In his interview with Axios Tuesday, Trump said that the "idea" of a border adjustment tax is "certainly something that is going to be discussed" in his administration. It's also Paul Ryan's top legislative priority. Cowen's Chris Krueger gave an analysis of what that could mean his morning note:

  • If tax reform is passed, BAT will be included, but he doesn't see it happening until 4Q. If this happens, components of the tax could go into effect as early as January 1, 2018.
  • Krueger sees a policy benefit of raising $1.1 trillion over 10 years.
  • A low-dollar tax exemption and structuring the BAT as a withholding tax could make it more attractive to the retail sector.

Go deeper

Felix Salmon, author of Capital
Updated 31 mins ago - Economy & Business

Trump risk rises for companies

Illustration: Aïda Amer/Axios

Donald Trump fancies himself a businessman — and has given himself a central role in determining the conduct and even the existence of major companies both domestic and foreign.

Why it matters: America has historically been a great place to operate a company under the rule of law, and not be beholden to political whim. Those days seem to be over — at least for companies in the communications industry.

Ben Geman, author of Generate
Updated 31 mins ago - Energy & Environment

China's split personality on climate

Illustration: Sarah Grillo/Axios

A new insta-analysis of China's vow to achieve "carbon neutrality" before 2060 helps to underscore why Tuesday's announcement sent shockwaves through the climate and energy world.

Why it matters: Per the Climate Action Tracker, a research group, following through would lower projected global warming 0.2 to 0.3°C. That's a lot!

Kayleigh McEnany: Trump will accept "free and fair" election, no answer on if he loses

White House press secretary Kayleigh McEnany said Thursday that President Trump will "accept the results of a free and fair election," but did not specify whether he will commit to a peaceful transfer of power if he loses to Joe Biden.

Why it matters: Trump refused to say on Wednesday whether he would commit to a peaceful transition of power, instead remarking: "we're going to have to see what happens."

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