WASHINGTON — President Joe Biden and different world leaders are anticipated to concentrate on the worldwide response to the coronavirus pandemic Friday, the primary day of the G-7 assembly in Cornwall, England, whereas making the case for democratic establishments’ distinctive capability to reply to financial crises and disparities, senior administration officers mentioned.
The Group of Seven, a corporation of the world’s main industrial international locations — Britain, Canada, France, Germany, Italy, Japan and the U.S. — may also endorse a worldwide minimal tax of at the very least 15 p.c for firms, the White Home mentioned.
If one is enacted, a longtime international tax price — which firms must pay no matter the place they’re based mostly — may reverse what the White Home known as a “race to the underside” on worldwide charges that has been a supply of rigidity amongst international locations for years.
“This U.S. precedence is a essential step in the direction of ending the decades-long race to the underside that pushes nations to compete over who can provide the bottom tax price to massive companies on the expense of defending employees, investing in infrastructure, and rising the center class,” the White Home mentioned in a truth sheet shared with reporters.
The White Home added that “a worldwide company minimal tax is a key a part of our efforts to ship a overseas coverage for the center class, and can assist help working households in all places.” The settlement would additionally pave the way in which to take away digital companies taxes and different discriminatory taxes, the White Home mentioned.
The G-7 leaders will think about methods to amplify the affect of the Worldwide Financial Fund’s Particular Drawing Rights, that are reserve property that can be utilized to assist poorer international locations with vaccination packages and efforts to recharge their economies throughout the pandemic.
The group may also talk about local weather change, ransomware and methods to counter China, the White Home mentioned.
Biden introduced Thursday that the U.S. would purchase and donate 500 million doses of Pfizer’s Covid-19 vaccine to international locations battling provide. After Biden’s announcement, Prime Minister Boris Johnson mentioned
would give at the very least 100 million surplus doses to international locations in want.
Biden mentioned the world leaders would announce “the complete scope of our dedication” to deal with the pandemic Friday.
The G-7 assembly, the primary in-person assembly among the many international locations in practically two years due to the pandemic, will conclude Sunday. Biden will then head to Brussels for the NATO summit Monday earlier than he meets with Russian President Vladimir Putin in Geneva on Wednesday.