The document is a memorandum from the Executive Office of the President about the OECD Global Tax Deal. It states that the Global Tax Deal, supported by a previous administration, limits U.S. tax policies and allows foreign countries to impose extra taxes on American companies. The memorandum clarifies that this deal is not effective in the U.S. unless Congress approves it. It also instructs the Secretary of the Treasury to examine if foreign tax measures unfairly target American companies and recommend actions to protect U.S. interests.
Simple Explanation
Imagine that countries agreed on a rule about how companies should pay taxes, but the rule doesn't work in the U.S. until the grown-ups in charge say it's okay. The President’s helpers are checking if other countries are being fair about this and planning to come up with ways to keep things fair for American companies.