The G-20 gets together for the 1st time since the pandemic. Here’s what you missed

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President Biden poses for a selfie with first responders who joined world leaders Saturday for the traditional family photo at the G-20 summit in Rome.

Gregorio Borgia/AP

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Gregorio Borgia/AP

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Italian Prime Minister Mario Draghi greets World Trade Organization Director-General Ngozi Okonjo-Iweala as she arrives for the G-20 summit.

Alberto Pizzoli/AFP via Getty Images

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Alberto Pizzoli/AFP via Getty Images

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President Biden and British Prime Minister Boris Johnson talk prior to the opening session of the G-20 summit.

Brendan Smialowski/POOL/AFP via Getty Images

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Brendan Smialowski/POOL/AFP via Getty Images

President Biden and British Prime Minister Boris Johnson talk prior to the opening session of the G-20 summit.

Brendan Smialowski/POOL/AFP via Getty Images

A new global minimum tax for corporations

The G-20 leaders are poised to formally endorse a new global minimum tax of 15% on corporations — a move aimed at cracking down on tax havens. «We reached a historic agreement for a fairer and more equitable tax system,» Draghi said as he opened the summit.

For the United States, the White House estimates this could bring $60 billion in revenues per year, and it’s part of what Biden and Democrats hope will help pay for new spending on social programs and climate measures. Of course, Congress will first need to pass that package — which includes new tax measures like this.

The work of economic diplomacy at the @g20org this week continues. I spoke with @SaraEisen about our efforts to level the playing field for U.S. businesses & deliver on a foreign policy for the middle class, one that will strengthen the economy for American workers. https://t.co/6mb0mXOFfn

— Secretary Janet Yellen (@SecYellen) October 29, 2021

Leaders from China and Russia stayed home

Not everyone made the trip to Rome. China’s Xi Jinping isn’t traveling outside the country during COVID, and Russia’s Vladimir Putin didn’t leave home either.

«I think you’ll see the U.S. and Europe front and center at this G-20 as we deal with the fact that neither the leaders of Russia nor China will be present in the room,» said Jake Sullivan, President Biden’s national security adviser, talking to reporters on Air Force One on the way to Italy. «That dynamic will be interesting to watch unfold.»

Biden is planning to meet on the sidelines of the summit with Merkel, French President Emmanuel Macron and British Prime Minister Boris Johnson to compare notes on Iran’s nuclear program later today.