Chairman Crapo and Chairman Smith Applaud Trump Administration for International Tax Milestone Protecting American Workers and Businesses

Washington, D.C.—Today marks a vital step in the effort to ensure that American workers and businesses will no longer be targeted by foreign tax regimes, thanks to a new agreement negotiated by the Trump Administration. U.S. Senate Finance Committee Chairman Mike Crapo (R-Idaho) and U.S. House Ways and Means Committee Chairman Jason Smith (R-Missouri) issued the following joint statement:

“Today marks another significant milestone in putting America First and unwinding the Biden Administration’s unilateral global tax surrender.

“What started on day one with President Trump’s executive order nullifying Democrats’ America-last tax commitments led to congressional Republicans drafting retaliatory measures in the One, Big, Beautiful Bill to protect our companies and workers.

“Back in June we agreed to remove those measures from the bill when the G7 publicly committed to respecting U.S. tax sovereignty. We warned at the time that we stand ready to revive retaliatory measures if other parties slow walk implementation of that agreement. That warning remains today as the work of implementing this milestone now begins.

“We applaud the tireless work of the Trump Administration to ensure that the G7 commitment was adopted by over 140 countries. This step was made possible by great cooperation between the Executive Branch and Legislative Branch to prioritize American companies and workers. Today shows that true America First leadership works.

“This landmark step in reversing Democrats’ global tax surrender should serve as an example to other countries. If they delay or slow walk implementing their commitments into their domestic laws, Congress remains willing and able to take immediate action. Congressional Republicans will continue to work vigilantly to preserve these gains, protecting our companies and workers against future attempts to weaken the United States."

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