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Donald Trump during a meeting on March 6. Photo: Andrew Harrer-Pool/Getty Images

President Trump signed two proclamations today that go into effect on March 23, one imposing a 25% tariff on steel and the other a 10% tariff on aluminum. The president confirmed that Canada and Mexico are exempt from the tariff increases, citing national security agreements — specifically ongoing NAFTA negotiations. He called the existing taxes an economic and national security "disaster" adding, "we're finally taking action to correct."

The big picture: This will still meet fierce opposition from free traders and large sections of the business community. But it’s not nearly so bad as it originally appeared. Trump initially wanted to impose these tariffs on everyone with no exceptions and no room for exclusions. There’s now plenty of wiggle room.

A factor that influenced Trump: In his conversations with Canadian leader Justin Trudeau he became convinced that he could use the threat of steel and aluminum tariffs as leverage to get a better deal in the NAFTA negotiations, according to sources with direct knowledge. Trump’s team viewed Canada as a bigger problem than Mexico in these negotiations and given Canada sells so much of those metals to the US, Trump saw an opportunity to squeeze them. (Whether it works is an open question.)

The details: The proclamations will be "flexible," allowing the U.S. to address security relationships in an "ironclad way" to defend its steel and aluminum industries, said a senior administration official. Trump explained that they will show "great flexibility and cooperation towards [nations] who are really friends of ours both on a trade basis and on a military basis." The administration is open to allowing some countries to negotiate for exemptions on a "case-by-case" basis, pending separate, bilateral agreements.

What's next: Countries have threatened to protest the increased tariffs, with the EU warning of "tit-for-tat" tariffs of 25% on $3.5 billion worth of American products. We could see an international trade war looming with subsequent hits to the U.S. and global economies.

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DOJ: Capitol rioter threatened to "assassinate" Alexandria Ocasio-Cortez

Supporters of former President Trump storm the U.S. Captiol on Jan. 6. Photo: Kent Nishimura / Los Angeles Times via Getty Images

A Texas man who has been charged with storming the U.S. Capitol in the deadly Jan. 6 siege posted death threats against Rep. Alexandria Ocasio-Cortez (D-N.Y.), the Department of Justice said.

The big picture: Garret Miller faces five charges in connection to the riot by supporters of former President Trump, including violent entry and disorderly conduct on Capitol grounds and making threats. According to court documents, Miller posted violent threats online the day of the siege, including tweeting “Assassinate AOC.”

Schumer calls for IG probe into alleged plan by Trump, DOJ lawyer to oust acting AG

Jeffrey Clark speaks next to Deputy US Attorney General Jeffrey Rosen at a news conference in October. Photo: Yuri Gripas/AFP via Getty Images.

Senate Majority Leader Chuck Schumer (D-N.Y.) on Saturday called for the Justice Department inspector general to investigate an alleged plan by former President Trump and a DOJ lawyer to remove the acting attorney general and replace him with someone more willing to investigate unfounded claims of election fraud.

Driving the news: The New York Times first reported Friday that the lawyer, Jeffrey Clark, allegedly devised "ways to cast doubt on the election results and to bolster Mr. Trump’s continuing legal battles and the pressure on Georgia politicians. Because Mr. [Jeffrey] Rosen had refused the president’s entreaties to carry out those plans, Mr. Trump was about to decide whether to fire Mr. Rosen and replace him with Mr. Clark."