Microsoft used its press conference at the E3 gaming trade show to introduce the next version of the Xbox, a high-end model called the Xbox One X and due to hit the market in November.

Key features: 4K video support, compatibility with older games, Ultra HD Blu-ray drive, 1TB of storage and what Microsoft says is 40 percent more power than any game console on the market.

What's missing: Microsoft didn't talk specifically about virtual reality, while PlayStation 4 already has a VR add-on. Microsoft does have plans for Windows Mixed Reality headsets that connect to Windows devices.

Why it matters: The game console market is of the great head-to-head battles in tech, with Microsoft and Sony the primary combatants, having left Nintendo behind.

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Trump's new TikTok threat

Photo illustration: Aïda Amer/Axios. Photo: Jim Watson/AFP via Getty Images

President Trump said twice Monday that the U.S. Treasury would need to get a portion of the sale price of TikTok, as a condition of regulatory approval.

Why it matters: This is akin to extortion — the sort of thing you'd expect to hear on a wiretap, not from the White House in front of reporters.

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 4 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.