Pfizer is taking Johnson & Johnson to court. Photo: Mark Lennihan / AP

A Texas district court on Friday struck down an Obama-era Treasury Department rule that restricted corporate inversions, and the Trump-era Treasury Department is mum on its next moves.

Why it matters: Corporate inversions involve U.S. companies moving overseas for tax purposes, without necessarily moving either their top executives or employee base. The issue came to a head when New York-based Pfizer tried to invert in a $160 billion deal with "Ireland-based" Allergan, which was ultimately scuttled by regulations that the Texas court just struck down.

  • From the bench: The rules established in April 2016 by the Obama Administration were challenged by the U.S. Chamber of Commerce and the Texas Association of Business. Not so much on the substance, but rather on the process. And a judge agreed, saying the changes were substantive enough to require both public notice and comment before being implemented (two things that didn't happen).
  • Now what? One would think Treasury either would be working on an appeal or prepping that public notice period, or both. After all, Trump constantly complains about U.S. companies moving overseas. But so far there has been no reaction at all, and my emails to a Treasury spox on the matter have gone unanswered. It's possible that the silence is tied into tax reform, with the thinking that a 20% corporate rate will eliminate inversion interest — even though 20% remains well above the statutory rate in a country like Ireland.
  • Go deeper: Fortune Magazine's July 2014 cover story by Allan Sloan was about inversions, which Sloan concluded were "positively un-American tax dodges." He would later be called by Congress to testify on the matter.

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Trump tightens screws on ByteDance to sell Tiktok

Illustration: Aïda Amer/Axios

President Trump added more pressure Friday night on China-based TikTok parent ByteDance to exit the U.S., ordering it to divest all assets related to the U.S. operation of TikTok within 90 days.

Between the lines: The order means ByteDance must be wholly disentangled from TikTok in the U.S. by November. Trump had previously ordered TikTok banned if ByteDance hadn't struck a deal within 45 days. The new order likely means ByteDance has just another 45 days after that to fully close the deal, one White House source told Axios.

Updated 5 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 9:30 p.m. ET: 21,056,850 — Total deaths: 762,293— Total recoveries: 13,100,902Map.
  2. U.S.: Total confirmed cases as of 9:30 p.m ET: 5,306,215 — Total deaths: 168,334 — Total recoveries: 1,796,309 — Total tests: 65,676,624Map.
  3. Health: CDC: Survivors of COVID-19 have up to three months of immunity Fauci believes normalcy will return by "the end of 2021" with vaccine — The pandemic's toll on mental health — FDA releases first-ever list of medical supplies in shortage.
  4. States: California passes 600,000 confirmed coronavirus cases.
  5. Cities: Coronavirus pandemic dims NYC's annual 9/11 Tribute in Light.
  6. Business: How small businesses got stiffed — Unemployment starts moving in the right direction.
  7. Politics: Biden signals fall strategy with new ads.

Harris: "Women are going to be a priority" in Biden administration

Sen. Kamala Harris at an event in Wilmington, Del. Photo: Drew Angerer/Getty Images

In her first sit-down interview since being named Joe Biden's running mate, Sen. Kamala Harris talked about what she'll do to fight for women if elected VP, and how the Democrats are thinking about voter turnout strategies ahead of November.

What they're saying: "In a Biden-Harris administration women are going to be a priority, understanding that women have many priorities and all of them must be acknowledged," Harris told The 19th*'s Errin Haines-Whack.