Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on the day's biggest business stories

Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Stay on top of the latest market trends

Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Nashville news?

Get a daily digest of the most important stories affecting your hometown with the Axios Nashville newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Columbus news?

Get a daily digest of the most important stories affecting your hometown with the Axios Columbus newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Dallas news?

Get a daily digest of the most important stories affecting your hometown with the Axios Dallas newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios NW Arkansas

Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Alex Brandon / AP

The U.S. and China issued a joint 10-point communiqué Thursday evening announcing "initial commitments" on trade affecting investment, financial services, energy, and agriculture. Commerce Secretary Wilbur Ross briefed reporters on the agreement, which includes an end to China's ban on U.S. beef imports.

The agreement is "underwhelming" and "mostly aspirational," an international trade expert tells Axios — note the language: the U.S. "welcomes China," China "may proceed," the U.S. "recognizes," the U.S. "remains committed," and so on. This leaves a lot of questions as to what weight this agreement will ultimately hold.

  • For example: China will review eight pending U.S. biotech product applications that they have been on hold, but no guarantee to approve them...China will issue guidelines to allow U.S.-owned suppliers of electronic payment services to begin licensing processes. Again, this sounds like a win but the U.S. has already won a WTO trade dispute against China on these payment systems.
  • The takeaway: "It's a lot like Trump's executive orders that talk a lot but didn't do much," according to the former U.S. official.

Ending China's ban on U.S. beef imports:

  • Take this with a grain of salt: China announced in September it would end its ban on U.S. beef, but it didn't amount to anything. The Chinese have been avoiding this move for years.
  • China could point to health standards if it wanted to continue banning U.S. beef imports, and continue to use beef as a leverage point due to the size of the Chinese market.
  • The Chinese used that leverage to get another agreement this time around: the U.S. will now start importing Chinese pre-cooked poultry, which senior U.S. officials have been resistant to for years due to a perceived lack of readiness to go to market, according to a former U.S. government official familiar with the matter.

The rest of the agreement includes some optics, including the U.S. recognizing "the importance of China's One Belt and One Road initiative." That's symbolically a big deal, since Xi Jinping will want to tally some wins as he nears his five-year mark.

On finance: China will issue "underwriting and settlement licenses" to two U.S. financial institutions — which probably means a nice payday for two big banks in the U.S.

On natural gas: read our earlier post here on the significance of that move.

Go deeper

By the numbers: Leaving House

Expand chart
Data: House Press Gallery; Table: Danielle Alberti/Axios

Rep. Anthony Brown (D-Md.) is the latest House lawmaker to announce he won't seek re-election next year, bringing the total number of Democratic retirements to 13, compared to nine Republicans.

Why it matters: The increasing number of Democratic retirements — put against the backdrop of President Biden's sagging approval ratings and uncertainty about redistricting — is adding to concerns the party may not be able to keep its slim majority in the House.

Ohio sues Biden admin over reversal of Trump-era abortion referral ban

Ohio Attorney General Dave Yost. Photo: Justin Merriman/Getty Images

Ohio Attorney General Dave Yost filed a lawsuit against the Biden administration Monday over a Trump-era ban on abortion referrals that President Biden overturned earlier this month.

The big picture: The lawsuit aims to reinstate two measures included in the 2019 legislation that required federally funded family planning clinics to be "financially independent of abortion clinics," and refrain from referring patients for abortions.

Oklahoma Supreme Court temporarily blocks abortion restrictions

A pro-choice activist demonstrates outside the U.S. Supreme Court on Oct. 4, 2021. Photo: Stefani Reynolds/Bloomberg via Getty Images

The Oklahoma Supreme Court on Monday temporarily blocked three abortion restrictions set to take effect on Nov. 1.

Why it matters: The laws would place new limits on medication-induced abortions and require doctors who perform abortions to attain board certification in obstetrics and gynecology.

You’ve caught up. Now what?

Sign up for Mike Allen’s daily Axios AM and PM newsletters to get smarter, faster on the news that matters.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!