America First, Global Tax Deal Clash in Irreconcilable Conflict

President Donald Trump effectively upended a global minimum tax deal signed by nearly 140 countries on his first day back in office, declaring other countries shouldn’t decide how US multinationals will be taxed.

The 2021 agreement had been billed as a once-in-a-generation rewrite of international tax rules. Its aim was simple: stop large multinational corporations like Apple Inc. and Microsoft Corp. from shifting profits to tax havens by imposing a 15% minimum corporation levy wherever they operate. That would help put an end to competition among countries to cut tax rates ever lower, costing them an estimated hundreds of billions ...