Apple CEO Tim Cook listens to President Trump at a 2017 White House meeting. Photo: Chip Somodevilla/Getty Images

Apple CEO Tim Cook met with President Trump at the White House on Thursday.

Driving the news: It's not clear what was discussed, but it's hard to believe trade relations with China wasn't on the agenda — given the president's threat to impose an estimated $300 billion in tariffs on Chinese-made goods, including the iPhone.

  • Why it matters: Apple makes nearly all its iPhones in China, though supplier Foxconn said this week it has enough manufacturing capacity to make U.S.-bound iPhones outside China if it needs to. China is also a key market for Apple in terms of sales.

Context: Cook was in D.C. to attend a meeting of the American Workforce Policy Advisory Board, Trump and his daughter Ivanka told reporters.

Go deeper: Trump's newest tariff threat could raise iPhone, Nike shoe prices

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The new buyout barons

Illustration: Eniola Odetunde/Axios

Last month I wrote that SPACs are the new IPOs. But I may have understated it, because SPACs are also becoming the new private equity.

By the numbers: Short for "special purpose acquisition company," SPACs have raised $24 billion so far in 2020, with a loaded pipeline of upcoming offerings. U.S. buyout firms raised nearly $102 billion through the end of June — a much larger amount, but not so much larger that the two can't play on the same field.

3 hours ago - World

Macron visits Beirut promising a "new political pact" for Lebanon

Macron visits the hard-hit Gemmayzeh neighborhood. Photo: AFP via Getty Images

French President Emmanuel Macron walked through the blast-damaged streets of Beirut on Thursday, swarmed by people chanting for the fall of Lebanon's government and pleading for international aid.

Why it matters: Lebanon is at a breaking point. Its economy was collapsing and its government hardly functioning — all before a massive explosion destroyed swathes of the capital city, including its vital port.

3 hours ago - Sports

The PGA Championship is golf's first major in over a year

Photo: Gary Kellner/PGA of America via Getty Images

The 2020 PGA Championship tees off Thursday at San Francisco's TPC Harding Park, which is hosting its first-ever major.

Why it matters: It's the first major in more than a year — and the first of seven majors in the next 12 months. Though there won't be any fans in attendance, the excitement is palpable.