U.S. President Donald Trump on Monday declared that a global corporate minimum tax deal "has no force or effect" in the U.S., effectively pulling America out of the landmark 2021 arrangement negotiated by the administration of former U.S. President Joe Biden with nearly 140 countries.
In a presidential memorandum issued hours after taking office, Trump also ordered the U.S. Treasury to prepare options for "protective measures" against countries that have or are likely to put in place tax rules that disproportionately affect American companies.
The European Union, U.K. and other countries have adopted the 15% global corporate minimum tax, but the U.S. Congress never approved measures to bring the U.S. into compliance with it. The U.S. has a roughly 10% global minimum tax, part of Trump's landmark 2017 tax cut package approved by Republicans.
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