising business. According to Reuters, which cited three people familiar with the matter, the EU is holding off while it waits for the U.S. to lower tariffs on European cars as part of an ongoing trade deal. Indeed, these car tariffs were a key part of the recent U.S.-EU negotiations. Last week, the European Commission proposed removing tariffs on U.S. industrial goods, and now it’s waiting for the U.S. to lower car tariffs from 27.5% to 15%.
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At the same time, President Donald Trump has warned the EU to not take action against major U.S. tech companies. Google was reportedly told that EU antitrust chief Teresa Ribera would announce the fine on Monday, but the announcement never happened, and no reason was given. Interestingly, one source noted that the delay likely won’t last more than a month. Another said that it happened after EU trade commissioner Maros Sefcovic questioned the decision, although he didn’t say how long the delay might be.
Nevertheless, the delay has led to concerns about political influence over antitrust decisions. Germany’s Monopolies Commission called it a “worrying precedent,” with chairman Tomaso Duso saying, “The protection of competition must not become a pawn of the Trump administration.” Separately, a European Commission spokesperson said that the Google investigation is ongoing but didn’t provide more details. The fine comes after a four-year investigation that was triggered by a complaint from the European Publishers Council that accused Google of favoring its own ad services. MLex first reported the delay.
Is Google Stock a Good Buy?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on GOOGL stock based on 26 Buys and nine Holds assigned in the past three months. Furthermore, the average GOOGL price target of $216.87 per share implies 3.7% upside potential.
