This is CBSI on the world.

I'm John Batchel, joined by my colleague Joseph Sternberg,

member of the editorial board of the Wall Street Journal.

He writes the column Political Economics in the journal.

He's based in London.

And right now he's looking at the remains of the Biden administration

and the Trump administration, as Joe

puts it, doing a favor for Europe. Are they listening? Joe, a very good evening to you. Thank you

for this. The OECD is keen on the global tax. What is it? And how is it that Europe could listen

to Mr. Trump and benefit the global tax?

Good evening to you, Joe.

Hey, John.

Well, you know, the big picture story that we'll be talking about, you know, this evening is kind of a moment of truth about America.

And I think that this global tax deal is a perfect example of a moment of truth that has arrived with the Trump administration.

So this was a project that the Organization for Economic Cooperation and Development in Paris, the OECD, has been working on for many years.

It was basically supposed to try to eliminate tax competition, especially among developed

countries. They didn't want countries cutting their tax rates too low in order to attract

business because they thought that this was pulling revenue away from other governments

that might need it. And the U.S. had resisted this kind of effort

for a long time because Congress wanted to maintain the sovereignty to write its own tax policy.

And, you know, administrations of both parties understood that this would be a bad idea.

So imagine Europe's pleasant surprise when the Biden administration came

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