Shizuo Kambayashi / AP

Trump throws cold water on border adjustment

The president-elect tipped his hand on tax reform, saying in an interview with the Wall Street Journal that he "doesn't love" border adjustment because it's "too complicated."

Border adjustment would raise taxes on corporate importers and lower them on exporters. Because the U.S. imports more than it exports, this process would raise revenue, allowing for overall rate reductions that benefit firms that locate production at home.

The president-elect hasn't proposed any alternatives, however, to an idea that's becoming increasingly popular with Congressional Republicans, precisely because border adjustment is designed to achieve the purported goals of the Trump campaign.

Theresa May will spell out Brexit

The British Prime Minister is expected to provide details today of the British government's plans for negotiating an exit from the European Union. The Pound fell by more than 1% against the dollar Monday, in anticipation that May's strategy will give up preferential treatment for British exporters in Europe for the right to block European emigration to the U.K.

What we're watching: All eyes are on Britain's prime minister, and how she will describe plans for the U.K's post-EU trade policy. Market's will also be attuned to the president-elect's reaction to the speech, and whether he further signals his plans for changes to U.S. trade or tax policy.

China comes to OPEC's rescue

Not only are the Chinese the world's largest importer of oil, but they'll need to import even more of it as its own energy exploration industry continues to pull back on domestic production.

China's oil output fell by more than 6% last year, and the The International Energy Agency predicts significant declines again this year as China's aging oil fields become less cost effective to exploit. Those declines roughly match what a country like Iraq has taken off the market, boosting the impact of those production cuts.

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Trump dons face mask during Walter Reed visit

Trump wearing a face mask in Walter Reed National Military Medical Center on July 11. Photo: Alex Edelman/AFP via Getty Images

President Trump wore a face mask during his Saturday visit to Walter Reed National Military Medical Center, according to AP.

Why it matters: This is the first known occasion the president has appeared publicly with a facial covering as recommended by health officials since the coronavirus pandemic began, AP writes.

Updated 32 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 5:30 p.m. ET: 12,607,510 — Total deaths: 562,338 — Total recoveries — 6,948,863Map.
  2. U.S.: Total confirmed cases as of 5:30 p.m. ET: 3,228,884 — Total deaths: 134,600 — Total recoveries: 983,185 — Total tested: 38,919,421Map.
  3. Public health: Jimmy and Rosalynn Carter: "Please wear a mask to save lives" Fauci hasn't briefed Trump on the coronavirus pandemic in at least two months — We're losing the war on the coronavirus.
  4. Food: How the coronavirus pandemic boosted alternative meat.
  5. Sports: Charge of "money grab" by college football.
  6. World: India reimposes lockdowns as coronavirus cases soar.

Supreme Court expands religious freedoms in schools, employment

Illustration: Sarah Grillo/Axios

The Supreme Court ended its term with a series of rulings on religion's role in schools, the workplace and access to health care.

Why it matters: The decisions elevated protections for people and employers of faith, while curtailing those of religion teachers, the nonreligious taxpayer and women who rely on their workplaces' health care plans for contraception.