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.

A controversial tax being proposed by President Donald Trump's administration that could cost Canadians and Canadian businesses billions is up in the air after U.S. Treasury Secretary Scott Bessent said a deal has been reached to scrap it.

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.