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Yellen tells Mexican counterpart G20 countries should back global minimum tax

EconomyJun 17, 2021 10:46PM ET
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© Reuters. U.S. Secretary of the Treasury Janet Yellen and Mexican Finance Minister Arturo Herrera Gutierrez speak before a bilateral meeting at the U.S. Department of the Treasury in Washington, U.S., June 17, 2021. REUTERS/Evelyn Hockstein

WASHINGTON (Reuters) -U.S. Treasury Secretary Janet Yellen met with Mexican finance minister Arturo Herrera on Thursday, stressing the importance of securing support from the Group of 20 major economies for a proposed global minimum tax, the Treasury said in a statement.

Yellen, whose proposal for a global minimum tax of at least 15% has won the backing of the Group of Seven advanced economies, is now urging G20 countries - including Mexico and China - to support the plan when they meet in Venice in July.

Yellen told U.S. lawmakers that Washington would not agree to any type of special treatment for China or other countries that would weaken a global minimum tax regime.

G7 finance officials on June 5 agreed to support a minimum corporate tax rate of at least 15%, a move endorsed by G7 leaders on Sunday.

In her discussion with Herrera, Yellen also affirmed the Treasury's commitment to deepen cooperation with Mexico on illicit finance and to work together to address root causes of migration from northern Central America, Treasury said.

Herrera, who met with Yellen in Washington, said the two officials discussed the possible approval and implementation of the global minimum tax rate, but gave no details.

He also said they discussed economic recovery in the region, including in Central America.

Treasury said Yellen reviewed ongoing efforts in both countries to address the COVID-19 pandemic and to support a robust economic recovery.

The Federal Reserve on Thursday forecast the U.S. economy would grow 7% in 2021, which should help the Mexican economy given extensive trade ties between the two neighboring countries.

Herrera also met with International Monetary Fund Managing Director Kristalina Georgieva for what she described in a tweet as a "very productive in-person meeting on the global and regional economic recovery."

Yellen tells Mexican counterpart G20 countries should back global minimum tax
 

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Comments (4)
Robert Sharp
Robert Sharp Jun 18, 2021 3:55AM ET
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Gonna laugh my az off when a bunch of the G8+ lower their corporate tax rates to =<14%. Talk about less than smart by the G7. Why force yourself to adhere to a floor when so many countries trying to beat/catch up to you can undercut you with lower rates. Wouldn't surprise me to see some go to 0.
David David
David9 Jun 18, 2021 12:14AM ET
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This will never work just because they met first with the G7 and decide... they just made it look like the G7 is above all... that was the wrong way to start off... they should have made this decision at the G20.... so this is going to fail miserably....
The Watcher
Watcher412 Jun 17, 2021 11:52PM ET
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Does China or Mexico looks like they take orders from the G7?
Corey DeLaplain
SniperSam Jun 17, 2021 10:25PM ET
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I hope he told her to take a hike!
 
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