Amazon won’t need to pay the European Union €250 million ($263 million) in back taxes. On Wednesday, the bloc’s executive branch said it was closing three separate state aid investigations, including one involving Amazon.

The European Commission on Thursday said it had closed state aid investigations into tax rulings granted by Luxembourg and the Netherlands to Amazon, Fiat and Starbucks. In 2015 and 2017, the Commission found that Luxembourg granted selective tax advantages to Fiat and Amazon,

The layman’s narrative of the 1930s is that America’s Smoot-Hawley tariffs set off a beggar-thy-neighbour spiral and caused the Great Depression. It is not true.

A tariff war between the U.S. and Europe could drive up inflation a little in the short term, European Central Bank President Christine Lagarde said.