Situational awareness: The U.S. will be paying up to $4.7 billion to help farmers dealing with trade war pains, including $3.6 billion is earmarked for soybean farmers.
Illustration: Sarah Grillo/Axios
President Trump is claiming a tentative victory on parts of a rebranded NAFTA, with Canada currently on the outside looking in.
The big picture:
Details: The understanding with Mexico would require 75% of an automobile's value to be manufactured in North America, up from NAFTA's current level of 62.5%. It would also require 40% to 45% of the car to be made by workers earning at least $16 an hour.
What's next: Negotiations with Canada are expected to begin this afternoon, Axios' Zach Basu reports. Both the U.S. and Mexico have expressed a desire to have Canada join the agreement, but according to the U.S. Trade Representative Bob Lighthizer, the deal is set to be presented to Congress either way.
Behind the scenes: Inside Lighthizer's thinking on NAFTA
The White House flag was lowered this afternoon, a reversal to honor Sen. John McCain.
Statement from President Trump:
"Despite our differences on policy and politics, I respect Senator John McCain’s service to our country and, in his honor, have signed a proclamation to fly the flag of the United States at half-staff until the day of his interment.
I have asked Vice President Mike Pence to offer an address at the ceremony honoring Senator McCain at the United States Capitol this Friday.
At the request of the McCain family, I have also authorized military transportation of Senator McCain’s remains from Arizona to Washington, D.C., military pallbearers and band support, and a horse and caisson transport during the service at the United States Naval Academy.
Finally, I have asked General John Kelly, Secretary James Mattis, and Ambassador John Bolton to represent my Administration at his services."
Go deeper: Read John McCain's farewell letter to America... "We never surrender. We never hide from history. We make history."
"Americans will buy an estimated 821 million gallons of sparkling water this year," up nearly 300% from 2008, the WSJ's Jennifer Maloney reports.
By the numbers: "U.S. retail sales of nonalcoholic sparkling water, seltzer and club soda totaled $2.7 billion in the year ended June 30, surpassing fruit juice sales, which were $2.5 billion in the same period, according to Nielsen."