By Geoffrey Smith and Alan Murray
August 31, 2016

Good morning.

 

The European Union’s $14 billion Apple tax grab could be a spur to action on U.S. corporate tax reform. Members of Congress on both sides of the aisle are eager to see a change in tax laws that would make it easier for companies like Apple to bring their overseas profits back home. They disagree over how much of a toll Uncle Sam should take; but they can certainly agree that they don’t want the money going to Europe. “Today’s decision should be a spur to action,” said House Speaker Paul Ryan. But don’t expect any real action on this, or anything else, until next year.

 

Meanwhile, Donald Trump is making a quick visit to Mexico to meet with President Enrique Pena Nieto, just hours before a scheduled speech where he is reportedly going to clarify his views on immigration. We don’t know what’s on the agenda with Pena Nieto, but two topics come to mind: 1) Trump’s demand that Mexico pay for his wall, and 2) Pena Nieto’s comparison of Trump to Mussolini and Hitler. Should be interesting.

 

Finally, Fortune’s Chris Matthews writes this morning about the eerie similarities between conditions in today’s stock market and those that preceded the 1987 crash. You can read it here.

 

 

More news below.

 

 

Alan Murray
@alansmurray
alan.murray@fortune.com

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