The US Treasury department has asked Congress to scrap a provision in Donald Trump’s flagship budget bill that would allow Washington to raise taxes on foreign investments, reversing a plan that Wall Street warned could roil markets.
Treasury secretary Scott Bessent said on Thursday that the measure was no longer needed because he had secured concessions for US companies to the new OECD global minimum tax regime.
Bessent said on X that his agency had asked lawmakers to remove the so-called Section 899 provision in Trump’s “big, beautiful” budget bill. The legislation has already passed the House of Representatives and is under consideration in the Senate, with a vote potentially coming as soon as this weekend.
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