SINGAPORE (Dec 25): The US tax changes are aimed squarely at the domestic US audience and President Donald Trump’s support base. ­However, the international collateral damage is significant to both friends and rivals alike.

For friends, the tax changes apply political pressure to lower tax rates, which in turn erodes the revenue base. The US policy has signalled a race to the bottom in an attempt to retain foreign business investment and increase the competitiveness of US products.

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