The Treasury Department announced a deal with G-7 allies that will exclude US companies from some taxes imposed by other countries in exchange for removing the Section 899 “revenge tax” proposal from President Donald Trump’s tax bill.

The controversial "revenge tax" provision of the "big, beautiful bill" will be removed after a global tax deal was struck, Treasury Secretary Scott Bessent said Thursday. Why it matters: The provision raised the prospect of foreign governments and investors dumping U.