EU Commission warns that Trump’s tax plans could endanger EU-US trade

The EU’s executive branch has warned the US that its planned tax overhaul could violate some of its international obligations and risks “seriously hampering” trans-Atlantic trade, AP said. The letter to US Secretary of the Treasury Steven Mnuchin has reinforced similar moves by Germany, France, Britain, Italy and Spain to express serious concerns about several tax initiatives. The EU Commission’s spokesman Margaritis Schinas said on Monday that “the draft US tax bill as it currently stands contains elements that risk seriously hampering trade and investment.” Schinas said EU institutions “believe that it is in the joint EU-US interest to avoid this.” EU nations fear that Donald Trump’s domestic tax proposals may hurt world trade and EU companies in particular.