The case

Trump has pulled US out of the global corporate tax deal – Pillars 1 & 2.

Source: Reuters

The commentary

US President Donald Trump declared that a global corporate minimum tax deal “has no force or effect” in the USA and has thus pulled the USA out of the landmark 2021 arrangement negotiated by the Biden administration with nearly 140 countries. Trump also ordered the US Treasury to prepare options for “protective measures” against countries that have or might put into place tax rules that disproportionately affect US companies.

Trump took this step, claiming “because of the Global Tax Deal and other discriminatory foreign tax practices, US companies may face retaliatory international tax regimes if the United States do not comply with foreign tax policy objectives”.

He went on to say that the memorandum hampered America’s sovereignty and economic competitiveness and that the Global Tax Deal had no force or effect in the United States.

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