U.S. Treasury Secretary Scott Bessent said on Thursday that he has asked Republicans in Congress to scrap the Section 899 retaliatory tax proposal from their tax and spending bill after Washington reached an agreement with Group of Seven industrial countries.

Treasury Secretary Scott Bessent asked congressional leadership to remove a provision from the Republican tax legislation that would give the Treasury Department the ability to implement a so-called “revenge tax” on certain foreign investors.

Congressional Republicans agreed to remove the so-called revenge tax provision from President Donald Trump’s big bill Thursday after Treasury Secretary Scott Bessent asked members of Congress to do so