Andrew Harnik/AP

President Trump will sign an executive order requiring a sweeping review of all U.S. trade deals, Politico reports.

It's all about NAFTA and the WTO: Most of America's 14 free-trade deals are with nations, like Isreal, that don't crack the top ten U.S. trade partners. Substantive changes to trade policy would have to come through the renegotiation of NAFTA — roughly 30% of U.S. trade is done with Canada or Mexico — and a fundamental rethink of the General Agreement on Tariffs and Trade (GATT), a series of multilateral treaties that culminated in the launch of the World Trade Organization in 1994.

Deficits nations, unite!: It's difficult to see what incentives WTO nations would have for changing this framework, unless the Administration is able to form a coalition of trade-deficit nations, like the U.K., Australia, and (ironically) Mexico to fight trade imbalance collectively.

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"Hamilton" is a streaming hit for Disney+

Data: Google Trends; Chart: Andrew Witherspoon/Axios

The debut of "Hamilton" on Disney+ last Friday sent downloads of the app soaring over the weekend.

Why it matters: With theaters closed until 2021, "Hamilton" is the biggest litmus test for whether Broadway will ever be able to successfully transition some of its iconic hits.

Wall Street is no longer betting on Trump

Illustration: Sarah Grillo/Axios

Betting markets have turned decisively toward an expected victory for Joe Biden in November — and asset managers at major investment banks are preparing for not only a Biden win, but potentially a Democratic sweep of the Senate and House too.

Why it matters: Wall Street had its chips on a Trump win until recently — even in the midst of the coronavirus-induced recession and Biden's rise in the polls.

With new security law, China outlaws global activism

Illustration: Eniola Odetunde/Axios

The draconian security law that Beijing forced upon Hong Kong last week contains an article making it illegal for anyone in the world to promote democratic reform for Hong Kong.

Why it matters: China has long sought to crush organized dissent abroad through quiet threats and coercion. Now it has codified that practice into law — potentially forcing people and companies around the world to choose between speaking freely and ever stepping foot in Hong Kong again.