Matt Dunham / AP

A new trade deal between the U.S. and the U.K. is shaping up to be the key focus of Trump's meetings with U.K. Prime Minister Teresa May when the two meet Jan. 27.

The Sunday Telegraph says the talks could include an agreement to give U.S. and U.K. companies free reign to operate across the border with limited regulatory hurdles. It could be set up within 90 days of the U.K. leaving the EU.

  • British banks already have a deal like that, called "passporting," with the EU which lets the banks operate in any member country with one set of regulations The Telegraph says losing that arrangement might send billions of pounds from British banks to Paris or Frankfurt

Trump officials told Bloomberg that quick work on a trade deal with the U.S. will give May more leverage in Brexit negotiations; she'll be able to say the U.K. will prosper with closer U.S. ties despite losing EU membership.

The long game: Steve Bannon and Jared Kushner were behind pushing May to the front of the line for a U.S. visit, Jonathan Swan reported yesterday.

Go deeper

White House warns railroad retirement fund about Chinese investments

Kudlow. Photo: Drew Angerer/Getty Images

Top White House officials have bluntly warned the head of a board that administers railroad workers' retirement benefits that the investment trust he oversees is exposing investors to undue economic risk and endangering U.S. national security because it invests in certain Chinese companies.

Driving the news: The letter, dated July 7 and obtained by Axios, asks for a response within a week as to whether the U.S. Railroad Retirement Board, an independent federal agency, will cut off these Chinese investments.

Updated 56 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Eniola Odetunde/Axios

  1. Global: Total confirmed cases as of 2 p.m. ET: 11,892,382 — Total deaths: 545,485 — Total recoveries — 6,488,079Map.
  2. U.S.: Total confirmed cases as of 2 p.m. ET: 3,016,515 — Total deaths: 131,666 — Total recoveries: 936,476 — Total tested: 36,878,106Map.
  3. Public health: Deaths are rising in hotspots — Déjà vu sets in as testing issues rise and PPE dwindles.
  4. Travel: United warns employees it may furlough 45% of U.S. workforce How the pandemic changed mobility habits, by state.
  5. Education: New York City schools will not fully reopen in fallHarvard and MIT sue Trump administration over rule barring foreign students from online classes.
  6. 🎧 Podcast: A misinformation "infodemic" is here.

The tangled web of Russia's Taliban support

Illustration: Sarah Grillo/Axios

The alleged Russian campaign to pay the Taliban bounty for U.S. troops' lives represents "a huge escalation" of Russian activities in Afghanistan, but suspected Russian support of the Taliban goes all the way back to the Obama administration, former U.S. intelligence officials told Axios.

The big picture: The bounty scheme, spearheaded by the Russian military intelligence agency commonly known as the GRU, is laid out in information gathered by U.S. intelligence agencies — including intercepts of banking transfer data — and reported in a series of exclusives by the New York Times.