President Donald Trump surprised many in the tax community by making the global tax deal a day one issue. His Jan. 20 memorandum gave his Treasury secretary 60 days to recommend interactions with tax treaties and possible protective measures to ensure the minimum tax rules have no force or effect in the US.
That 60-day window is closing. And with the European Union’s tax chief reiterating that the bloc will continue to pursue the global minimum tax—even in the face of large-scale tariffTariffs are taxes imposed by one country on goods imported from another country. Tariffs are trade barriers that raise prices, reduce available quantities of goods and services for US businesses and consumers, and create an economic burden on foreign exporters. threats from the US—it’s time for the US to put forth a plan or risk creating further chaos in the world’s largest economies.
Governments around the world should ask what the right trade-off in global tax policy is. Cross-border rules should help investment and growth while balancing anti-avoidance objectives and simplicity.
This is a preview of our full op-ed originally published in Bloomberg Tax.
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