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.

The controversial "revenge tax" provision of the "big, beautiful bill" will be removed after a global tax deal was struck, Treasury Secretary Scott Bessent said Thursday.Why it matters: The provision raised the prospect of foreign governments and investors dumping U.