Senate Republicans’ amendments to U.S. President Donald Trump’s “big, beautiful bill” include a delay to a tax increase on foreign investors from countries the U.S. deems to have unfair tax measures. They would also reduce the increase from an additional 20 per cent above current rates to 15 per cent. (Financial Times)

Talking point: The initial draft of the bill—which passed the House of Representatives last month—would have increased withholding tax rates on dividends for foreign investors by five per cent each year for four years, reaching up to 50 per cent in some cases. Canadian investors and economists have raised concerns, with some estimating it could cost investors tens of billions of dollars. The Senate’s version of the bill would offer some relief, and wouldn’t enact the tax until Dec. 31, 2026. Trump initially aimed to have the bill signed into law by July 4. It still needs to be passed by the Senate, and the Senate and House then need to work out the differences in their drafts before the bill becomes law.