Congressional Republicans have agreed to remove the so-called revenge tax provision from President Donald Trump’s big bill.

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.

Treasury Secretary Scott Bessent said the Group of 7 had agreed that penalties related to a 2021 “global minimum tax” deal would not apply to American companies.