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Article snippet: To President Trump and congressional Republicans, the overhaul of the tax code that became law on Friday will make the United States a better place to do business. To the rest of the world, it has the potential to challenge the global economic order, creating an uneven playing field and setting off a race among countries to cut corporate taxes. The overhaul is already threatening economic relations, adding to concerns that Mr. Trump is advancing a nationalistic agenda at the expense of other countries. European leaders this week raised the prospect of a trade battle, implying that they may fight the new tax rules before the World Trade Organization. Chinese officials are readying defensive measures to protect the country’s economy and its competitiveness. On Friday, Mr. Trump again emphasized his “America First” mantra, saying at a signing ceremony that the tax bill would mean more jobs and investment in the United States. “A lot of things are going to be happening in the U.S.A.,” the president said. “We’re going to bring back our companies. They’ve already started coming back.” It all starts with the corporate tax rate. The new rate — down to 21 percent, from 35 percent — takes the United States from the top of the global tax spectrum to the lower end. Countries like Australia, France, Germany and Japan, all of which have effective corporate tax rates of at least 30 percent, will be under pressure to follow. “It’s a huge incentive to governments around the world... Link to the full article to read more