Donald Trump could impose a double the tax rate on the American arms of UK companies in a ramping up of his global trade war.
His US administration is reportedly planning to invoke a 91-year-old rule that gives the president the authority to raise taxes on foreign companies if their home nation imposes levies that are deemed to unfairly target US businesses.
Section 891 of the Internal Revenue Code, which gives the president this power, has never been used.
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