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43% of Fortune 500 founded by immigrants or their children

Google founder Sergey Brin was born in Russia. Photo: Tony Avelar / AP

About 43% of Fortune 500 companies were founded by an immigrant or a child of an immigrant, per a new study from the Center for American Entrepreneurship: That number is slightly higher within the high-tech companies on the list, at roughly 46%. The companies linked to immigrants are located in more than half of all states.

The backdrop: A battle is raging over the Trump administration's plan to rescind the International Entrepreneur Rule which grants temporary visas to foreign startup founders meeting certain criteria. Last week, a court blocked the Department of Homeland Security's attempt to delay the implementation of the rule.

The details: Companies with immigrant founders include Google and Tesla. The organization also highlighted companies that were founded decades ago by immigrants or their children, like Apple and Goldman Sachs.

Methodology: The Center for American Entrepreneurship, which aims to educate policymakers about the economic importance of startups and entrepreneurs, says it started with the 2017 Fortune 500 list and independently confirmed whether a company had a founder who is an immigrant or the child of an immigrant. It also compared its findings to an analysis of the 2010 Fortune 500.

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Where Trump's steel and aluminum trade war will hit first

Note: Includes only products under the "Iron & Steel & Ferroalloy" and "Alumina & Aluminum & Processing" NAICS commodity classifications. Data: Census Bureau; Chart: Chris Canipe and Lazaro Gamio / Axios

The Trump administration has begun imposing tariffs on imports of steel and aluminum, but several countries are exempted temporarily until May 1, as shown in the chart above. The administration may still apply quotas on exempted countries to prevent a flood of foreign steel and aluminum in the U.S. market, per the White House.

Why it matters: After railroading past a number of his advisors, Trump announced the tariffs on imports of steel (at 25%) and aluminum (at 10%) earlier this month, citing national security concerns. But with the exemption noted above, the tariffs won't carry major bite, at least to start.

Alexi McCammond 2 hours ago
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Trump signs spending bill despite veto threat

Photo: Mark Wilson/Getty Images

President Trump announced that he has signed the $1.3 trillion spending bill that passed Congress last night "as a matter of national security," citing the bill's increase in defense spending, even though he threatened to veto earlier today. "My highest duty is to keep America safe," Trump said. He said he's disappointed in most of the bill.

Key quote: "I will never sign another bill like this again. I'm not going to do it again. Nobody read it. It's only hours old."