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Republicans on Capitol Hill are keenly watching how other countries implement a long-sought OECD agreement that exempts US companies from parts of the global minimum tax framework.

Rep. Ron Estes (R-Kan.), a member of the tax-writing House Ways and Means Committee, hasn't ruled out resurrecting legislation imposing retaliatory taxes on firms from nations that slow-walk codifying the deal.

The deal was reached earlier this month after the Trump administration demanded a carve-out for American companies and for the US tax system to work alongside the global minimum tax framework without interference.

Estes sat down with Bloomberg Tax Congress reporter Zach C. Cohen in his Capitol Hill office to talk about the importance of the agreement to American businesses and how he will "trust, but verify" other countries' tax code changes, especially if they pursue the same kind of exemption Washington just secured.

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