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HIGHLIGHTS-The Trump presidency on April 26 at 6:41 P.M. EDT/2241 GMT

April 26 (Reuters) - Highlights for U.S. President Donald Trump's administration on Wednesday: 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 The White House is considering a draft executive order to withdraw the United States from the North American Free Trade Agreement, an administration official says.

Canada and the United States made progress in recent days on a dispute over Canadian lumber exports "but we are not there yet," Canadian Foreign Minister Chrystia Freeland says.

IMMIGRATION U.S. Chief Justice John Roberts takes issue with the administration's stance in an immigration case, saying it could make it too easy for the government to strip people of citizenship for lying about minor infractions.

Trump criticizes a federal judge's ruling that blocks his executive order seeking to withhold funds from "sanctuary cities" for illegal immigrants, vowing an appeal to the Supreme Court.

NORTH KOREA The top U.S. commander in the Pacific tells Congress the United States may need to strengthen missile defenses, particularly in Hawaii, given the advancing threat from North Korea's weapons programs.

NATIONAL MONUMENTS Trump signs an executive order to allow national monument designations to be rescinded or reduce the size of sites as the administration pushes to open more federal land to drilling, mining and other development.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

(Compiled by Jonathan Oatis and Bill Trott; Editing by James Dalgleish and Grant McCool)