Why should Nvidia pay any taxes except payroll for their local headcount? They could easily book all revenue overseas in tax heavens. They should pay more taxes to the places where chips are made, not to the US government.
The 2010s and Obama called - they want their foreign policy back.
Most countries (including the US) have signed global minimum tax rates at this point. Effective tax rates (either directly or via clawbacks) are theoretically 25%.
Of course, I am not enough of an expert to know if that is happening in China. I somewhat doubt it.
Actually, the US has joined. Although it has not joined Pillar II, the effective tax rate, according to third-party economists, shows adherence to the 25% number.
