Trump’s Tax Plan Triggers Ire From China to the EU
- European Union finance ministers to review U.S. legislation
- Concern that tax cut could violate global trade, tax rules
GOP Tax Plan Raises Deficit Concerns
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As legislators in Washington work to get the most sweeping rewrite of the U.S. tax code in three decades, regions including the European Union and China are expressing their concern that the bill may not comply with international rules and frustration about the effect it may have on local markets.
Germany and France initiated an investigation that tasks the European Commission and the EU’s legal service to check if the tax-cut legislation passed by the U.S. Senate over the weekend violates international trade and tax laws, according to acting German Finance Minister Peter Altmaier.