President Trump's decision yesterday to implement new tariffs on steel and aluminum imports was greeted poorly by the markets, but not all sectors were treated equally.

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Data: Money.net; Chart: Axios Visuals
  • U.S. steelmaker stocks spiked on the expectation that they'll be able to charge more for their products, given that countries like China will have a tougher time flooding the U.S. market with subsidized steel.
  • But U.S. steelmaker customers, like domestic automakers, were particularly hard hit. And even foreign makers with major U.S. manufacturing facilities, which as Toyota, are warning of "substantially" higher prices.

Be smart: These immediate impacts were to be expected, including by the White House. But much more severe stock moves could come if foreign countries take retaliatory action against U.S. exporters — perhaps in sectors like agriculture — which is what classical economists predict will come next.

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Biden releases 2019 tax returns ahead of debate

Photo: Alex Wong/Getty Images

Joe Biden's campaign released his 2019 tax returns on Tuesday, showing that he and his wife, Jill, paid nearly $300,000 in federal taxes last year.

Why it matters: The release, timed just hours before the first presidential debate, comes days after a bombshell New York Times report said that President Trump paid only $750 in federal taxes in 2016 and 2017. Biden's team is hoping to make the tax contrast a sticking point during their showdown.

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Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 1 p.m. ET: 33,443,701 — Total deaths: 1,003,337 — Total recoveries: 23,200,183Map.
  2. U.S.: Total confirmed cases as of 1 p.m. ET: 7,159,222 — Total deaths: 205,345 — Total recoveries: 2,794,608 — Total tests: 102,342,416Map.
  3. Health: Americans won't take Trump's word on the vaccine, Axios-Ipsos poll finds.
  4. States: NYC's coronavirus positivity rate spikes to highest since June.
  5. Sports: Tennessee Titans close facility amid NFL's first coronavirus outbreak.
  6. World: U.K. beats previous record for new coronavirus cases.

NYC's coronavirus positivity rate spikes to highest since June

New York Mayor Bill de Blasio. Photo: Noam Galai/Getty Images

New York City's coronavirus positivity rate has ticked up to 3.25%, its highest since June, Mayor Bill de Blasio said at a news conference on Tuesday.

Why it matters: The jump — from 1.93% on Monday — came on the first day that public elementary classrooms reopened in the city after months of closures, but guidelines state that all public schools will have to shut if the citywide seven-day positivity rate stays above 3%.