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The latest quarterly survey of chief financial officers' expectations, conducted by Deloitte towards the end of last year, showed respondents believe there will be significant tax policy changes in the United States.
They were particularly optimistic that corporate tax reform will happen. The survey found that 66 percent of CFOs expected that the 35 percent corporate tax rate will be "meaningfully lowered," while only 19 percent disagreed. In addition, 68 percent said that the repatriation of cash to the United States "will become more attractive."
On the other hand, very few of CFOs expected the US Congress to pass trade deals with either the European Union (11 percent) or in Asia (10 percent), and they had mixed expectations as to whether the North American Free Trade Agreement "will be repealed or significantly changed."
Deloitte also noted that "surveyed CFOs also indicate uncertainty and concern. Lack of clarity around government policy rose significantly this quarter, with respondents frequently mentioning two new themes among their most worrisome risks: the uncertain impact of the new US Administration, and the impact of protectionism on global trade."
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