Supporters Gather Ahead of Verdict in Jimmy Lai’s Landmark Hong Kong National Security Trial 
Australian Consumer Sentiment Slumps in Early December as Inflation Fears Resurface 
Australia Enforces World-First Social Media Age Limit as Global Regulation Looms 
Australia Pushes Forward on AUKUS Submarine Program Amid Workforce and Production Challenges 
Gold and Silver Prices Dip as Markets Await Key U.S. Economic Data 
New Zealand Budget Outlook Shows Prolonged Deficits Despite Economic Recovery Hopes 
European Leaders Launch International Claims Commission to Compensate Ukraine for War Damage 
EU Signals Major Shift on 2035 Combustion Engine Ban Amid Auto Industry Pressure 
Wall Street Futures Slip as Tech Stocks Struggle Ahead of Key US Economic Data 
Russian Drone Attack Hits Turkish Cargo Ship Carrying Sunflower Oil to Egypt, Ukraine Says 
U.S. and Mexico Reach New Agreement to Tackle Tijuana River Sewage Crisis 
Fed Near Neutral Signals Caution Ahead, Shifting Focus to Fixed Income in 2026 
U.S. Homeland Security Ends TSA Union Contract, Prompting Legal Challenge 
European Leaders Tie Ukraine Territorial Decisions to Strong Security Guarantees 
Japan PMI Data Signals Manufacturing Stabilization as Services Continue to Drive Growth 
ASX Shares Slide After ASIC Imposes A$150 Million Capital Requirement 
Lukashenko Says Maduro Welcome in Belarus Amid Rising U.S.-Venezuela Tensions 
U.S. Treasury Secretary Scott Bessent announced Thursday that the Biden-era global tax framework will be modified under a new G7 agreement, prompting the removal of the controversial Section 899 tax proposal from the Republican tax and spending bill.
Section 899, introduced by GOP lawmakers, would have allowed President Donald Trump to impose retaliatory taxes on countries targeting U.S. firms under the 2021 OECD global tax deal. However, Bessent confirmed that the agreement with the Group of Seven nations shields American companies from the 15% global minimum tax under “Pillar 2” of the OECD-G20 Inclusive Framework.
“After months of productive dialogue, the U.S. and G7 have reached a joint understanding that protects American interests,” Bessent posted on X. He added that the countries would cooperate on implementing the new deal in the coming months.
This move potentially paves the way for Trump to fulfill his pledge to withdraw the U.S. from the OECD tax agreement while minimizing international fallout. The revised deal appears to address key concerns from U.S. corporations and Republicans, particularly around digital services taxes and global reallocation of taxing rights.
Bessent’s statement followed news that GOP lawmakers, facing internal opposition and pressure from the business community, were considering scrapping Section 899. The updated tax legislation is now expected to move forward, with final votes possibly taking place as early as Saturday, ahead of the July 4 holiday.
“This G7 consensus promotes economic stability and encourages investment in the U.S. and worldwide,” Bessent said.
The new deal marks a significant shift in U.S. tax policy, easing tensions with allies while aligning with Trump’s pro-growth, pro-business agenda as he pushes to finalize the tax bill swiftly.
