Axios AM

September 26, 2025
☀️ Happy Friday. Smart Brevity™ count: 1,475 words ... 5½ mins. Thanks to Noah Bressner for orchestrating. Copy edited by Bryan McBournie.
1 big thing: Trump's revenge strike
Former FBI director James Comey was indicted last night in federal court in Alexandria, Va., and charged with making false statements to Congress and obstructing its investigation of the Russia probe, Axios' Julianna Bragg and Marc Caputo write.
- Why it matters: By demanding and securing the prosecution of a longtime nemesis, President Trump is all but erasing guardrails meant to keep America's justice system above partisan warfare.
Comey, 64, said in a video on Instagram that he's innocent, adding that "my family and I have known for years that there are costs to standing up to Donald Trump. But we couldn't imagine ourselves living any other way."
- "We will not live on our knees, and you shouldn't either."
- Comey is expected to surrender this morning, CNN reports.
In a two-page indictment, Comey is accused of lying to the Senate in September 2020 when he said he had not authorized anyone else at the FBI to leak information.
- The grand jury rejected an additional count of making a false statement.
🔬 Zoom in: The indictment was brought in the final days before the statute of limitations was set to expire.
- The Justice Department decision came shortly after Erik Siebert, a former U.S. Attorney in Virginia, resigned. Siebert oversaw investigations against Comey and New York Attorney General Letitia James, another Trump foe.
- Siebert had expressed doubts about the cases and declined to bring forward criminal charges against Comey or James. Trump told reporters last week that he "wanted [Siebert] out," prompting the attorney's resignation hours later.
- Trump replaced him with Lindsey Halligan, one of his former personal lawyers, as acting U.S. attorney for the Eastern District of Virginia.
💥 Flashback: Trump abruptly fired Comey as FBI director in 2017, initially citing his handling of Hillary Clinton's use of a private email server, but later admitted he did so because of the Russian collusion probe.
- The firing led to Robert Mueller's appointment as special counsel, whose investigation was vilified by Trump as a "witch hunt."

President Trump said last night on Truth Social: "JUSTICE IN AMERICA! ... He has been so bad for our Country, for so long, and is now at the beginning of being held responsible for his crimes against our Nation."
2. 🚨 Russia dares NATO

Weeks of Russian incursions into NATO skies have pushed the U.S.-led alliance to the brink of an explosive choice: Strike back or stand down, Axios' Zachary Basu and Dave Lawler write.
- Why it matters: With peace talks frozen and nuclear threats flying, NATO and Russia are closer to a direct military confrontation than at any point since the Cold War.
President Trump, long reluctant to confront Moscow, stunned allies this week by saying he supports shooting down Russian aircraft if the incursions continue.
- The Kremlin's response was a blunt one: Shoot down a Russian jet, and war will follow.
🖼️ The big picture: NATO officials believe Russia is deliberately testing the alliance's defenses — and its political will — with a wave of escalating provocations.
- Sept. 9-10: Nearly two dozen Russian drones entered Polish airspace, forcing NATO to scramble fighter jets and engage enemy targets in allied airspace for the first time in its history.
- Sept. 13: A Russian drone lingered nearly an hour over Romanian territory.
- Sept. 19: Three Russian fighter jets flew 12 minutes into Estonian airspace with their transponders off — the most brazen violation yet.
On Thursday, U.S. fighter jets intercepted Russian warplanes near Alaska's air defense identification zone for the ninth time this year.
- Norway reported three separate Russian airspace violations this year — the first incursions in over a decade.
- Drone swarms forced multiple airports in Denmark to shut down this week.

🎬 New episode of "The Axios Show": Ukrainian President Volodymyr Zelensky told Barak Ravid on a new episode of "The Axios Show," out today, that the "very" weak NATO response had encouraged Putin to probe further.
- "They have to shoot down everything," Zelensky said, concurring with Trump. "If the jets are in your space, you have to block it."
- Zelensky said that not all NATO leaders were afraid to take such action, but most are. The reason, he said, is they think "Russia is crazy" — and "they are right."
3. 🎯 Trump's new tariff targets
President Trump imposed broad new tariffs Thursday on pharmaceuticals, furniture and trucks last night — after months of hints that more levies were coming, Axios managing editor for business Ben Berkowitz writes.
- Why it matters: With Trump's tariff authority at risk of being struck down by the Supreme Court, these new measures take advantage of more established law to impose sweeping duties on critical sectors.
In a series of Truth Social posts, Trump set a list of new duties starting Oct. 1.
- 💊 100% tariff on pharmaceutical products, unless the manufacturer is in the process of building manufacturing capacity in the U.S.
- 🛋️ 50% tariff on kitchen cabinets and 30% on upholstered furniture.
- 🚛 25% tariff on heavy trucks.
The big picture: Tariffs are generating more than $30 billion a month in revenue for the government, and are now a critical piece of Trump's fiscal policy.
- If the Supreme Court finds he exceeded his authority in imposing sweeping reciprocal tariffs, about 70% of his levies would be wiped out.
Go deeper: Trump threatens drugmakers who aren't building U.S. plants.
4. 📉 Frozen job market hits new grads


Job postings are down from last year, Axios' Emily Peck writes from Indeed.com data.
- Why it matters: That's not great news for anyone looking to switch jobs. For new grads trying to break into the labor market, it's a dire moment.
How it works: The number of job listings overall on Indeed.com dropped 7% in August from a year ago — the same as the number of job postings for entry-level workers.
- If you're someone who already has a job, you'll likely be "hugging" your current role, faced with fewer options.
5. 👀 Latinos sour on Trump

President Trump made historic gains for the GOP among Latino voters last year. But polls and other indicators suggest their support for him is falling amid growing anger over his handling of the economy and immigration, Axios' Russell Contreras writes.
- Why it matters: Latinos' rising discontent could mean trouble for the GOP heading into the 2026 midterms, and undermine Republican redistricting efforts — namely in Texas — partly aimed at exploiting the party's recent gains among such voters.
By the numbers: Trump's support is falling among Latinos across gender and age categories, with his favorability 20 points underwater, according to a new poll by left-leaning Latino voter group Somos Votantes.
🔎 Between the lines: Trump's tariffs have South Texas farmers on edge as crop sales decline, while Latino small-business owners — from bootmakers to small retailers — say their costs are rising.
- Grocery prices are up in most categories, and border ports, which are key sources of economic activity in the American Southwest, face financial uncertainty.
- Trump's immigration crackdown by masked federal agents occasionally has involved arrests of Mexican Americans and other U.S.-born Latinos.
- Trump's push to deport not just dangerous criminals, but also nonviolent undocumented workers and some legal immigrants, has exacerbated labor shortages and helped to fuel inflation in some sectors.
6. 💡 White House priorities: AI + quantum
AI and quantum computing top the White House Office of Science and Technology Policy's research and development priorities, Axios AI+ Government co-author Ashley Gold writes from a White House memo.
- Why it matters: The office is doubling down on AI development as it looks to the future of the Trump administration's science and technology agenda.
Office of Management and Budget director Russell Vought and White House Office of Science and Technology Policy director Michael Kratsios sent the memo to agency heads: "American dominance is not guaranteed and our adversaries pursue whole-of-nation approaches" to tech competition.
7. 📜 Time capsule: The Comey indictment
The N.Y. Times' Maggie Haberman captures why this is such a hinge moment:
- "It broke fundamental democratic norms."
- "Other Trump foes are now at risk."
- "Trump's fury appears unabated."
- "Prosecutors face challenges to winning the case."

8. 🧱 1 fun thing: Old North Church mystery

A chunk of brick that was stolen from Boston's famous Old North Church — then mysteriously returned — has visitors wondering if it might be cursed, Axios Boston's Mike Deehan writes.
- Why it matters: The old red brick is now the newest display in the historic site's crypt, just in time for spooky season.
In March, Old North Church staff received an anonymous package from San Jose, Calif., containing only a brick and a cryptic note:
- "My husband took this from the crypt. We have had a string of bad luck and we want to return the brick."
Church staff suspect the brick was taken around the time of a restoration project in 2023, when construction debris was easier to pick up and make off with.
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