Donald Trump's White House Comeback Makes Corporate America Struggle To Keep Up: Report
Date
1/26/2025 3:14:45 PM
(MENAFN- Live Mint) Corporate America is treading difficult grounds due to rapid policy changes as US President Donald trump makes his White House comeback for the Trump administration, reported the news portal financial Times.
Donald Trump's opening moves show that he has plans to use a wider range of reforms to implement his agenda. The week started with more than 100 executive orders and actions after the inauguration ceremony on January 20.
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“The range of policy outcomes is probably as high as it has ever been,” Chris Krueger, strategist at TD Cowen's Washington research group, told the news portal.“The right and left tails are massive, and all roads lead to Trump,” he said.
Trump's agenda ranges between fossil fuels , expanding the tariffs and deporting undocumented immigrants, among other things, as per the report.
Reforms
Under the new administration, a promise to undo a global minimum tax deal was allegedly brokered through the OECD (Organisation for Economic Co-operation and Development) which came with a threat to double US taxes on ex-pats and companies which choose to pursue it, under a section of law which has never before been used since World War 2, according to the news report.
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“On the one hand, the fact that there was a muscular response was received with broad acclaim” from US multinationals, who have long complained about the deal, Pat Brown, partner in PwC's tax practice told the news portal.“But one of the questions we got immediately was: 'My CEO is a citizen of a foreign country who happens to live and work here. Do I need to go tell my CEO his tax rate may double?'”
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