US Allies Stay Committed to OECD Tax Deal Despite Trump Threats

Some of the US’s closest allies said Tuesday they will continue to negotiate the OECD-led global tax reform deal despite its rejection by President Donald Trump, who said in a Jan. 20 memo that it would harm US companies.

“We take note of this presidential memorandum. We remain committed to our international obligations undertaken over the last years and are open to meaningful dialogue with our international partners,” the European Commission said.

The Trump administration memo instructs the US Treasury Department to prepare “protective measures” against countries that impose taxes that “disproportionately affect American companies.”

The global tax deal was ...