TGIF! Thanks for reading as we finish out this short summer week.
Situational awareness: President Trump "is steering clear of the mass protests in central London that will mark his first visit to Britain as president next week, instead meeting dignitaries outside the capital at country residences and a castle," Reuters reports.
Illustration: Sarah Grillo/Axios
If you were looking for signs of a thaw in the trade war between the U.S. and China, you're going to have to wait. Right now, it's all escalation.
Here's how bad it's getting:
Our thought bubble, from Axios Future editor Steve LeVine: Typically, negotiators in high-stakes disputes build in mental off-ramps for the desired accord to avert breaking points, and to get to a beneficial outcome. Right now, there are no obvious signs that the U.S. side has any — only more brinkmanship.
Why it matters: There are signs of a potential thaw with the EU, with the German carmakers pushing for a no-tariffs outcome. But when it comes to the Chinese, the Trump administration has left itself without a lot of options, other than hoping that Xi Jinping will climb down from his "Made in China 2025" plan to dominate the 10 biggest technologies of the future.
Given that the Chinese may be as stubborn as Trump, we may be embroiled in what no one seems to have planned for, which is a long, debilitating trade war.
Traders work the floor of the New York Stock Exchange on Friday after China announced its retaliatory tariffs. Photo: Spencer Platt/Getty Images
Revellers in Pamplona, Spain, hold up traditional red neckties today to open the San Fermin fiestas — daily bull runs, bullfights, music and dancing.
This week's Axios PM Beach Read was recommended by Erin Johnston, director of college guidance at National Cathedral School ... "Homegoing," acclaimed debut novel by Yaa Gyasi, who was born in Ghana and raised in Huntsville, Ala.:
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Thanks for a great, short week. Updates all weekend on Axios.com ...