U.S. Treasury Secretary demands removal of the 899 retaliatory tax clause, G7 reaches tax agreement

[Coin World][U.S. Treasury Secretary Yellen urges Congress to remove "899 retaliation tax clause"] The U.S. Treasury announced an agreement with G7 allies that will shield U.S. companies from taxes imposed by certain countries. In exchange, the Trump administration will remove the "899 retaliation tax clause" from the "Big and Beautiful" tax reform bill. Treasury Secretary Yellen stated on Thursday: "The global minimum tax policy under the OECD Pillar Two framework will not apply to U.S. companies. In the coming weeks and months, we will work with other OECD-G20 Inclusive Framework members to implement this agreement together." She added that based on this progress and Consensus, I have requested both chambers of Congress to remove the protective clause "899". This clause mainly targets allied countries that impose digital services taxes on U.S. tech companies or participate in the global minimum tax rate mechanism. Previously, Wall Street was concerned that this policy would drop the willingness of foreign individuals and businesses to invest in the U.S.