Trump shakes Pruitt's hand at the White House. Photo: Andrew Harnik / AP

The EPA took the first step Tuesday toward canceling Barack Obama's landmark move on climate change, the 2015 Clean Power Plan, which aimed to reduce emissions from U.S. power plants and accelerate the shift toward cleaner fuels.

EPA Administrator Scott Pruitt said the rule exceeded Obama's authority, adding, "we are committed to righting the wrongs of the Obama administration by cleaning the regulatory slate." Obama's plan had been delayed by the courts, and Pruitt's move is certain to lead to court challenges as well.

Go Deeper: Reality checking the carbon rule debate

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Updated 3 mins 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).

U.S. Chamber of Commerce warns of racial inequality for small businesses

Illustration: Aïda Amer/Axios

Attitudes and beliefs about racial inequality are changing quickly as protests and media attention have helped highlight the gaps in opportunity between white- and minority-owned businesses in the United States.

Driving the news: A new survey from the U.S. Chamber of Commerce and MetLife provided early to Axios shows a 17-point increase in the number of small business owners who say minority-owned small businesses face more challenges than non-minority-owned ones.