Trump wants to stop foreign tax on US companies

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.