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If the border-adjusted corporate tax reform passes in the Senate, it will have a potentially higher hurdle to jump in the form of European appeals to World Trade Organization. The FT reports European officials are gearing up to challenge the change, as the WTO bars border adjustment for corporate taxes, even as they are allowed for sales tax regimes.

What Republicans say: Ways and Means Chair Kevin Brady told the FT that they are designing the tax to be "WTO compatible."

What Europe says: EU officials are confident that this is impossible, but a dispute of this magnitudewhich could theoretically lead to the U.S. facing $385 billion in trade retalliation — is many times the size of any case the WTO has previously adjudicated.

What's next: It's unlikely the Trump Administration or the Republican Party would let themselves be cowed by threats from the the EU. But a WTO challenge would still represent a time-consuming obstacle to a policy idea that has generated much opposition in 2017.

Go deeper

Bryan Walsh, author of Future
1 hour ago - Health

Schools face an uphill battle to reopen during the pandemic

Illustration: Aïda Amer/Axios

President Biden's plan to accelerate the reopening of K-8 schools faces major challenges from a still out-of-control pandemic and more contagious coronavirus variants.

Why it matters: The longer American kids miss in-person schooling, the further they fall behind. But the uncertain state of the science on the role young children play in the pandemic continues to complicate efforts to reopen schools.

Focus group: Former Trump voters say he should never hold office again

Illustration: Sarah Grillo/Axios

"Relief" is the top emotion some swing voters who used to support Donald Trump say they felt as they watched President Biden's swearing-in, followed by "hope."

Why it matters: For voters on the bubble between parties, this moment is less about excitement for Biden or liberal politics than exhaustion and disgust with Trump and a craving for national healing. Most said Trump should be prohibited from ever holding office again.

Updated 15 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Eniola Odetunde/Axios

  1. Health: Most vulnerable Americans aren't getting enough vaccine information — Fauci says Trump administration's lack of facts on COVID "very likely" cost lives.
  2. Politics: Biden unveils "wartime" COVID strategyBiden's COVID-19 bubble.
  3. Vaccine: Florida requiring proof of residency to get vaccine — CDC extends interval between vaccine doses for exceptional cases.
  4. World: Hong Kong to put tens of thousands on lockdown as cases surge.
  5. Sports: 2021 Tokyo Olympics hang in the balance.
  6. 🎧 Podcast: Carbon Health's CEO on unsticking the vaccine bottleneck.