Donald Trump has threatened to double taxes on foreign nationals and companies in a row over “discriminatory” levies on US businesses.
The president has instructed the secretary of the treasury to investigate whether “any foreign country subjects United States citizens or corporations to discriminatory or extraterritorial taxes pursuant to section 891 of title 26, United States Code.”
The intervention comes just weeks after President Trump raised concern about the North Sea Windfall Tax, sharing an article about American firm Apache planning to exit the UK Continental Shelf, where it is taxed at 78%.
Section 891 of the US tax code gives the president the power to double the rate of tax on foreign nationals and corporations if they judge that the countries they hail from are unfairly taxing American interests overseas.
The threat was set out in a White House memo outlining Mr Trump’s “America First” trade policy.
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