AusFinance

In short:

US Treasury Secretary Scott Bessent says he will ask for a "revenge" tax on countries that tax US tech giants be taken out of Donald Trump's "big, beautiful bill".

Treasurer Jim Chalmers, who had lobbied Mr Bessent about the tax earlier this week, said the decision was "a really welcome one for Australians".

What's next?

In return, Mr Bessent secured an exemption from multinational tax rules, which Mr Chalmers says Australia will consider the implications of.