The Treasury Department is nearing a deal that would make the so-called “revenge tax” irrelevant, the agency’s second-in-command said, a development that could bring great relief to Wall Street investors worried about punitive tax measures on foreigners.

A controversial tax being proposed by President Donald Trump's administration that could cost Canadians and Canadian businesses billions is up in the air after U.S. Treasury Secretary Scott Bessent said a deal has been reached to scrap it.

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