US ‘repatriation tax’ on overseas earnings to be the biggest cost factor in fourth quarter, says investment bank
Goldman Sachs has said Donald Trump’s radical US tax changes will knock about $5bn (£3.7bn) off its profits this year.
The investment bank said most of the cost would come from Trump’s “repatriation tax” designed to encourage multinationals to bring back the trillions of dollars they hold overseas to avoid tax.