Get the latest market trends in your inbox

Stay on top of the latest market trends and economic insights with the Axios Markets newsletter. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Denver news in your inbox

Catch up on the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Des Moines news in your inbox

Catch up on the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Minneapolis-St. Paul news in your inbox

Catch up on the most important stories affecting your hometown with Axios Minneapolis-St. Paul

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tampa-St. Petersburg news in your inbox

Catch up on the most important stories affecting your hometown with Axios Tampa-St. Petersburg

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Trump declares a national emergency in the White House Rose Garden. Photo: Chip Somodevilla via Getty Images

During today's Rose Garden announcement, President Trump laid out the administration’s plans to free up roughly $8 billion to be put toward building a wall on the southern border, $3.6 billion of which will be accessed through the declaration of a national emergency.

By the numbers: On a call with reporters Friday morning, acting chief of staff Mick Mulvaney announced the breakdown of those funds.

  • From Congress: $1.375 billion will come from the budget deal that both chambers of Congress passed on Thursday and Trump signed on Friday afternoon.
  • Through executive action: Roughly $600 million will be pulled from the Treasury's drug forfeiture fund, and $2.5 billion from the Department of Defense's drug interdiction program.
  • From a national emergency declaration: Trump will declare a national emergency to free up about $3.6 billion from the DoD's military construction fund.

Mulvaney noted that no money is being pulled from the Texas disaster relief fund to build the wall.

Worth noting: $8 billion is more than the $5.7 billion Trump initially demanded from Democrats. A senior administration official said that they are freeing up an extra $2.3 billion to ensure that they have enough money to build the wall.

How it's playing: Trump's decision to invoke his emergency powers has drawn backlash from both Democrats and some Republicans who are concerned about the precedent it could set for future administrations.

What's next: The $3.6 billion being accessed through the emergency declaration will likely be challenged by the courts.

How it's playing: Trump's decision to invoke his emergency powers has drawn backlash from both Democrats and some Republicans who are concerned about the precedent it could set for future administrations.

  • Democratic leaders Nancy Pelosi and Chuck Schumer said in a statement: "This is plainly a power grab by a disappointed President, who has gone outside the bounds of the law to try to get what he failed to achieve in the constitutional legislative process."
  • Senate Majority Leader Mitch McConnell, meanwhile, said: "President Trump’s decision to announce emergency action is the predictable and understandable consequence of Democrats’ decision to put partisan obstruction ahead of the national interest."

Go deeper: Why Trump is declaring an emergency

Go deeper

25 mins ago - World

Iran's nuclear dilemma: Ramp up now or wait for Biden

Illustration: Annelise Capossela/Axios

The world is waiting to see whether Iran will strike back at Israel or the U.S. over the assassination of Mohsen Fakhrizadeh, the architect of Iran's military nuclear program.

Why it matters: Senior Iranian officials have stressed that Iran will take revenge against the perpetrators, but also respond by continuing Fakhrizadeh’s legacy — the nuclear program. The key question is whether Iran will accelerate that work now, or wait to see what President-elect Biden puts on the table.

Updated 1 hour ago - Health

U.K. first nation to clear Pfizer coronavirus vaccine for mass rollout

A health care worker during the phase 3 COVID-19 vaccine trial by Pfizer and BioNTech in Ankara, Turkey, in October. Photo: Dogukan Keskinkilic/Anadolu Agency via Getty Images

The United Kingdom's government announced Wednesday it's approved Pfizer-BioNTech's COVID-19 vaccine, which "will be made available across the U.K. from next week."

Why it matters: The U.K. has beaten the U.S. to become the first Western country to give emergency approval for a vaccine that's found to be 95% effective with no serious side effects against a virus that's killed nearly 1.5 million people globally.

3 hours ago - World

Biden says he won't immediately remove U.S. tariffs on China

President-elect Joe Biden during an event in Wilmington, Delaware, on Tuesday. Photo: Alex Wong/Getty Images

President Trump's 25% tariffs imposed on China under the phase one trade deal will remain in place at the start of the new administration, President-elect Biden said in an interview with the New York Times published early Wednesday.

Details: "I'm not going to make any immediate moves, and the same applies to the tariffs," Biden said. He plans to conduct a full review of the current U.S. policy on China and speak with key allies in Asia and Europe to "develop a coherent strategy," he said.