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The Trump effect: US foreign tax policy

Among the executive orders signed by President Trump is a firm rebuff of the OECD’s two-pillar solution, writes Tanja Velling (Slaughter and May).

The imposition of an incremental 10% tariff on Chinese goods and new 25% tariffs on Canadian and Mexican goods as envisaged in two Truth Social posts by President Trump on 25 November 2024 was not included among the executive orders signed by Trump on 20 January 2025 the day of his inauguration. But this cannot be taken as a shift in Trump’s policy preferences.

Trump’s inaugural address set out an intention to ‘tariff and tax foreign countries to enrich our citizens’ and his ‘America First Priorities’ include an ‘America First Trade Policy’ and asserting US tax sovereignty.

International tax reform: drawing a line in the sand

Starting with the assertion of US tax sovereignty Trump signed an executive...

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