The 'revenge tax' buried deep in the budget bill could turn a trade war into a 'capital war,' analyst says

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• Section 899 of the “One Big Beautiful Bill” moving through Congress has raised growing alarms on Wall Street, after the once-obscure provision was initially overshadowed by the budget proposal’s estimated impact on the deficit. Deutsche Bank warned that what’s been dubbed the “revenge tax” could further harm the attractiveness of U.S. assets.

As Wall Street continued digesting the myriad line items in the 1,000-page budget bill that passed recently, one part has triggered an especially acute case of heartburn.