President Donald Trump declared that the global tax deal “has no force or effect” in the U.S. in one of a pair of new tax and trade-related directives.

President Donald Trump on Monday declared that a global corporate minimum tax deal "has no force or effect" in the U.S., effectively pulling America out of the landmark 2021 arrangement negotiated by the Biden administration with nearly 140 countries.

Claiming unfair treatment for American companies Donald Trump has left the OECD's global tax deal negotiations by executive order. Without the deal, countries could opt for "digital service taxes" of their own.

In an executive order Monday, President Trump asked federal agencies to explore potential retaliatory measures for any taxes deemed discrimina

Former Treasury Secretary Janet Yellen was a driving force behind talks led by the OECD that resulted in more than 130 countries agreeing to implement global tax rules in 2021.

President Donald Trump on Monday signed an executive action declaring that the global minimum corporate tax deal supported by the Biden administration and negotiated with more than 100 other countries has "no force or effect" within the U.

Among the first Presidential actions was an executive order on Monday night effectively pulling the US out of the landmark 2021 OECD Global Tax Deal negotiated by the Biden administration with nearly 140 countries including India.

PRESIDENT Donald Trump on Monday declared that a global corporate minimum tax deal “has no force or effect” in the US, effectively pulling America out of the landmark 2021 arrangement negotiated by the Biden administration with nearly 140 countries.

Around 50 jurisdictions have already adopted or made significant strides towards adoption of GloBE rules. These jurisdictions will have to now undertake a course correction to adjust to the new realities.

In a memorandum, President Donald Trump said a global tax deal earlier agreed upon has “no force or effect,” in the United States.

Donald Trump has threatened to double taxes on foreign companies in a row over “discriminatory” levies on US businesses.