Reported at www.themandarin.com.au: President Donald Trump has signed an executive order withdrawing the U.S. from the OECD global minimum corporate tax agreement, allowing the U.S. to set its own tax rates without international constraints.

This decision contrasts with the Australian government’s ratification of the global tax rate aimed at combating tax evasion.

Trump’s order emphasises American sovereignty over its tax regime and instructs officials to inform the OECD of the U.S. withdrawal from the global tax deal.