Susan Walsh / AP

John McCain slammed Rex Tillerson's suggestion that the United States might no longer insist upon the promotion of American values — like human rights and democracy — in its foreign affairs via a New York Times op-ed. The choice cut:

"With those words, Secretary Tillerson sent a message to oppressed people everywhere: Don't look to the United States for hope. Our values make us sympathetic to your plight, and, when it's convenient, we might officially express that sympathy. But we make policy to serve our interests, which are not related to our values. So, if you happen to be in the way of our forging relationships with your oppressors that could serve our security and economic interests, good luck to you. You're on your own."

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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.

BP's in the red, slashing its dividend and vowing a greener future

Photo: Ben Stansall/AFP via Getty Images

BP posted a $6.7 billion second-quarter loss and cut its dividend in half Tuesday while unveiling accelerated steps to transition its portfolio toward low-carbon sources.

Why it matters: The announcement adds new targets and details to its February vow to become a "net-zero" emissions company by mid-century.