Summary
Donald Trump signed an executive order withdrawing the U.S. from the OECD global corporate tax deal, which set a 15% minimum tax rate on multinationals.
This move threatens Ireland, which relies heavily on corporate tax revenue from U.S. firms.
Trump also plans to retaliate against countries imposing “extraterritorial” taxes on U.S. businesses.
EU officials, including Ireland, expressed concern but emphasized their commitment to the tax reforms.
The decision risks escalating U.S.-EU tensions, with fears of trade tariffs and broader economic fallout.
This is probably the worst thing Trump has done so far. This 15% minimum tax deal was way too little, but still one of the best things that happened in the last few years. Now we are back in a race to the bottom. Only the rich will win.