U.S. President Donald Trump signed the new U.S. tax reform bill into law on Dec. 22, CNBC reported. The bill, which was approved earlier in the week by Congress, contains $1.4 trillion in tax rate cuts for corporations and individuals and supporters expect it to stimulate business investment, hiring and wage increases. On Dec. 12 and prior to the bill's approval by Congress, the finance ministers of Germany, France, Italy, Spain and the United Kingdom raised concerns over what effect the proposed tax reforms would have on U.S. trade with Europe, threatening retaliation if they were implemented.