The memorandum, issued on his day in the presidency, states that the OECD’s global minimum tax rate of 15% ‘has no force or effect’ in the US.

‘The OECD Global Tax Deal supported under the prior administration not only allows extraterritorial jurisdiction over American income but also limits our nation’s ability to enact tax policies that serve the interests of American businesses and workers,’ stated the memorandum on the global tax deal.  

‘Because of the global tax deal and other discriminatory foreign tax practices, American companies may face retaliatory international tax regimes if the United States does not comply with foreign tax policy objectives.