The U.S. Treasury Secretary assured yesterday (Thursday) that an agreement will be reached with the G7 countries that will allow U.S. companies to be exempt from certain taxes internationally.

“After months of productive discussions with other countries on the OECD global tax agreement, we will announce a joint agreement with the G7 countries that defends American interests,” Scott Bessend said via X.

Nearly 140 countries reached an agreement on the taxation of multinational corporations in 2021, negotiated under the auspices of the Organization for Economic Cooperation and Development (OECD).

The deal, which has been heavily criticised by US President Donald Trump, included two “pillars”, with the second setting the global minimum tax rate at 15% for multinational companies.

But according to US Treasury Secretary Bessent, “the OECD’s second pillar taxes will not apply to US companies”. Officials are working to present and implement that agreement within “months,” he added.

He also asked members of the U.S. House of Representatives to withdraw a provision of President Trump‘s “big and beautiful law,” currently under debate in Congress, that allows the government to impose taxes on businesses whose owners are not American, as well as on investors from countries that impose taxes deemed unfair on U.S. businesses.

This clause, intended to allow for tax retaliation, had raised many concerns, particularly about the potential to deter foreign companies from investing in the U.S.