Rome (CNN)President Joe Biden is facing a more skeptical global audience than on his first day in Rome as he attends the Group of 20 Summit, which began Saturday with the President achieving one of his core objectives for the global conference.
World leaders endorsed the 15% global minimum tax, a chief priority of Biden’s that the White House believes would end the global race-to-the-bottom on corporate tax rates, during the first session that was focused on the global economy and pandemic. The new rule will be formalized when the leaders release a final G20 communiqué on Sunday, when the summit ends.“Today, G20 leaders will support the establishment of a historic global minimum tax. We expect to see the GMT formally endorsed in the Leaders communique on Sunday,” a White House official said.Italian Prime Minister Mario Draghi, the leader of this year’s G20, said in remarks at the summit’s start that the agreement was proof of the power of multilateralism.“We reached a historic agreement for a fairer and more effective international tax system,” Draghi said. “These results are a powerful reminder of what we can achieve together.”
