G7 strikes deal to shield US multinationals from higher global taxes, FT reports
June 28 (Reuters) - The G7 has reached an agreement that would exempt U.S. multinational companies from paying more corporate tax overseas, the Financial Times reported on Saturday, citing people familiar with the discussions.
The deal, backed by Washington and other G7 members, would allow U.S. companies to avoid certain overseas taxes due to levies already paid in the United States, the report said.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
37 minutes ago
- Reuters
US to restart trade negotiations with Canada immediately, White House says
WASHINGTON, June 30 (Reuters) - The United States will restart trade negotiations with Canada immediately after Canada scrapped its digital services tax targeting U.S. technology firms, White House economic adviser Kevin Hassett said on Monday. "Absolutely," Hassett said on Fox News when asked about the talks restarting. President Donald Trump asked the Canadians to take the tax off at the G7 meeting in Canada, he said. "It's something that they've studied, now they've agreed to, and for sure, that means that we can get back to the negotiations."
.jpg%3Ftrim%3D0%2C0%2C0%2C0%26width%3D1200%26height%3D800%26crop%3D1200%3A800&w=3840&q=100)
The Independent
43 minutes ago
- The Independent
Musk will ‘do everything to damage' Trump and is building political influence to rival MAGA, mogul's former friend reveals
A man who was once close with billionaire Elon Musk warned President Donald Trump that the tech CEO is unforgiving and will do 'everything' to hurt the president, even after the two seemingly made up. 'I've had my share of blowouts with Elon over the years,' Philip Low told POLITICO. 'Knowing Elon the way I know him, I do think he's going to do everything to damage the president.' Low, a neuroscientist who founded the company NeuroVigil, experienced Musk's grudges firsthand when he fired the Tesla CEO from the advisory board of his startup in 2021. He claimed that Musk joined the advisory board for NeuroVigil, which builds a non-invasive brain monitoring device that can be used to detect neurological conditions. But then attempted to leave NeuroVigil's board after starting his brain-implant company Neuralink. Low fired Musk from NeuroVigil's advisory board instead of allowing him to resign to prevent the tech billionaire from using his stock options to hurt NeuroVigil. Low, who has known the tech mogul for 14 years, said he's unconvinced that Musk has forgiven Trump for the verbal battle the two engaged in earlier this month across their respective social media platforms. Musk had a bitter end to his time as an adviser and de facto head of the Department of Government Efficiency after publicly criticizing Trump's 'Big Beautiful Bill' on X. Trump claimed he pushed Musk out for acting 'crazy' and threatened to revoke his lucrative government contracts. In return, Musk accused Trump of being named in the government's investigation of Jeffrey Epstein. Trump has not been accused of any formal wrongdoing or charged with a crime related to the Epstein investigation. Though the two had a bitter falling out on social media, they appear to have reconciled somewhat - something Low branded as 'purely cosmetic' and transactional. 'He (Musk) has been humiliated,' he said. 'The whole idea that Elon is going to be on his side and help woo Congress and invest in election campaigns for right-wing judges — Elon might do all of that, but deep down, it's over.' Indeed, Low is warning that Musk may use his influence to undermine Trump's as a form of revenge. 'It's not a question of if, it's a question of when,' Low said 'Elon has his own pattern of trying to destabilize companies. He wants to take over, and if he can't take them over, then he tries to create a rival entity to compete,' Low said, though Low once noted Neuralink and NeuroVigil are not rivals. 'They were absolutely on a collision course, and I think that Trump tried to gloss over it by making it look as if he wanted Elon to be as aggressive as he was,' Low told POLITICO. Musk used his finances to help Trump get elected last year and his influence to secure a spot in the White House temporarily. Low believes Musk could use that same influence and connections to threaten Trump politically. 'He doesn't realize the battle that he has on his hands, and one way to cut the support away from Elon is to actually adopt some of the things he is for,' Low said.
Reuters
an hour ago
- Reuters
US Treasury's Bessent warns countries face higher tariff rates after July 9 deadline
WASHINGTON, June 30 (Reuters) - U.S. Treasury Secretary Scott Bessent said warned on Monday that countries could still face sharply higher tariffs on July 9 even if they are negotiating in good faith, adding that any potential extensions will be up to President Donald Trump. Bessent, who earlier floated the idea of negotiating extensions, told Bloomberg Television that he expects there to be "a flurry" of trade deals leading up to the July 9 deadline, after which 10% U.S. tariff rates on goods from many countries are set to snap back to Trump's April 2 announced rates of 11% to 50%. "We have countries that are negotiating in good faith, but they should be aware that if we can't get across the line because they are being recalcitrant, then we could spring back to the April 2 levels. I hope that won't have to happen," Bessent said.
