Nati Harnik / AP

The EPA issued a new proposal Wednesday for biofuel quotas, including...

  • Dropping targets for alternative biofuel (cellulosic and advanced biofuels) to 19.24 billion gallons in 2018 from 19.28 billion this year, per The Hill.
  • Requiring U.S. refiners to use 15 billion gallons of renewable fuels in 2018 — that's the same as the 2017 requirement, per Bloomberg.

Breaking that down: The oil camp wanted smaller quotas, so Midwest corn farmers and biofuel producers are feeling pretty good right now, although they had hoped for higher quotas for alternative biofuels. Plus, this fulfills Trump's campaign promises to support ethanol, which he said was "under siege" just a few weeks ago.

Why it matters: These quotas affect industry dynamics and have implications for the environment. The announcement also reflects Iowa's outsized influence, as ethanol is always a major issue in the presidential caucus. The EPA will be taking public comment on the issue before its November deadline.

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Ford names James Farley as new CEO amid ongoing turnaround effort

James Hackett, left, is retiring as Ford CEO. Jim Farley, right, takes over Oct. 1. Photo: Ford

Ford announced Tuesday that James Farley will take over as its next CEO, replacing James Hackett, 65, who is retiring after three years in the job.

Why it matters: It leaves Farley to complete the company's ongoing turnaround effort. The transition will be that much harder as the industry tries to navigate the coronavirus-induced economic slowdown which shuttered Ford plants for two months on the eve of some of its most important vehicle launches.

Updated 2 hours ago - Politics & Policy

Watch the full "Axios on HBO" interview with President Trump

In this episode of “Axios on HBO”, President Trump discusses his handling of the coronavirus pandemic, the upcoming election and much more with National Political Correspondent Jonathan Swan.

The interview was filmed on Tuesday, July 28 and aired Monday, Aug. 3 on HBO.

Mergers and acquisitions make a comeback

Illustration: Sarah Grillo/Axios

A slew of high-profile headlines led by Microsoft's expected acquisition of social media video app TikTok helped bring the Nasdaq to another record high on Monday.

Why it matters: The mergers-and-acquisitions market looks like it's bouncing back, joining the revived credit and equity markets as well as the market for new public companies through IPOs and special purpose acquisition companies (SPACs).