European leaders also are concerned that the U.S. tax overhaul passed in December will divert tax revenue away from Europe and toward the United States. The tax law slashed corporate rates to 21% and offered incentives for companies such as Apple Inc., which had accumulated billions of dollars in its European subsidiary in Ireland, to bring home their profits. Moscovici has said that the European measures are not connected to actions by any other government, but French leaders advocated similar national plans in reaction to the U.S. policy changes.

Source: Los Angeles Times March 21, 2018 14:15 UTC