The United States and the G7 have agreed to support exempting US companies from some international tax provisions, a deal that could amend the 2021 agreement to introduce a global minimum tax to combat multinational tax avoidance

The G7 created a "side-by-side" system in response to the US decision to eliminate Section 899 of Donald Trump's tax law, which provided for a retaliatory tax. This approach recognizes US minimum tax law and aims to maintain stability in the international tax system. The US Treasury Department has emphasized that the new plan will help protect gains from international initiatives to combat tax base erosion. UK companies will also benefit from the same tax breaks.