Published by Global Banking & Finance Review®
Posted on June 27, 2025
1 min readLast updated: January 23, 2026
Add as preferred source on GoogleBarclays CEO praises potential removal of Trump's retaliatory tax, benefiting UK firms investing in the US. Section 899 has faced opposition from multinationals.
LONDON (Reuters) -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.
(Reporting by Lawrence White; Editing by Tommy Reggiori Wilkes)
The CEO of Barclays welcomed the indications that U.S. Republicans may scrap the Section 899 retaliatory tax proposal, calling it a significant outcome for UK companies.
Section 899 would have allowed President Trump to retaliate against countries imposing taxes on U.S. firms, which he views as unfair under a global tax agreement.
The potential scrapping of the tax proposal is seen as beneficial for UK companies like Barclays that invest in the U.S. and contribute to economic growth in both nations.
The agreement signifies a close working relationship between the UK Chancellor and US Treasury Secretary, which is critical for the interests of UK and US businesses.
It is unusual for a British bank CEO to criticize a specific policy of U.S. President Donald Trump, highlighting the significance of Barclays' stance on this issue.
Explore more articles in the Headlines category
