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Qualcomm warned Friday that its quarterly earnings will be further dented as Apple has continued to withhold royalty payments amid an ongoing legal dispute. Apple had already withheld $1 billion in payments, money it believes it was owed by Qualcomm.

The disclosure Friday was that Apple, through its suppliers, is holding back further payments beyond the $1 billion that is the center of Apple's lawsuit against Qualcomm.

What it means: Qualcomm says it is now forecasting earnings of per-share earnings of 75 cents to 85 cents down from the 90 cents to $1.15 it predicted just nine days ago. That forecast imagined a range of scenarios around Apple, but Qualcomm noted the earlier outlook did not include the prospect of Apple withholding payments entirely.

What's next: As the two battle it out in court things could get even dicier. Apple still depends on Qualcomm's modems, especially for the Sprint and Verizon iPhones, for which there is no ready alternative. Qualcomm has thus far downplayed the option of halting chip supply, with CEO Steve Mollenkopf saying on last week's earnings call: "We expect to continue to be an important supplier to Apple now and into the future."

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Photo illustration: Aïda Amer/Axios. Photo: Jim Watson/AFP via Getty Images

President Trump said twice Monday that the U.S. Treasury would need to get a portion of the sale price of TikTok, as a condition of regulatory approval.

Why it matters: This is akin to extortion — the sort of thing you'd expect to hear on a wiretap, not from the White House in front of reporters.

Ford names James Farley as new CEO amid ongoing turnaround effort

James Hackett, left, is retiring as Ford CEO. Jim Farley, right, takes over Oct. 1. Photo: Ford

Ford announced Tuesday that James Farley will take over as its next CEO, replacing James Hackett, 65, who is retiring after three years in the job.

Why it matters: It leaves Farley to complete the company's ongoing turnaround effort. The transition will be that much harder as the industry tries to navigate the coronavirus-induced economic slowdown which shuttered Ford plants for two months on the eve of some of its most important vehicle launches.

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Watch the full "Axios on HBO" interview with President Trump

In this episode of “Axios on HBO”, President Trump discusses his handling of the coronavirus pandemic, the upcoming election and much more with National Political Correspondent Jonathan Swan.

The interview was filmed on Tuesday, July 28 and aired Monday, Aug. 3 on HBO.