US derails talks over European plans to tax tech giants

The US has derailed negotiations over a new law to allow European countries to tax the profits of American technology giants. US treasury secretary Steven Mnuchin said that discussions over a proposed agreement to allow countries to tax profits made in their jurisdictions had reached an "impasse". In a letter to four finance ministers including Rishi Sunak, the chancellor of the exchequer, Mr Mnuchin said that the discussions were "a distraction from far more important matters". The letter, seen