Oil firm joins Goldman Sachs and Shell in declaring big hit in 2017 but admits controversial corporate tax cut will boost future earnings
BP has said Donald Trump’s sweeping changes to US taxes will knock about $1.5bn (£1.1bn) off its profits for the end of 2017.
The British oil company becomes the latest global firm to report a hit to its earnings from the US corporate tax rate cut, which came into effect at the start of the year after being signed into law in December. Barclays, Shell and Goldman Sachs have made similar statements in recent weeks.
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