Graphic: Americans for Free Trade and Farmers for Free Trade

A newly-formed coalition called Americans for Free Trade — comprised of thousands of businesses, farmers, manufacturers and other stakeholders — has launched a multi-million dollar campaign focused on amplifying the voices of Americans harmed by President Trump's trade war.

The big picture: "Tariffs Hurt the Heartland" will bring together leading trade organizations including the National Retail Federation, the American Petroleum Institute and others in the largest unified effort against tariffs to date. In addition to media buys, grassroots outreach and a “war room” that will fact check and respond to tariff announcements, the campaign will feature a geographically searchable map on its website that pinpoints stories of tariff pain.

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Wall Street is no longer betting on Trump

Illustration: Sarah Grillo/Axios

Betting markets have turned decisively toward an expected victory for Joe Biden in November — and asset managers at major investment banks are preparing for not only a Biden win, but potentially a Democratic sweep of the Senate and House too.

Why it matters: Wall Street had its chips on a Trump win until recently — even in the midst of the coronavirus-induced recession and Biden's rise in the polls.

With new security law, China outlaws global activism

Illustration: Eniola Odetunde/Axios

The draconian security law that Beijing forced upon Hong Kong last week contains an article making it illegal for anyone in the world to promote democratic reform for Hong Kong.

Why it matters: China has long sought to crush organized dissent abroad through quiet threats and coercion. Now it has codified that practice into law — potentially forcing people and companies around the world to choose between speaking freely and ever stepping foot in Hong Kong again.

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Axios-Ipsos poll: There is no new normal

Data: Axios/Ipsos poll; Chart: Andrew Witherspoon/Axios

The longer the coronavirus pandemic lasts, the farther we're moving apart, according to our analysis of nearly four months of data from the Axios-Ipsos Coronavirus Index.

Why it matters: Ever since life in the U.S. as we knew it came to a screeching halt, we've been trying to get our heads around what a "new normal" will look like. But so far, the politicization of the virus — and our socioeconomic differences — are working against any notion of national unity in impact or response.