4 June 2025 | 5:01AM BST Strategy Espresso: Section 899 and European Equities: Navigating Risks, Unlocking Flows The "One Big Beautiful Bill Act" extends the 2017 tax cuts and introduces new tax and spending measures. While US equity markets may benefit in the short term — particularly from CAPEX and R&D — one of the most consequential provisions for global investors is Section 899. Section 899 introduces retaliatory tax measures against non-US individuals, corporations, and governments from countries that ...