As the OECD strives to rearrange international corporate taxation, a word of caution is in order. The first "Pillar", if adopted, will spawn a confusing array of new taxes; the second "Pillar" will spur fresh loopholes as national legislatures assert their sovereign prerogatives.

Geopolitical decoupling is intended to, and generally succeeds in, reducing bilateral trade flows. But what about its impact on FDI? This Perspective examines the recent experience of UK FDI after Brexit, and Chinese FDI after Trump.