Axios AM

October 17, 2025
Happy Friday! Smart Brevity™ count: 1,387 words ... 5 mins. Thanks to Erica Pandey for orchestrating. Copy edited by Bryan McBournie.
🛢️U.S. crude oil prices closed down 19% from a year ago — their lowest since 2021, during COVID rebound. The reasons: a growing glut, and fear of a global economic slowdown. WSJ gift link.
🎙️ Susan Stamberg, a "founding mother" of NPR and the first female broadcaster to host a national news program, died at 87. NPR obit.
1 big thing: America First globalist
There's a shutdown in D.C., clashes in Chicago, and economic worries bubbling up nationwide. But President Trump seems more focused on Gaza, Ukraine and Venezuela, Axios' Marc Caputo reports.
- Why it matters: Trump's foreign policy focus — and the peace deals he has secured — is the stuff of presidential legacy building. But the globetrotting risks blurring his "America First" brand.
💬 "Voters reward winners and Trump is a winner," said one Trump adviser. "But I'd be lying if I said none of us wish he would talk a little more about the economy and things back home."
- Rep. Marjorie Taylor Greene (R-Ga.) was more blunt. "It's a revolving door at the White House of foreign leaders when Americans are, you know, screaming from their lungs," MTG, who has increasingly grown estranged from Trump, told Axios' Kate Santaliz.
✈️ Driving the news: This was Trump's biggest foreign policy week, starting with his departure for Israel on Sunday after sealing the Gaza deal.
- Monday: Addressed Israel's Knesset, then flew to Egypt to sign the historic peace agreement.
- Tuesday: Arrived back in D.C. and met with Argentina's president to discuss a $20 billion currency bailout, then announced the U.S. military had destroyed another alleged drug-running boat off of Venezuela, killing six people.
- Wednesday: Confirmed he'd authorized covert action in Venezuela.
- Thursday: Spoke to Russian President Vladimir Putin for more than two hours, and announced he'd soon meet him in person to discuss the path to peace in Ukraine.
- Friday: He'll meet Ukraine's president, Volodymyr Zelensky, at the White House.
What's next: Later this month, Trump will travel to South Korea to meet Chinese President Xi Jinping, and likely to Budapest to meet Putin.
🖼️ The big picture: Presidents often pivot to foreign policy in their second terms, though several current and former Trump advisers told Axios he was just as engaged globally the first time around.
- Then as now, there was a regime change push in Venezuela, a hugely provocative attack involving Iran, a trade war with China, and a major diplomatic push in the Middle East.
"In Trump 1, he didn't have the team," said a foreign policy adviser from Trump's first term who still speaks with the president. "He didn't know the ropes. All of that is different now."
- Another first-term adviser said: "This is a continuation of the first term, but with two big exceptions: the wars in Gaza and Ukraine. He inherited that mess. He had no choice but to clean it up."
- A third person who worked in Trump's first term and still advises administration officials said: "No matter what he says, Trump is still thinking about a Nobel Prize. Being TIME Magazine's Man of the Year still matters to him."
Friction point: Most in the MAGA movement cheered Trump's Gaza deal. But some aspects of his foreign policy have riled influential supporters, particularly his decisions to bomb Iran and to open America's checkbook to arm Israel and bail out Argentina.
- But many of Trump's allies think demonstrating American might overseas plays well back home, and note that it hasn't kept him from pursuing a very aggressive domestic agenda.
🥊 Steve Bannon told Axios, referring to the America First movement: "We're not isolationist, we're non-interventionist."
- Bannon gushed over the images from the Gaza peace conference: "Every guy wanted to touch him, wanted to be in a shot with him."
2. ⚖️ Bolton charged with 18 counts
John Bolton was indicted yesterday by a federal grand jury in Maryland on charges of mishandling classified documents — eight counts of transmission of national defense information (NDI) and 10 counts of unlawful retention of NDI.
- The indictment asserts Bolton shared 1,000+ pages of "diary-like entries" about his day-to-day activities as national security adviser in President Trump's first term, and "unlawfully retained documents, writings, and notes relating to the national defense, including information classified up to [top secret], in his home in Montgomery County, Maryland."
🗣️ In a scathing response, Bolton, 76, accused Trump of "weaponizing" the Justice Department like the secret police of Soviet dictator Joseph Stalin, who cracked down on enemies in the "great purge" of the 1930s.
- "For four decades, I have devoted my life to America's foreign policy and national security. I would never compromise those goals," the former U.S. ambassador to the UN under President George W. Bush told Axios in an emailed statement.
🔎 Bolton's indictment follows a search warrant alleging that he used a private email account hacked by a "foreign entity" and that he wrongly shared classified information, Axios' April Rubin and Rebecca Falconer write.
- The indictment alleges he used AOL and Gmail accounts to share classified info.
Trump, speaking with reporters yesterday afternoon, denied knowing anything about the indictment. "He's a bad guy," Trump said. "It's too bad, but that's the way it goes."
3. 💸 AI wealth boom
The rip-roaring performance of just 30 AI-linked stocks may be driving nearly $200 billion in annual consumer spending, Axios' Neil Irwin writes from a new report from JPMorgan economists.
- Why it matters: The overall economy has become increasingly dependent on AI-driven growth, most notably through investment in data centers and software. But the "wealth effect," in which higher asset prices make consumers more willing to spend money, is part of the story as well.
📈 By the numbers: The JPMorgan team estimates U.S. households have gained $5.2 trillion in wealth over the last year from the appreciation of a basket of just 30 stocks tied to AI.
4. 👰 Divorces fade


Divorces are becoming less common in America, according to a new Pew Research Center report.
- The number of divorces per 1,000 married women fell from a peak of 22.6 around 1980 to 14.4 in 2023.
5. 🏛️ Older Dems getting crushed in cash war


Half a dozen House Democrats who are 70+ were beaten by their younger primary rivals in fundraising between July and September, Andrew Solender reported in last night's Axios Hill Leaders.
- Why it matters: The statistic highlights an unusually large number of credible Democratic primary challenges this election cycle as younger party members mount a major push for generational change.
Keep reading ... Get Axios Hill Leaders, our weeknight intel from Capitol Hill.
6. 👀 Exclusive: Deportation job wipeout

The Trump administration's immigration crackdown is projected to reduce the U.S. workforce by 6.8 million people by 2028 and by 15.7 million by 2035, per a study first shared with Axios' Russell Contreras.
- Why it matters: Fewer workers in the labor force could have dramatic effects on the U.S. economy.
7. 🍎 King of apples


How do you like them apples? We're guessing sweet and tart: Honeycrisp has become the gold standard of apples, Axios' Carly Mallenbaum reports.
- Why it matters: Honeycrisp reshaped the market. Before its rise, spending more than 99¢ per pound of apples was unthinkable. Today, people will pay triple that, says Jim Bair, CEO of USApple.
By the numbers: Since 2011, U.S. production of Honeycrisp apples has increased roughly fivefold, according to USApple.
- They're the highest-priced variety — averaging $2.16 per pound, while Galas and Red Delicious retail for under $1.40, per the USDA.
8. 🏎️ 1 for the road: F1's new fans

When Formula 1 roars into Austin this weekend, the drivers at the Circuit of the Americas for the U.S. Grand Prix will all be men — but many fans in the grandstand will be women, Axios Austin's Asher Price writes.
- The global motorsport, a marketing juggernaut, is increasingly trying to draw in women, and it's working.
🏁 Between the lines: F1's outreach mirrors a strategy by the NFL over at least the last decade to draw in more women.
- Share this story ... Get Axios Local: Daily newsletters in 34 cities.
📱 Twin YouTube clips from an Axios event in Austin last night on the sidelines of F1's Grand Prix:
- Clip 1: Darren Cox, founder of The Race Media, talks with former IndyCar race driver James Hinchcliffe.
- Clip 2: Axios' Sara Fischer interviews Austin Mayor Pro Tem Vanessa Fuentes.
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