Business lobbyists and Republican lawmakers have warned that doing so will make American companies less competitive than their international counterparts and lead to more offshoring.
Treasury Secretary Janet L. Yellen and other administration officials have said that getting other countries to go along with a base tax rate on overseas profits would minimize any disadvantage to American companies and make them less likely to move their operations to countries with lower taxes.
Ms. Yellen described the agreement as “significant” and “unprecedented.”
“That global minimum tax would end the race to the bottom in corporate taxation, and ensure fairness for the middle class and working people in the U.S. and around the world,” Ms. Yellen said in a statement. “The global minimum tax would also help the global economy thrive, by leveling the playing field for businesses and encouraging countries to compete on positive bases, such as educating and…