After almost 100 days of waiting, US President Donald Trump finally announced his much vaunted tax reform plans last week. And they proved something of a damp squib. The broad plans included a cut to the corporate tax rate (down to 15%) and incentives for multinational companies to repatriate cash piles held overseas. However, it seems very unlikely that the reforms will be passed by Congress in their current guise – they would require the support of almost every single Republican in Senate. US stock markets retreated from their highs in reaction to the news.