While the Biden administration is hailing the commitment from the Group of Seven wealthy nations to a global minimum tax, actual implementation is still quite a way off on a path fraught with obstacles.

On Saturday, after meeting with the G-7, Treasury Secretary Janet Yellen announced that the finance chiefs had agreed to move forward with a 15% global minimum tax, a policy that President Joe Biden has sought. Yellen called it an “unprecedented commitment,” although many details have not been agreed to and dozens of more countries need to weigh in.