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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Updated 47 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 3 a.m. ET: 31,032,045 — Total deaths: 960,729— Total recoveries: 21,255,717Map.
  2. U.S.: Total confirmed cases as of 3 a.m. ET: 6,805,342 — Total deaths: 199,511 — Total recoveries: 2,590,671 — Total tests: 95,108,559Map.
  3. Politics: Testing czar on Trump's CDC contradictions: "Everybody is right" Ex-FDA chief: Career scientists won't be "easily cowed" by political vaccine pressure.
  4. Education: What we overlooked in the switch to remote learning.
  5. Health: The dwindling chances of eliminating COVID-19 — 7 states set single-day coronavirus case records last week.
  6. World: England sets £10,000 fine for breaking self-isolation rules — The countries painting their pandemic recoveries green.

Biden raises $141 million more than Trump

Combination images of President Trump and his 2020 presidential rival Joe Biden. Photo: Sarah Silbiger/Getty Images/Alex Wong/Getty Images

Joe Biden's campaign, the Democratic National Committee and joint fundraising committees raised $466 million cash on hand, the presidential candidate's team announced late Sunday.

Why it matters: President Trump's campaign raised $325 million cash on hand, his campaign communications director Tim Murtaugh announced Friday. In the spring, Biden was $187 million behind Trump and the Republican National Committee.

Virtual Emmys address chaotic year for American TV and society

Emmy Host Jimmy Kimmel during rehearsals Friday for the 72nd Annual Emmy Awards at the Staples Center in Los Angeles. Photo: Al Seib/ Los Angeles Times via Getty Images

The Emmy Awards Sunday night addressed the major U.S. issues this year — including the protests on systemic racism and police brutality, the wildfires engulfing parts of the West Coast, the census, the pandemic, essential works and the election.

Why it matters: Award shows have always addressed wider cultural issues, but this year — amid unprecedented stress and uncertainty — that trend has accelerated.