The Group of 20 on Saturday gave their nod to a global minimum tax on corporations as part of an agreement on new international tax rules, a step which the leaders of the world’s biggest economies say is toward building more fairness amid skyrocketing revenues of some multinational businesses.

The move came during the G20 summit in Rome and was immediately hailed by US Treasury Secretary Janet Yellen as beneficial for American businesses and workers.

Yellen predicted in a statement that the deal on new international tax rules, with a minimum global tax, “will end the damaging race to the bottom on corporate taxation.”

G20 finance ministers in July had already agreed on a 15% minimum tax so the formal endorsement at the summit in Rome was just a formality.

The deal did fall short of US President Joe Biden‘s original call for a 21% minimum tax. Still, Biden tweeted his satisfaction.

“Here at the G20, leaders representing 80% of the world’s GDP — allies and competitors alike — made clear their support for a strong global minimum tax,” the president said in the tweet.

“This is more than just a tax deal — it’s diplomacy reshaping our global economy and delivering for our people,” the tweet added.

White House officials say the new tax rate would create at least $60 billion in new revenue a year in the US – a stream of cash that could help partially pay for a nearly $3 trillion social services and infrastructure package that Biden is seeking. US adoption is key because so many multinational companies are headquartered there.

But Civil 20, which represents some 560 organizations from more than 100 countries, in a network making recommendations to the G20, were restrained in praise. The 15% rate is “a little more than those (rates) we’d consider fiscal paradises,” Civil 20 official Riccardo Moro said.

(With AP inputs)