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G7 agrees to exempt U.S. multinationals from global minimum tax

G7 agrees to exempt US companies from global minimum tax, a win for Trump administration.

The Group of Seven nations said on Saturday (June 28, 2025) they have agreed to exempt U.S. multinational companies from a global minimum tax imposed by other countries — a win for President Donald Trump's government, which pushed hard for the compromise. The deal will see U.S. companies benefit from a "side-by-side" solution under which they will only be taxed at home, on both domestic and foreign profits, the G7 said in a statement released by Canada, which holds the group's rotating presidency. The agreement was reached in part due to "recently proposed changes to the U.S. international tax system" included in Mr. Trump's signature domestic policy bill, which is still being debated in Congress, the statement said.

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