US President Donald Trump as part of a flurry of executive orders signed since taking office has scrapped a global minimum corporate tax deal, also ratified by Luxembourg, warning countries implementing the agreement and levying extra taxes on US multinationals of punishment.
Under the umbrella of the OECD and G20, more than 130 countries worldwide in 2021 agreed to introduce a global minimum corporate tax rate of 15%, intended to prevent countries from competing to offer the lowest rates and the most exemptions.