(Reuters) – President Donald Trump signed an executive action on Monday declaring that the global minimum corporate tax treaty backed by the Biden administration and negotiated with more than 100 other countries has “no force or effect” inside the U.S. except of the act that Congress adopts the agreement.
“This memorandum reasserts our nation’s sovereignty and economic competitiveness by clarifying that the Global Tax Agreement has no force or effect in the United States,” the memorandum said. The document was among a slew of orders and actions taken by Trump on his first day in office.
