In These New Times

A new paradigm for a post-imperial world

Trump tax overhaul may drain $2 trillion from foreign projects as funds shift to U.S.: U.N. report

Posted by seumasach on December 15, 2018

“Almost 40 percent of the funds are located in the United Kingdom or its Caribbean offshore territories such as the British Virgin Islands, UNCTAD said, citing data from the Bureau of Economic Analysis.”

This hit by Trump against City of London and UK offshore interests has received little commentary but goes a long way to explaining the wall of hostility towards him in the UK press. This is also confirmation of my contention that Trump has ended the special relationship at a time when the UK itself is trying to throw off the regulatory fetters of the EU (I refer, of course, to the regulation of finance). It also goes a long way to explaining why the UK has descended into political chaos, finding itself caught between the EU and the USA, between a rock and a hard place.

Japan Times

6th February, 2018

U.S. President Donald Trump’s tax reform could bring almost $2 trillion back to the United States as U.S. firms repatriate cash piles from foreign affiliates, a U.N. report said on Monday.

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