One imagines there were plenty of reasons that Donald Trump might have skipped the World Economic Forum in Davos, Switzerland, this week. There is his documented aversion to sleeping in strange places (you never know who might (poison your toothbrush); the terrifying paucity of fast-food chains (the closest McDonald’s is nearly an hour’s drive, in Liechtenstein); and, of course, the impossibility of waking up to Fox & Friends. The World Economic Forum’s mission statement—this year’s theme is “Creating a Shared Future in a Fractured World”—flies in the face of everything he purports to stand for. Yet for every reason screaming “Screw it! RSVP ‘not if you were giving out wives’ and fly to Mar-a-Lago for three days of golf instead,” there was another pushing him to go. No president in nearly two decades has ever gone to Davos, and Donald Trump likes to break the mold. He would get to explain to world leaders why “America First” is actually great for them too. And, perhaps, he’d finally get the international recognition he craves for his corporate tax cut.

Trump will get to deliver his speech on Friday, when he’s expected to recite a typically Trumpian monologue about why protectionism is good, and free trade is bad, and how his latest punitive tariffs are somehow a net positive for the world. (If Stephen Miller has a hand in drafting the remarks, expect a heaping dose of anti-immigration sentiment on the side.) The ring-kissing, thankfully, is going as planned, with executives like Lloyd Blankfein and Stephen Schwarzman lining up to offer benedictions. Yet when it comes to pitching America as the place to do business, the reception, so far, has been chilly. As the C.E.O. of a major European retail chain who was invited to Trump’s big executive dinner told Quartz, “We care more about the effect that [the tax cut] has on consumers, and that’s entirely unclear. It’s totally unclear the effect this will have on people’s spending habits.”

Foreign finance ministers don’t seem entirely enthused about the tax cut, either. CNBC reports that Europe’s most powerful FinMins have told Treasury Secretary Steven Mnuchin that they have “significant concerns” about the legislation. Australian Treasurer Scott Morrison, for one, fears that the U.S.’s decision to slash its corporate tax rate from one of the highest to one of the lowest could hurt his country’s economic growth by 1 percent. Others worry that the U.S.’s new tax rate will result in a “race to the bottom” that could ultimately mean higher global debt with the possibility of market instability.

Also keeping people up at night is the concern that aspects of the bill—which was basically written over a series of all-nighters—will run afoul of World Trade Organization agreements. “If it turns out this law is written in a way that actually has real teeth and for that reason ends up discriminating against foreign investors, you could very well see this being added to the W.T.O. or other international forum,” Jacob Funk Kirkegaard, a senior fellow at the Peterson Institute for International Economics, told CNBC. Alan Auerbach, a professor of economics at U.C. Berkeley, told the Hive that he already anticipates “a couple of components of the law” being “problematic from the W.T.O. perspective.”

The Trump administration, as is its wont, sees no issues with the tax law whatsoever. Earlier on Thursday, Steve “The dog ate my tax plan analysis” Mnuchin said, “We’ve transformed the system away from that to encourage people to invest in the U.S., bring jobs to the U.S., and we couldn’t be more pleased with that.”