US Treasury Secretary Scott Bessent said June 26 that "we will announce a joint understanding among G7 countries that defends American interests" related to the OECD-led global tax agreement, and therefore he has asked the House and the Senate to remove the new IRC Section 899 retaliatory tax proposal included in the House-passed and Senate-proposed One Big, Beautiful Bill Act (OBBBA, H.R. 1).

The …