President Joe Biden notched a preliminary win at the G-20 summit in Rome, securing an agreement from leaders representing the world’s largest economies regarding a 15% global minimum tax.
Biden and his aides had previewed a potential pact as the most likely deliverable from the summit as centrist Democrats at home block the president’s attempts to reform the tax code to pay for his social welfare and climate spending package.
A senior administration official heralded the arrangement after the first plenary session of the two-day summit at Rome’s convention center, telling reporters all participants “came out in support of a global minimum tax.”
“The president emphasized the importance of this historic deal during his intervention,” the source said. “The president also mentioned that while we don’t see eye to eye on every issue, we can tackle shared interests.”
BIDEN TROUBLES AT HOME FOLLOW HIM ABROAD
Biden also had a message to Chinese President Xi Jinping, who is joining the summit virtually, as is Russian President Vladimir Putin, according to the official.
“He reminded G-20 leaders that new pandemics can arise [at] any time, so it is important that we strengthen global health systems and do more to create the global health security infrastructure to make sure we are prepared against the next pandemic,” the source added.
The deal is motivated by the belief that if all G-20 countries enact minimum corporate tax rates of 15%, competitors will be hamstrung from engaging in a race to the bottom by luring business and jobs from other jurisdictions with lower levies.
Biden’s other big agenda item Saturday was a meeting with British Prime Minister Boris Johnson, French President Emmanuel Macron, and outgoing German Chancellor Angela Merkel. The quartet organized the sideline gathering to strategize over next month’s renewed negotiations with Iran and its nuclear program.
Biden, Johnson, Macron, and Merkel released a joint statement following the meeting expressing their alarm at Iran’s “pace of provocative nuclear steps, such as the production of highly enriched uranium and enriched uranium metal,” since thwarting Joint Comprehensive Plan of Action talks from June.
“We welcome President Biden’s clearly demonstrated commitment to return the U.S. to full compliance with the JCPOA and to stay in full compliance, so long as Iran does the same,” they said. “Return to JCPOA compliance will provide sanctions lifting with long-lasting implications for Iran’s economic growth. This will only be possible if Iran changes course.”
CLICK HERE TO READ MORE FROM THE WASHINGTON EXAMINER
Biden is scheduled to attend a plenary session on supply chains and hold a press conference Sunday before flying to Scotland on Monday for the United Nations climate summit.
