If you thought Joe Biden hated walls, you might be extrapolating from when he said, “There will not be another foot of [Donald Trump’s] wall constructed in my administration.” But perhaps you didn’t listen to Janet Yellen, the new treasury secretary, talking to the Chicago Council on Global Affairs on April 5 and proposing to build a tax wall around America?

Her boss in the Oval Office wants a global minimum tax rate for businesses, which would require developed nations to agree to make themselves less attractive to investment. Biden wants to make sure no American business can escape his punitive taxes, so he’s asking foreign governments not to offer better rates, which his administration refers to as a “race to the bottom.”