899 — The Three Numbers Alarming the Bond Market
Taxing foreign capital could be another nail in the coffin of American exceptionalism. Emerging markets could benefit.
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Three numbers are sending a spasm of concern through Wall Street: 899. That's the clause of the One Big Beautiful Bill Act currently before the Senate that gives the Treasury secretary the power to levy retaliatory taxes on the US investments of foreign countries that have levied 'unfair taxes' on US companies. This isn't a legal column, but you might try useful explainers from Baker McKenzie, or Skadden Arps, or McDermott Will & Emery.
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