President Donald Trump on Monday signed an executive action declaring that the global minimum corporate tax deal supported by the Biden administration and negotiated with more than 100 other countries has “no force or effect” within the U.S. barring an act of Congress adopting the deal.
“This memorandum recaptures our Nation’s sovereignty and economic competitiveness by clarifying that the Global Tax Deal has no force or effect in the United States,” the memorandum said. The document was among a rush of orders and actions taken by Trump on his first day in office.
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