Trump wants to stop foreign tax on US companies

The newly elected President of the USA, Donald Trump, has ordered officials at the US Finance Department to draw up "protective measures". These are to be used against countries that impose what he calls "extraterritorial fees" on multinational companies from the USA.

» Published: January 21 2025

Trump wants to stop foreign tax on US companies
Photo: Chip Somodevilla AP/TT

Share this article

Within 60 days, Donald Trump wants to see a list of possible measures, reports the Financial Times.

The order risks leading to a number of tax conflicts between the US and other countries and in practice means that the US is breaking the OECD agreement on global taxation that was reached between the US, EU, the UK, South Korea, Japan, and Canada in 2021 and began to be applied last year.

Trump threatened, among other things, France with punitive tariffs during his previous term in response to French taxation of large US tech companies, such as Apple and Alphabet, the owner of Google.

The OECD's Secretary-General Mathias Cormann confirms the US criticism of the tax agreement and says, according to the Financial Times, that the OECD intends to continue cooperation with the US and other countries to clarify taxation principles, eliminate double taxation, and protect member countries' tax bases.

The EU's Economic Commissioner Valdis Dombrovskis is also open to discussing the issues with the new Trump administration, according to the newspaper.

Tags

Author

TTT
By TTEnglish edition by Sweden Herald, adapted for local and international readers

More news

Klarna Prepares for New York Stock Exchange Debut
1 MIN READ

Klarna Prepares for New York Stock Exchange Debut

Sanctions Loom for Companies Trading with Russia
1 MIN READ

Sanctions Loom for Companies Trading with Russia

Wall Street Declines After July Inflation Data Released
1 MIN READ

Wall Street Declines After July Inflation Data Released

The Job Market in Sweden is Cooling Down - Significant Differences Between Industries

The Job Market in Sweden is Cooling Down - Significant Differences Between Industries

US Inflation Steady at 2.6 Percent in July
1 MIN READ

US Inflation Steady at 2.6 Percent in July

Extended Nuclear Shutdown Raises Electricity Prices in Southern Sweden
2 MIN READ

Extended Nuclear Shutdown Raises Electricity Prices in Southern Sweden

Price Pressure Reduces Alibaba's Second Quarter Profit
1 MIN READ

Price Pressure Reduces Alibaba's Second Quarter Profit

Ikano Bank Reports Loss Amid 670 Million Kronor Credit Losses
1 MIN READ

Ikano Bank Reports Loss Amid 670 Million Kronor Credit Losses

Norway and US Senator Clash Over Oil Fund's Caterpillar Divestment
1 MIN READ

Norway and US Senator Clash Over Oil Fund's Caterpillar Divestment

Tesla Denied New Charging Stations Amid Swedish Union Strikes
1 MIN READ

Tesla Denied New Charging Stations Amid Swedish Union Strikes

Lisa Cook Sues Trump Over Federal Reserve Board Dismissal Attempt
2 MIN READ

Lisa Cook Sues Trump Over Federal Reserve Board Dismissal Attempt

Stockholm Stock Exchange Sees Five Consecutive Days of Decline
2 MIN READ

Stockholm Stock Exchange Sees Five Consecutive Days of Decline

Saab to Develop Unmanned Underwater Vehicle for FMV
1 MIN READ

Saab to Develop Unmanned Underwater Vehicle for FMV

Swedish Economy Shows Recovery with Revised GDP Growth
1 MIN READ

Swedish Economy Shows Recovery with Revised GDP Growth

Academedia CEO Unconcerned About Potential Social Democratic Government
2 MIN READ

Academedia CEO Unconcerned About Potential Social Democratic Government

US Ends Duty-Free Exemption for Small Package Imports
1 MIN READ

US Ends Duty-Free Exemption for Small Package Imports

Swedish Investors Shift Focus from Defense Stocks Amid Peace Talks
2 MIN READ

Swedish Investors Shift Focus from Defense Stocks Amid Peace Talks

Consumer Agency's Proposed Telemarketing Ban Could Cost Thousands of Jobs
2 MIN READ

Consumer Agency's Proposed Telemarketing Ban Could Cost Thousands of Jobs

Asian Stock Markets Mostly Rise in Early Friday Trading
1 MIN READ

Asian Stock Markets Mostly Rise in Early Friday Trading

US Stock Market Rises Despite Urban Outfitters' Sharp Decline
1 MIN READ

US Stock Market Rises Despite Urban Outfitters' Sharp Decline