President Trump has long maintained that the United States is engaged in an economic competition with the world and that globalization has only heightened that competition. He is correct--at least with regards to tax policy. The Republican tax reform has understandably drawn intense reactions from across the domestic political spectrum, but the international community has also been paying close attention. The US decision to lower the corporate income tax rate from 35 percent to 20 percent presages similar efforts worldwide, with members of the international community already indicating that they will modify their tax policies in response. However, the United States is far from the sole, or even primary, driver of lower global tax rates. Many countries around the world have contributed to the collective decline in tax rates by competing with each other to have the lowest tax rates. This phenomenon has almost certainly benefited corporations and their profits in the short term, but it is a troubling development for governments and their citizens in the long term.