Newly inaugurated US President Donald Trump has wasted no time and signed an executive order that throws the idea of a global corporate minimum tax into chaos.

The international agreement, which was conceived and championed by the Organization for Economic Cooperation (OECD), was supported by former President Joe Biden and nearly 150 other countries.

Trump's executive order makes it clear that earlier US support and commitments are null and void. "The Global Tax Deal has no force or effect in the United States" without the action of Congress, according to the document.

It is an attempt to recapture "our nation's sovereignty and economic competitiveness" and go up against foreign tax practices that could lead to "retaliatory international tax regimes" for American companies, it went on further.

The OECD-backed deal has two parts:

1. Making sure big companies pay taxes at all.

This means a global minimum tax of 15% will be levied on the profits of big multinational corporations. If they don't pay at least 15% in their home countries, other countries could charge them........

© Deutsche Welle