Mubasher: The finance ministers of the Germany, France, Italy, the United Kingdom, and Spain has called in a letter to the United States secretary of treasury Steven Mnuchin, to rethink the Republican tax reform proposals.

The officials of the five largest European economies believe that the tax cuts were discriminatory and could harm the financial sector and international trade, as reported by Reuters on Monday.

The letter also indicated that the proposed excise tax would contravene the World Trade Organisation (WTO) rules and violate double taxation treaties and could hamper trade and investment flow between Europe and the United States.