G-7 Nations Agree on New Rules for Taxing Global Companies - WSJ

For advocates, a minimum tax rate would end what they say is a “race to the bottom” in recent decades as countries engaged in competitive rounds of tax cuts to draw businesses away from each other.

In other words, high tax nations are upset that they have to lower their rates to be competitive. So, instead of making their country a more hospitable business environment, they changed the rules.