President Donald Trump on Monday declared that a global corporate minimum tax deal "has no force or effect" in the U.S., effectively pulling America out of the landmark 2021 arrangement negotiated by the Biden administration with nearly 140 countries.

Economic upheaval caused by the pandemic has clouded analysts’ ability to understand the effects of the 2017 tax law. Republicans call it a huge success and want to extend it anyway.

President Trump said the Biden administration’s commitments through an international corporate tax agreement should have no force inside the U.S. without an act of Congress. In an [executive order](