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J. Scott Applewhite, Evan Vucci / AP

Steve Bannon and Paul Ryan will never be drinking buddies. And they'll probably never agree on immigration policy. But they're seeing eye-to-eye on a crucial area of policy and happy to let the world know. (Just see these stories in The Hill and Breitbart, with headlines touting their newfound accord.)

The Bannon-Ryan Common Ground: A tax reform plan. Specifically, the border adjustment plan that would raise tax imports.

Bannon has told associates he believes the evolving Ryan-Trump tax reform program "is a strong American nationalist program." Attaching Ryan's plan to the word "nationalist" is the highest praise Bannon can dole out. When he was chairman of Breitbart, Bannon viewed Ryan as a "globalist" enemy intent on undermining American sovereignty through open borders and free trade.

Why it Matters: The fact that Trump's chief strategist believes the tax plan is following nationalist principles means it has a better chance of success. Ryan is seizing the opportunity. In private meetings with Bannon and senior staff, the Speaker has described the border adjustment plan as "responsible nationalism," according to someone in the room when the Speaker said this.

Ryan and Bannon are, in a limited way, talking the same language. Ryan is making the pitch that the border adjustment policy — the key to funding Republican tax reform — would level the playing field for American jobs and American-made goods. He's using the language of Trump's populist movement.

But their unity has limits: There's no sign these two have — or will ever — come together on either trade or immigration, but tax policy is a different story. Seeing eye-to-eye on tax reform has allowed for a slight thawing in the personal relationship between Bannon and Ryan. But don't believe anyone who tells you they're becoming buddies. Says a source close to Ryan: "It's fair to say they have agreed on our tax plan and made a connection over this particular issue."

What's Next? Trump has given mixed signals on border adjustment. He trashed the idea to the Wall Street Journal last Friday. But a few days later he told us that he wasn't so opposed to it after all. It wouldn't surprise us if Trump ultimately backs the plan.

Read the Axios Facts Matter on border adjustment

Go deeper

Federal Reserve expands lending program for small businesses

Federal Reserve Chairman Jerome Powell at a news conference in 2019. Photo: Eric Baradat/AFP via Getty Images

The Federal Reserve said on Friday it would again lower the minimum loan size for its pandemic-era small business program.

Details: Businesses and nonprofits will be able to borrow a minimum of $100,000 from the facility, down from $250,000 — a move that might attract smaller businesses that don't need as hefty of a loan. Since the program launched earlier this year, the minimum loan size has been reduced twice.

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How Trump and Biden would steer the future of transportation

Illustration: Eniola Odetunde/Axios

President Donald Trump and Democratic challenger Joe Biden would likely steer automotive policy in different directions over the next four years, potentially changing the industry's road map to the future.

Why it matters: The auto industry is on the cusp of historic technological changes and the next president — as well as the next Congress — could have an extraordinary influence on how the future of transportation plays out.

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