Photo: Win McNamee/Getty Images.

President Trump said at a press conference Monday that an agreement has been reached with 3M to produce 166.5 million masks to be distributed over the "next couple of months."

Why it matters: Trump said last week that he was "not happy" with 3M's exporting of masks overseas, blaming the manufacturing company for exacerbating a shortage in the United States. 3M CEO Mike Roman has maintained that the company is doing everything it can to produce medical gear and support American cases.

  • The president last week invoked the Defense Production Act to ban “unscrupulous actors and profiteers” from exporting vital medical gear.
  • Trump shifted his tone on Monday, stating: "So the 3M saga ends very happily. We are very proud to be dealing with 3M."
  • The president also noted that he spoke to Roman prior to the press conference and that the CEO was "very happy to get it done."

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Trump floats executive action even if stimulus deal is reached

Photo: Samuel Corum/Getty Images

The White House is finalizing a series of executive orders addressing key coronavirus stimulus priorities if negotiations with Congress fall apart, and it's leaving the door open for President Trump to use them even if a deal is reached that doesn't encompass all of his priorities, two administration officials tell Axios.

What we’re hearing: “I wouldn't be surprised that, if something gets left off the table, we’d be like ‘we can take this executive action too and be able to win on it anyway,’” one official said.

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TikTok responds to Trump executive order: "We are shocked"

Photo: Jakub Porzycki/NurPhoto via Getty Images

TikTok said Friday that it was "shocked" by President Trump's executive order that will ban Americans from dealing with ByteDance, its China-based owner, in 45 days.

Why it matters: TikTok argued that Trump's move "risks undermining global businesses' trust in the United States' commitment to the rule of law, which has served as a magnet for investment and spurred decades of American economic growth."

U.S. economy adds 1.8 million jobs in July

Data: Bureau of Labor Statistics; Chart: Axios Visuals

The U.S. added 1.8 million jobs last month, while the unemployment rate fell to 10.2% from 11.1% in June, the Labor Department said on Friday.

Why it matters: The labor market continued to recover but the pace of job growth slowed significantly from June’s 4.8 million job gain, suggesting a stalled improvement as coronavirus cases surged and states pulled back on reopening plans.