Trump steers the world toward a tax war

In a notable legal setback, a US federal judge has blocked President Donald Trump's executive order aimed at terminating birthright citizenship for children of unauthorized immigrants. The judge deemed the policy unconstitutional, reaffirming that under the 14th Amendment, anyone born or naturalized in the US holds citizenship. This ruling came soon after Trump returned to office, amidst expectations of numerous forthcoming legal battles.

President Trump is contemplating retaliatory tax measures against foreign entities that impose what he terms 'extraterritorial taxes' on US companies. The administration has withdrawn from a multilateral global tax deal negotiated over the last four years. Tax experts fear this withdrawal could jeopardize the global minimum tax initiative, raising the specter of a tax war that could have severe implications for corporate profits and public finances.

After a brief period of success, the popularity of obesity drugs like Ozempic has started to wane, leading to significant declines in share prices for companies like Novo Nordisk. Investors, once optimistic about the substantial market potential for these medications, are now concerned over high valuations and missed expectations from clinical trials. The market sentiment has shifted dramatically, triggering fears that the projected market size may not materialize.

The podcast wraps up with a look at the recent Oscar nominations. The frontrunner, *Emilia Pérez*, a controversial cartel musical, has received 13 nominations, including Best Picture. Other notable nominations include *Wicked*, a Broadway adaptation, and *The Brutalist*, an epic about an immigrant architect. The 97th Academy Awards are slated to air on March 2nd.