In his interview with Axios Tuesday, Trump said that the "idea" of a border adjustment tax is "certainly something that is going to be discussed" in his administration. It's also Paul Ryan's top legislative priority. Cowen's Chris Krueger gave an analysis of what that could mean his morning note:

  • If tax reform is passed, BAT will be included, but he doesn't see it happening until 4Q. If this happens, components of the tax could go into effect as early as January 1, 2018.
  • Krueger sees a policy benefit of raising $1.1 trillion over 10 years.
  • A low-dollar tax exemption and structuring the BAT as a withholding tax could make it more attractive to the retail sector.

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Students say they'll sacrifice fun if they can return to campus

Illustration: Aïda Amer/Axios

College students overwhelmingly plan to return to campus this fall if their schools are open — and they claim they'll sit out the fun even if it's available, according to a new College Reaction/Axios poll.

Why it matters: For many, even an experience devoid of the trappings of college life is still a lot better than the alternative.

24 mins ago - Health

Florida's coronavirus outbreak is getting worse

Reproduced from The COVID Tracking Project; Chart: Axios Visuals

Florida is the new domestic epicenter of the coronavirus pandemic, and it's on track to keep getting worse.

By the numbers: Of the 20 U.S. metro areas with the highest daily case growth, nine are in Florida, according to Nephron Research.

Jeff Sessions loses Alabama Senate primary runoff

Jeff Sessions. Photo: Michael DeMocker/Getty Images

Former Attorney General Jeff Sessions has lost the Republican nomination for Senate to Tommy Tuberville in Alabama in Tuesday night’s primary runoff, AP reports.

Why it matters: Sessions had been the underdog in the race against former Auburn University head football coach Tommy Tuberville, who had the backing of President Trump. Tuberville will now face off against Sen. Doug Jones (D-Ala.) in November, who is considered to have one of the most vulnerable Democratic Senate seats in the country.