(Reuters) - Highlights for U.S. President Donald Trump’s administration on Wednesday:

U.S. President Donald Trump signs an executive order reviewing previous National Monument designations made under the Antiquities Act, at the Interior Department in Washington, U.S., April 26, 2017. REUTERS/Kevin Lamarque

TAXES

Trump proposes slashing tax rates for businesses and on overseas corporate profits returned to the country in a plan greeted as an opening gambit by his fellow Republicans in Congress.

Trump’s plan could shift the U.S. economy into higher gear but could have one effect the White House would not welcome -- interest rates ratcheted higher than expected by a wary central bank.

The Trump tax cut will generate growth but not nearly enough to replace trillions of dollars in lost revenues, while rising deficits could even take back some of the economic gains, fiscal experts say.

GOVERNMENT SPENDING BILL

Congress inches toward a deal to fund the government through September but is preparing to possibly extend a midnight Friday deadline in order to wrap up negotiations and avoid an imminent government shutdown.

TRADE

Trump is considering issuing an executive order to pull the United States from the North American Free Trade Agreement, an administration official says, a move that could unravel one of the world’s biggest trading blocs.

Trump and Canadian Prime Minister Justin Trudeau discuss bilateral trade in their second conversation in as many days amid strains over softwood lumber and dairy.

NORTH KOREA

The Trump administration says it aims to push North Korea into dismantling its nuclear and missile programs through tougher international sanctions and diplomatic pressure, and remains open to negotiations to bring that about.

MILITARY

Trump gives the military the authority to reset a confusing system of troop limits in Iraq and Syria that critics say allows the White House to micro-manage battlefield decisions and ultimately obscures the real number of U.S. forces.

NATIONAL MONUMENTS

Trump signs an executive order to allow national monument designations to be rescinded or reduce the size of sites as the administration pushes to open more federal land to drilling, mining and other development.

EDUCATION

Trump orders Education Secretary Betsy DeVos to review the government role in school policy, which supporters cheer as a step in creating more local control in education and critics worry it could lead to lower quality schools in poorer neighborhoods.

MIDDLE EAST

Israel’s intelligence minister says his country wants an “understanding” with the Trump administration that Iran must not be allowed to establish a permanent military foothold in Syria.