President Trump's trade adviser Peter Navarro branded Canadian Prime Minister Justin Trudeau's denouncement of U.S. steel and aluminum tariffs after the G7 summit as "one of the worst political miscalculations of a Canadian leader in modern Canadian history" on "Fox News Sunday" this morning, adding that he believes "there's a special place in hell" for leaders like Trudeau.

Our thought bubble from Axios' Jonathan Swan: The language is like nothing we’ve seen in recent memory from a White House official to a Canadian leader. And, as Navarro made clear in his interview, he was taking his marching orders straight from the big guy on Air Force One.

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1 hour ago - Sports

Pac-12 football players threaten coronavirus opt-out

Illustration: Eniola Odetunde/Axios

A group of Pac-12 football players have threatened to opt out of the season unless the conference addresses systemic inequities and concerns related to the coronavirus pandemic.

Why it matters: College football players have never had more leverage than they do right now, as the sport tries to stage a season amid the pandemic. And their willingness to use it shows we've entered a new age in college sports.

Betting on inflation is paying off big for investors

Illustration: Aïda Amer/Axios

The specter of rising inflation is helping power assets like gold, silver and Treasury Inflation-Protected Securities (TIPS) to strong returns with record demand this year.

The big picture: Investors continue to pack in even as inflation metrics like the consumer price index (CPI) and personal consumption expenditure (PCE) index have remained anchored.

Scoop: Top CEOs urge Congress to help small businesses

Illustration: Eniola Odetunde/Axios

With a new coronavirus relief measure stalled in Congress, CEOs of some of the world's biggest companies have banded together to send a message to Washington: Get money to small businesses now!

Why it matters: "By Labor Day, we foresee a wave of permanent closures if the right steps are not taken soon," warns the letter, organized by Howard Schultz and signed by more than 100 CEOs.