Trump Exempts U.S. from Global Corporate Tax Agreement

U.S. President Donald Trump has rejected the global corporate minimum tax deal, asserting that it is not binding in the U.S. This decision effectively withdraws America from the agreement negotiated by the Biden administration with nearly 140 countries. In a memo, Trump characterized these actions as "retaliatory," warning that American companies could encounter reciprocal international tax regulations should the U.S. not adhere to foreign tax policy goals. The memo makes it clear that the global tax agreement holds no sway in the United States, with the aim of reclaiming the nation's sovereignty and enhancing its economic competitiveness. Trump's nominee for Treasury, Scott Bessent, has cautioned that implementing the global minimum tax deal would be a "grave mistake."