Finance Ministers from five EU states have written to U.S. Treasury Secretary Mnuchin to express concern at the potentially trade-distorting effects of the proposed U.S. tax reform. This will include a 20% excise tax on components bought by American companies from their overseas subsidiaries for assembly in the U.S. That may lead to more onshoring of parts manufacturing to the EU’s detriment. Ironically that plays into the Trump administration’s trade policy aims – namely cutting imports – and is unlikely to derail the tax reform. Supply chain data can help uncover where tax exposures ma...