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:

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

Wall Street Rises After US Interest Rate Cut Announcement

Wall Street Rises After US Interest Rate Cut Announcement

Swedish Farmers Criticize EU's Long-Term Budget Proposal

Swedish Farmers Criticize EU's Long-Term Budget Proposal

Trump Seeks Supreme Court Ruling on Federal Reserve Member's Fate

Trump Seeks Supreme Court Ruling on Federal Reserve Member's Fate

ROT Deduction Reduction at Year-End Faces Criticism

ROT Deduction Reduction at Year-End Faces Criticism

Energy Companies Urge Long-Term Energy Policy Agreement

Energy Companies Urge Long-Term Energy Policy Agreement

Nvidia and Intel Partner to Develop Computer and Data Center Chips

Nvidia and Intel Partner to Develop Computer and Data Center Chips

Bank of England Keeps Interest Rate Steady at 4.0 Percent

Bank of England Keeps Interest Rate Steady at 4.0 Percent

Novo Nordisk Shares Surge 5% After Positive Ozempic Study

Novo Nordisk Shares Surge 5% After Positive Ozempic Study

Sweden Opens State Support for Offshore Wind Power Despite SD Opposition

Sweden Opens State Support for Offshore Wind Power Despite SD Opposition

Norway Central Bank Reduces Interest Rate to 4.0 Percent

Norway Central Bank Reduces Interest Rate to 4.0 Percent

Stock Market Rises After US Interest Rate Cut

Stock Market Rises After US Interest Rate Cut

Billerud to Cut Up to 650 Jobs Amid Cost-Saving Measures

Billerud to Cut Up to 650 Jobs Amid Cost-Saving Measures

Reduced Benefits Linked to Poorer School Results and Increased Crime

Reduced Benefits Linked to Poorer School Results and Increased Crime

Swedish Companies Face Record 12-Quarter Economic Slump

Swedish Companies Face Record 12-Quarter Economic Slump

Asian Stocks Rise Following US Fed Interest Rate Cut

Asian Stocks Rise Following US Fed Interest Rate Cut

Blackstone to Invest £90 Billion in UK Projects Over Next Decade

Blackstone to Invest £90 Billion in UK Projects Over Next Decade

Wall Street Mixed as Fed Cuts Interest Rate but Signals Caution

Wall Street Mixed as Fed Cuts Interest Rate but Signals Caution

Fed Lowers Interest Rate by 0.25 Points, Signals More Cuts This Year

Fed Lowers Interest Rate by 0.25 Points, Signals More Cuts This Year

China Urges Tech Giants to Halt Nvidia AI Chip Purchases

China Urges Tech Giants to Halt Nvidia AI Chip Purchases

Jerry Greenfield Departs Ben & Jerry's, Citing Silencing by Unilever

Jerry Greenfield Departs Ben & Jerry's, Citing Silencing by Unilever