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Trump and Juncker in the Oval Office. Photo: Kevin Dietsch, Pool/Getty Images

President Trump and European Commission President Jean-Claude Juncker announced Wednesday that they will open negotiations to, as Trump put it, "work toward zero tariffs, zero non-tariff barriers and zero subsidies," and hold off on any further tariffs unless either side terminates the negotiations.

Why it matters: The trade war appears to be on hold, at least on the European front. However, importantly, Trump said the path toward "zero tariffs" applied to "all non-auto industrial goods." Trump has been mulling auto tariffs that could hit EU countries like Germany hard. Juncker struck an optimistic tone, saying “I had the intention to make a deal today and we made a deal today.”

More details:

  • Trump and Juncker also said the EU would begin importing more liquefied natural gas and soybeans from the U.S.
  • Trump said the process would be led by an "executive working group" of "very intelligent people on both sides."
  • The leaders said the U.S. and EU would work together to reform the WTO and cut down on unfair trade practices.

Smart take, from FT World Trade Editor Shawn Donnan: "This is basically an announcement to resume broad trade negotiations suspended since the Obama administration... TTIP 2.0."

Go deeper: Read the joint U.S.-EU statement.

Go deeper

The startup that wants to disrupt big internet providers

Maura Losch/Axios

A new startup backed by funding from AOL founder Steve Case and Laurene Powell Jobs wants to break up broadband monopolies across the country.

Why it matters: Internet access has been crucial during the pandemic, but it's not ubiquitous, and it can be both slow and unaffordable in swaths of the country.

33 mins ago - World

Top general: China's hypersonic missile test "very close" to a "Sputnik moment"

Gen. Mark Milley. Photo: Rod Lamkey-Pool/Getty Images

Gen. Mark Milley, the chairman of the Joint Chiefs of Staff, warned Wednesday that China's test of a hypersonic missile is "very concerning" and "very close" to the kind of "Sputnik moment" that triggered the Space Race during the Cold War.

Why it matters: The comments by America's top uniformed general underscore the depths of U.S. concerns about China's rapid military expansion and development of advanced weaponry.

Climate reckoning for oil and gas CEOs

Illustration: Aïda Amer/Axios

Top executives from ExxonMobil, BP, Chevron and Shell will face a reckoning on Capitol Hill Thursday, as they're grilled on evidence that their companies knew for years that their products were driving climate change but chose to downplay or deny it.

Why it matters: The hearing before the House Oversight Committee will be the first time these executives have been brought together to provide sworn testimony regarding what they knew about the ties between their company's products and climate change, and when they knew it.