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A Presidential Memorandum was signed notifying the OECD that its Global Tax Deal has no force or effect in the U.S. and directing an investigation into foreign tax rules.
An official White House presidential memorandum dated January 20, 2025—Inauguration Day for President Donald Trump—addresses the OECD Global Tax Deal and states that the deal "has no force or effect in the United States," instructing the Treasury Secretary and U.S. representative to the OECD to notify the OECD that prior U.S. commitments regarding the deal have no effect absent an act of Congress. In Section 2, the same memorandum directs the Treasury Secretary, in consultation with the U.S. Trade Representative, to investigate whether foreign countries are not in compliance with U.S. tax treaties or have (or are likely to adopt) tax rules that are "extraterritorial or disproportionately affect American companies" and to develop options for protective measures. Independent reporting describes this as a memorandum issued within hours of Trump taking office, effectively pulling the U.S. out of the OECD global tax arrangement and ordering a review of potentially retaliatory or discriminatory foreign tax regimes, and tax and legal analyses summarize the same notification and investigative directives. Verdict: True, because primary and corroborating sources show that on his first day in office President Trump signed a presidential memorandum that both declared the OECD Global Tax Deal to have no force or effect in the United States and ordered an investigation into potentially extraterritorial or disproportionately anti-U.S. foreign tax rules.