Tue, May 6, 2025
Mon, May 5, 2025
Sun, May 4, 2025

Exclusive-US seeks to weaken global development finance efforts, UN document shows

BRUSSELS/LONDON (Reuters) -The United States is seeking to weaken a global deal aimed at helping developing countries struggling with the impacts of climate change and other issues, an internal United Nations document seen by Reuters showed. The Trump administration opposes draft reforms of the world's financial system intended to help developing countries, including around taxation, credit ratings and fossil fuel subsidies. The previously unreported document sheds light on how the Trump administration is seeking to imprint an "America First" agenda, including opposition to efforts to slow climate change and promote diversity, on the institutions at the heart of fixing global systemic crises.

The U.S. is actively working to undermine a proposed global corporate tax deal, as revealed by sources familiar with the matter, aiming to modify the agreement to favor American interests. This effort comes ahead of a crucial meeting of finance ministers from the Group of 20 nations in Washington, where the global minimum tax rate of 15% is set to be discussed. The U.S. Treasury, led by Secretary Janet Yellen, is pushing for changes that would allow U.S. companies to benefit from existing tax incentives, particularly those related to green energy, which could be at odds with the deal's intent to prevent a race to the bottom in corporate taxation. This move has sparked concerns among other nations about the potential unraveling of the agreement, which was designed to ensure multinational corporations pay their fair share of taxes and to stabilize global tax competition.

Read the Full Reuters Article at:
https://www.yahoo.com/news/exclusive-us-seeks-weaken-global-101119309.html