Alayna Treene Jan 26, 2017
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Trump's way to pay for the border wall: import taxes

Jose Luis Magana / AP

On the way back from the GOP retreat in Philadelphia, Sean Spicer told White House pool reporters that Trump has decided how to pay for the border wall: by placing a 20% tax on all imports from Mexico.

Spicer didn't give any more details about the tax, but said that it would be just a part of an overall tax reform and that the president has been "in close contact with both houses moving forward" to create this plan.

Note: This announcement comes just hours after Mexican president Enrique Peña Nieto cancelled his meeting with Trump, which was scheduled for next week.

Update: Spicer told NBC's Peter Alexander that the 20% tax on Mexican imports is not a policy proposal, but rather an example of how to pay for the wall.

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Where Trump's steel and aluminum trade war will hit first

Note: Includes only products under the "Iron & Steel & Ferroalloy" and "Alumina & Aluminum & Processing" NAICS commodity classifications. Data: Census Bureau; Chart: Chris Canipe and Lazaro Gamio / Axios

The Trump administration has begun imposing tariffs on imports of steel and aluminum, but several countries are exempted temporarily until May 1, as shown in the chart above. The administration may still apply quotas on exempted countries to prevent a flood of foreign steel and aluminum in the U.S. market, per the White House.

Why it matters: After railroading past a number of his advisors, Trump announced the tariffs on imports of steel (at 25%) and aluminum (at 10%) earlier this month, citing national security concerns. But with the exemption noted above, the tariffs won't carry major bite, at least to start.

Alexi McCammond 10 hours ago
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Trump signs spending bill despite veto threat

Photo: Mark Wilson/Getty Images

President Trump announced that he has signed the $1.3 trillion spending bill that passed Congress last night "as a matter of national security," citing the bill's increase in defense spending, even though he threatened to veto earlier today. "My highest duty is to keep America safe," Trump said. He said he's disappointed in most of the bill.

Key quote: "I will never sign another bill like this again. I'm not going to do it again. Nobody read it. It's only hours old."