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Senate Majority Leader Mitch McConnell, R-Ky. Photo: Tom Williams / CQ Roll Call

Senate Majority Leader Mitch McConnell said Tuesday that it is “highly unlikely” lawmakers in the Senate will approve legislation to rollback President Trump’s recent move imposing heightened tariffs on imported steel and aluminum.

“The thought that the president would sign a bill that would undo actions he’s taken strikes me as remote at best, and I like to use floor time in the Senate for things that actually have a chance to become law. So I think it’s highly unlikely we’d be dealing with that in a legislative way.”
— McConnell told reporters at his weekly news conference

He did, however, highlight that Republicans — who largely lambasted Trump's move — are still concerned about the tax implications and will continue engaging the White House with hopes that “in the end this will be a narrowed process rather than a broad application.”

The backdrop: Trump's announcement that the U.S. is imposing tariffs of 25% on steel and 10% on aluminum has triggered outcry among GOP lawmakers and industry officials. He later decided to exempt Canada and Mexico, for now. Sen. Jeff Flake (R-Ariz.), a retiring Trump critic, has introduced a bill seeking to nullify the tariffs.

Go deeper

Updated 17 mins ago - Politics & Policy

Inauguration Day dashboard

Screenshot: Fox News

President Trump has delivered a farewell speech and departed Washington for the last time on Air Force One, kicking off the day that will culminate with President-elect Joe Biden taking office.

What's next: The inaugural celebration for young Americans is being livestreamed, starting at 10am.

Updated 33 mins ago - Politics & Policy

Trump departs on final Air Force One flight

President Trump and his family took off on Air Force One at 9 a.m. on Wednesday morning for the final time en route to Florida.

The big picture: Trump's final hours as president were punctuated by his decisions to snub his successor's inauguration and grant pardons to many of his allies who have been swept up in corruption scandals.

Dion Rabouin, author of Markets
2 hours ago - Economy & Business

Janet Yellen said all the right things to reassure the markets

Illustration: Aïda Amer/Axios

Treasury Secretary nominee and former Fed chair Janet Yellen's confirmation hearing before the Senate Finance Committee on Tuesday showed markets just what they can expect from the administration of President-elect Joe Biden: more of what they got under President Trump — at least for now.

What it means: Investors and big companies reaped the benefits of ultralow U.S. interest rates and low taxes for most of Trump's term as well as significant increases in government spending, even before the coronavirus pandemic.