President Barack Obama issued a forceful denunciation of companies that shield profit overseas through corporate inversions, praising new rules that would curb what he called one of the U.S. tax system’s most insidious loopholes.

“This is something that I’ve been pushing for a long time,” Obama said at the White House Tuesday, a day after the Treasury Department announced the new measures. “When companies exploit loopholes like this, it makes it hard to invest in the kinds of things that are going to keep America’s economy going strong.”

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