Ina Fried May 25
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Android co-founder Andy Rubin promises to reveal his latest project next week

Android co-founder Andy Rubin has been teasing his new venture, Essential, for months now. But he says he's finally going to spill the beans for real next week.

"Almost ready to share with you what we've been up to," he said in a tweet. Rubin is speaking at Code Conference, so it's a safe bet that the details will come there.

What we already know: Thanks to a photo that Rubin tweeted out in March, it looks like a smartphone is a big part of the plan. And, courtesy of Eric Schmidt, we know it's based on Android. Essential has also been looking for a huge valuation, according to reports.

What we don't know: There are a million Android phones out there. What makes this different?

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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 6 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."