Trump Challenges Global Tax Deal with New Executive Action

President Donald Trump signed an executive action declaring that the global minimum corporate tax deal, supported by the Biden administration and negotiated alongside over 100 countries, is not effective in the U.S. without Congressional approval. This move aims to safeguard U.S. sovereignty and economic competitiveness.

In a move to assert U.S. sovereignty, President Donald Trump signed an executive action on Monday, negating the globally-negotiated corporate tax deal endorsed by the Biden administration. The executive action stipulates that the deal holds no legal force within the United States unless adopted by Congress.

This memorandum, according to Trump, aims to recapture the nation's economic competitiveness and sovereignty. It explicitly clarifies that, without legislative backing, the global tax agreement lacks any enforceability in the U.S.

The declaration was part of a series of executive orders issued by Trump on his inaugural day in office, signifying his staunch stance on protecting domestic economic interests.

(With inputs from agencies.)