President Trump slammed American allies in Europe on trade, telling Fox News' Maria Bartiromo during an exclusive interview on Sunday morning, "The European Union is possibly as bad as China, just smaller. It's terrible what they do to us."

Why it matters: It's conventional wisdom among economists that the U.S. needs allies' support to take on a powerful — and growing — China.

Trump also said that the White House didn't put restrictions on Chinese companies investing in U.S. tech because he "didn't like pinpointing China" and "they are not the only" country stealing U.S. intellectual property.

"I get along with China. I like the president. President for life, we can call him the king, right? I like the president. I didn't like pinpointing China. I don't think it's fair. They are not the only one. Now, they are bigger and stronger, and frankly they do it more, and they're probably a bigger violator, but it is other countries, too. I wanted to go worldwide ... So you mean China can't do it but other countries can?"

Flashback: Treasury Secretary Steven Mnuchin said the same thing when it was first reported that the White House was considering restrictions on Chinese firms — a move the Trump administration explicitly proposed in May.

The big picture: Trump punted the issue of Chinese investment restrictions to Congress last week, announcing that he would endorse a bipartisan piece of legislation called FIRRMA, which is intended to strengthen the Committee on Foreign Investment in the United States, an existing body that reviews foreign investments in the U.S.

Go deeper:

Go deeper

Ben Geman, author of Generate
20 mins ago - Economy & Business

GM dives full-throttle into electric

GMC Hummer EV. Photo courtesy of General Motors

What has LeBron James as a pitchman, some slightly awkward promotional phrasing ("watts to freedom"), and a six-figure starting price? The electric GMC Hummer.

Driving the news: General Motors unveiled the vehicle — a reborn version of the deceased mega-guzzler — with a highly produced rollout Tuesday night that included a World Series spot. The company also began taking reservations.

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Politics: McConnell urges White House not to strike stimulus deal before election — Republican senators defend Fauci as Trump escalates attacks.
  2. Economy: Why the stimulus delay isn't a crisis (yet).
  3. Health: Studies show drop in COVID death rate — The next wave is gaining steam — The overwhelming aftershocks of the pandemic.
  4. Education: Schools haven't become hotspots.
Dion Rabouin, author of Markets
2 hours ago - Economy & Business

CEO confidence skyrockets on expectations of layoffs and wage cuts

U.S. consumers remain uncertain about the economic environment but CEOs are feeling incredibly confident, the latest survey from the Conference Board shows.

Why it matters: Confidence among chief executives jumped 19 points from its last reading in July, rising above the 50-point threshold that reflects more positive than negative responses for the first time since 2018.