Trump Tax Plan Reversal Averted: G7 Agreement Reached | JQJO

The US Treasury has requested the removal of a provision from President Trump's budget bill that would allow increased taxes on foreign investments. This follows an agreement with G7 nations that the OECD's global minimum tax regime won't apply to US companies. Treasury Secretary Scott Bessent announced the reversal on X, stating the retaliatory measure in Section 899 is no longer necessary due to a cooperative understanding reached with other G7 members. The decision comes after concerns from Wall Street about potential market disruptions caused by Section 899.