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