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American Focus > Blog > Economy > Executives converge on Washington to halt Trump’s foreign investment tax
Economy

Executives converge on Washington to halt Trump’s foreign investment tax

Last updated: June 8, 2025 5:00 pm
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Executives converge on Washington to halt Trump’s foreign investment tax
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Dozens of executives from some of the world’s biggest companies are set to travel to Washington this week to push back against a plan to raise taxes on foreign investments in the US. They are warning that such a move could have a detrimental impact on millions of American jobs.

The lobbying effort is focused on a provision in Donald Trump’s budget bill that, if approved by Congress, would allow the US to impose additional taxes on companies and investors from countries with what it deems as punitive tax policies.

Section 899 of the bill is causing concern among investors, US companies with foreign owners, and international firms with American operations. Executives fear that this provision could lead to a decrease in corporate investment and a withdrawal from US assets.

Jonathan Samford, president of the Global Business Alliance, stated that representatives from approximately 70 companies will be meeting with members of Congress this week to discuss Section 899. The lobby group represents nearly 200 foreign-owned companies in the US, including major corporations like Shell, Toyota, SAP, and LVMH, all of whom are worried about the potential impact on the 8.4 million jobs they provide in America.

The threat of higher taxes has prompted the lobby group’s foreign-owned companies to take action. They are urging the Senate to eliminate Section 899 from the bill, as they believe it contradicts the administration’s economic vision of attracting more investment to the US.

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In addition to the corporate sector, a leading financial trade association is also planning to send its members to Washington to meet with Treasury officials and Republican members of the Senate banking committee. They are advocating against Section 899, citing potential negative effects on foreign direct investment, financial market stability, and American jobs across the country.

Foreign banks in the US underwrite a significant portion of debt issuance for foreign companies, accounting for nearly a third of total dollar-denominated debt issuance. The Institute of International Bankers (IIB) reports that foreign banks lent over $1.3 trillion to US companies in 2023, supporting $5.4 trillion of foreign direct investment in the US and generating $270 billion in revenue.

The IIB, representing major global banks such as HSBC, BNP Paribas, Royal Bank of Canada, and others, is calling for a one-year delay to the tax increases and a reduction in the scope of the measure. They emphasize the importance of preserving international investment in American jobs and businesses.

Section 899 targets countries with what the US considers as “unfair foreign taxes,” potentially affecting most EU countries, the UK, Australia, Canada, and others globally. The provision would raise taxes on dividends and interest on US stocks and some corporate bonds by 5 percentage points annually for four years, as well as impose taxes on the American portfolio holdings of sovereign wealth funds.

While Section 899 is projected to generate $116 billion over the next decade, it is part of a larger tax bill that could add $2.4 trillion to the US debt by 2034. Lawmakers have expressed concerns about the potential repercussions of imposing such taxes, including the possibility of foreign governments retaliating by changing their own laws.

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Jason Smith, chair of the House ways and means committee, has voiced apprehensions about the impact of Section 899. He hopes that the provision will not be implemented, as it could lead to adverse consequences for US businesses. Smith emphasizes the need to maintain a balance in international economic relations and ensure that actions taken by foreign governments do not harm American companies.

As the debate over Section 899 continues, stakeholders from various sectors are closely monitoring the situation and advocating for measures that support economic growth and job creation in the US. Stay informed with the White House Watch newsletter to receive updates on the latest developments impacting Washington, business, and the global economy.

TAGGED:ConvergeexecutivesForeignhaltinvestmenttaxTrumpsWashington
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