FT News Briefing Trump steers the world toward a tax war
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Jan 24, 2025 A federal judge has halted Trump's bid to end birthright citizenship, stirring legal debates. Meanwhile, Trump's threats of retaliatory taxes could shake international business dealings. The podcast also delves into the cooling interest in anti-obesity drugs, as investors pull back from once-promising stocks. Novartis and Eli Lilly face market turbulence following disappointing results. Lastly, the competitive landscape of the Oscars shines a light on the broader cultural context in which these pharmaceutical challenges unfold.
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Trump's Tax War
- President Trump is initiating a tax war, targeting "extraterritorial" taxes on U.S. multinationals.
- He withdrew the U.S. from a global tax deal and threatened retaliatory measures.
Potential Retaliatory Measures
- Trump's administration is considering doubling taxes on foreign companies deemed to have discriminatory levies on American firms.
- Other potential retaliatory measures are being explored.
OECD Deal's Uncertain Future
- The OECD global tax deal's future is uncertain due to Trump's actions, potentially leading to a "tit-for-tat tax war."
- Some experts believe the deal might be salvaged through compromises.