US President Donald Trump has withdrawn from the OECD global corporate tax treaty via an executive order issued on Monday, declaring that the agreement has “no force or effect” in the United States. The move threatens global tax cooperation and could derail a historic effort to reform international tax rules.

The treaty, announced in October 2021, was signed by 140 countries representing over 90% of global GDP, including major economies such as China, the UK, Germany, France, Japan, and Türkiye. It aimed to impose a minimum 15% tax rate on multinational corporations with global revenues exceeding €750 million ($780.5 million), such as Google, Amazon, Microsoft, and Meta (Facebook), starting in 2024.