Barack Obama squared up on Monday for what looks likely to be his administration's first major battle with big business, when he unveiled crackdowns on offshore tax avoidance and evasion by US companies and individuals.

Mr Obama, who campaigned relentlessly on the issue of closing offshore loopholes, said the steps he announced would raise $210bn over 10 years and "make it easier" for companies to create jobs in Buffalo, New York, rather than in Bangalore, India.