Google Fined $3.45 Billion by EU in Adtech Case

Google (GOOGL, Financials) was fined 2.95 billion ($3.45 billion) Friday after European Union regulators found it misused its dominance in online advertising technology.

The European Commission said Google steered business toward its own ad tools, raising costs for publishers and sidelining rivals. The company has 60 days to outline fixes or risk tougher remedies, including a possible breakup.

Google said it will fight the decision in court, arguing the ruling is wrong and could hurt European businesses that depend on its adtech services.

The case drew political pushback from Washington. President Donald Trump called the penalty unfair and warned he could launch a trade retaliation under Section 301 of the U.S. Trade Act.

Advertising generated $264.6 billion for Google last year, about three-quarters of its revenue. The ruling adds to ongoing U.S. and European scrutiny of its role in the digital ad market.