Yellen's global tax plan meets resistance abroad and at home

Treasury Secretary Janet Yellen celebrated a “historic day” last summer when more than 100 nations agreed to a global minimum tax deal, aimed at putting the world’s countries on a more equal footing in attracting and keeping multinational companies. President Joe Biden tweeted that the idea was “diplomacy reshaping our global economy and delivering for our people.”

But this week, as Yellen joined Group of Seven finance ministers for meetings in Germany, she found herself insisting that prospects for moving ahead with the landmark tax plan were merely “not hopeless.”

The plan is running up against new resistance abroad and old divisions at home.

The ongoing war in Ukraine, the threat of rising food insecurity, crushing inflation and other urgent matters have stolen attention away from putting the plan in place before a 2023 deadline.