US President Donald Trump on Friday promised a big announcement about tax reform shortly and ordered a review of Obama-era tax rules written to discourage US companies from relocating overseas to cut their tax bills.

"US corporate tax rates are among the highest in the world," the magazine quoted Schaeuble as saying. "If the United States lowers its corporate taxes to European or international levels that won't bother me a bit. Just the opposite."

At the same time, Schaeuble said he opposed plans for a systemic change to taxation of companies based on their country of origin and a protectionist border tax favoured by US House Speaker Paul Ryan, the magazine reported.

The Trump administration has criticised Germany for its large trade surpluses with the United States, while Germany has said its companies make quality products that customers want to buy.

During the 2016 election campaign, Trump initially issued a plan that included proposals for cuts in tax rates for individuals and corporations, a repeal of the estate tax, an offshore profits repatriation tax holiday for multinationals and a cap on the deductibility of business interest.