Lawmakers could remove the so-called "revenge tax" drafted by House Republicans for President Trump's "One Big Beautiful Bill" Act if trade partners, "issue policy pronouncements today or tomorrow," White House National Economic Council Director Kevin Hassett told Fox Business.
Already nearly 60 trading partners face reciprocal tariffs ranging up to 50% unless they strike deals with the Trump administration by July 8.
Hassett earlier this week said the U.S. hopes to announce several trade deals around July 4, the GOP's deadline to pass Trump's bill.
"We know that we're very close to a few countries and are waiting to announce after we get the big, beautiful bill closed," Hassett told Fox.
"And so, I think you're going to see a sequence of trade [deals], really starting from around the Fourth of July."
The revenge tax, called Section 899, would impose extra taxes on foreign individuals and businesses earning income in the U.S. if they're from countries that levy "discriminatory or unfair taxes" against the U.S.
"We've been having constant negotiations as part of the trade deals for them to take those things off … and if they do that, that changes the bill," said Hassett.
Solange Reyner ✉
Solange Reyner is a writer and editor for Newsmax. She has more than 15 years in the journalism industry reporting and covering news, sports and politics.
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