THE CEO of Barclays has welcomed indications that U.S. Republicans may scrap the Section 899 retaliatory tax proposal from their tax and spending bill.
“The developments on 899 are welcome progress and a significant outcome for a great many UK companies like Barclays that invest in the US and support economic growth in both countries,“ Barclays CEO C.S. Venkatakrishnan told Reuters in an emailed statement.
It is unusual for a British bank CEO to criticise a specific policy of U.S. President Donald Trump. Multinational companies with operations in the United States have been lobbying through industry groups against Section 899, warning about the potential impact on their investment plans in the country.
Section 899 would have enabled President Donald Trump to retaliate against countries that impose taxes on U.S. firms under a 2021 global tax agreement that Trump considers unfair.
The agreement is “another important sign of the close working relationship between the UK Chancellor and US Treasury Secretary which is critical for UK and US businesses,“ Venkatakrishnan said.
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