President Biden and other leaders of the Group of 20 major economies endorsed a global minimum corporate tax on Saturday at the start of a two-day summit in Rome, reports The Wall Street Journal.
The landmark agreement seeks to prevent major companies such as Apple and Bristol Myers Squibb from moving profits and jobs across borders to avoid taxes. A deal has been in the works for years, but Biden's Treasury Department made a sustained push to finalize it at the summit, reports The New York Times.
G-20 leaders also hope to take a common stand on ways to honor the 2015 Paris climate agreement ahead of next week's United Nations climate conference, COP26. On Friday, senior G-20 leaders announced the creation of a global body to coordinate government responses to the next pandemic.