Daily Mail: Europe's five biggest economies warn Trump that his tax plan may violate international trade rules and harm the global economy by giving US companies an advantage over foreign rivals
* Trump planning tax reforms that could reshape international business tax rules
* But finance ministers from five EU countries have voiced 'significant concerns'
* Fears reforms could risk 'seriously hampering genuine trade' between US and EU
* Ministries from UK, France, Italy, Spain and Germany issued warning in a letter to US Treasury Secretary Steven Mnuchin
Europe's five biggest economies have warned Donald Trump that plans for massive US tax reforms may end up violating international trade rules.
Finance ministers from Germany, France, Britain, Italy and Spain say they have 'significant concerns' about some of the US President's tax initiatives and fear they could harm the global economy.
In a letter to US Treasury Secretary Steven Mnuchin, the ministers said the tax overhaul could risk 'seriously hampering genuine trade and investment flows' between Europe and America.
Read more ....
Update: Europe doesn't like Trump administration's tax plans (CNN)
WNU Editor: I understand the European point of view .... that they do not want to change their own tax policies when it comes to corporations, and they like to maintain the control that they have now. But these new U.S. rules will change that .... specifically U.S. corporations being forced to keep their investments and monies in the U.S. as well as making the U.S. a more attractive place for other companies and countries to invest their money in. My suggestion is that the Europeans should take a page from the Chinese on what to do. The Chinese have accepted the U.S. moving forward on these changes, and they are adjusting their economy .... China Unveils Plan To Combat Trump Tax Reform: “We’ll Have Tough Battles" (Zero Hedge). But here is an easy prediction, the Europeans are not going to implement anywhere near what the Chinese are doing. Raising interest rates, lowering tax rates, etc. .... there is no political will in the EU to implement such a policy .... hence the protestations and the very real prospect of a trade/finance war between the EU and the U.S.. But if it comes to that .... here is another easy prediction. On this battle, the U.S. will win.
