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National

Sneak Peek

Axios Sneak Peek

Sen. Thom Tillis won't run for reelection in 2026, the North Carolina Republican announced Sunday. 

Why it matters: Tillis faced a brutal fight to keep his seat, both in the general election and with the potential of Trump-backed primary challengers. 

"It's not a hard choice, and I will not be seeking reelection," Tillis said in a statement announcing his plans. 

He was first elected to the Senate in 2014.

Zoom in: Tillis voted against starting debate Saturday night on the "big, beautiful bill," and told lawmakers he'd also oppose the final version over its cuts to Medicaid.

In response, President Trump said he'd meet with Tillis's challengers and accused the North Carolinian of grandstanding.

Between the lines: Some Republicans are breathing a sigh of relief that they don't have to try to navigate a Tillis reelection. 

His numbers with moderates and the Republican base were creating major concerns for the party's ability to turn out a midterm coalition with Tillis on the ballot, sources told Axios. 

What they're saying: "In Washington over the last few years, it's become increasingly evident that leaders who are willing to embrace bipartisanship, compromise, and demonstrate independent thinking are becoming an endangered species," Tillis said in a statement.

What to watch: There's a large pool of potential GOP candidates for Tillis' seat, including RNC chair Michael Whatley and former RNC vice chair Lara Trump. 

Lara Trump is "thinking" about a campaign, one Trump adviser told Axios.

She "would have a hard time saying no if asked by her father-in-law," another Trump adviser told Axios, although they'd be "surprised if she wants to leave the amazing gig she has at Fox." 

One top Republican said she would have "right of first refusal."

North Carolina also has a slate of freshman Republican congressmen who could be poised to throw their names in the hat. Among them: Reps. Pat Harrigan, Tim Moore and Brad Knott.

This is a breaking news story and has been updated.

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Sen. Thom Tillis won't run for reelection in 2026

Trump said he'd meet with Tillis's challengers and accused the North Carolinian of grandstanding.

Photo: Graeme Sloan/Bloomberg via Getty Images

Politics & Policy

Zohran Mamdani shrugged off President Trump's attacks on him and denied he's a communist during a Sunday interview in which the progressive New York City mayoral candidate said he doesn't think there should be billionaires.

Why it matters: Trump in an interview on Sunday doubled down in his assertion that Mamdani is a communist and said the likely Democratic primary winner must "do the right thing" if he's elected mayor of NYC or else he'll withhold federal funding.

"I can't imagine it, but let's say this, if he does get in I'm going to be president and he is going to have to do the right thing, but they're not getting any money. He's got to do the right thing," Trump said on Fox News' "Sunday Morning Futures."

"Whoever's mayor of New York is going to have to behave themselves or the federal government is coming down very tough on them financially."

What he's saying: Mamdani said on NBC News' "Meet the Press" he's "had to start to get used to the fact that the president will talk about how I look, how I sound, where I'm from, who I am, ultimately, because he wants to distract from what I'm fighting for." 

He added, "I'm fighting for the very working people that he ran a campaign to empower, that he has since then betrayed. And when we talk about my politics, I call myself a democratic socialist in many ways inspired by the words of Dr. King from decades ago who said, 'Call it democracy or call it democratic socialism. 

'There has to be a better distribution of wealth for all of God's children in this country.' And as income inequality has declined nationwide, it has increased in New York City. And, ultimately, what we need is a city where every single person can thrive."

Of note: Asked whether billionaires should exist, Mamdani said, "I don't think we should have billionaires because, frankly, it is so much money in a moment of such inequality. 

"And, ultimately, what we need more of is equality across our city and across our state and across our country. And I look forward to work with everyone, including billionaires, to make a city that is fairer for all of them."

Attacks on Muslims flood mainstream after Mamdani win

Mamdani win freaks out some Dems about their own primaries

Why the NYC mayoral election may be a five-way race in November

Trump: Mamdani must "behave" if elected NYC mayor or face funding cuts

Zohran Mamdani said  today President Trump criticizes him "because he wants to distract from what I'm fighting for."

New York City mayoral candidate Zohran Mamdani attends the 2025 New York City Pride March on June 29, 2025 in New York City.

New York City mayoral candidate Zohran Mamdani attends the 2025 New York City Pride March in New York City on Sunday. Photo: Rob Kim/Getty Images

Donald Trump

The Senate reconciliation package being debated this weekend would add nearly $3.3 trillion in budget deficits over the next 10 years, according to a new estimate by the Congressional Budget Office (CBO). 

Why it matters: The Senate's version would add far more debt than the $2.8 trillion in estimated deficits in the version the House passed in late May. 

Republicans have pushed back against the CBO's math, and White House economists say the bill would reduce deficits, although that's an outlier forecast compared to CBO and other models.  

Between the lines: The changes to Medicaid and the Affordable Care Act in the Senate's version of the bill would also result in nearly 12 million more uninsured people by 2034, CBO estimates. 

The House-passed version would lead to 10.8 million more people without insurance, per CBO. 

Senate's "big, beautiful bill" would add $3.3 trillion in new debt: CBO

The Senate's version would add far more debt than the House-passed version.

Policymaking

A looming deadline to make trade deals doesn't necessarily matter, President Trump said Sunday, because the U.S. will simply send letters to hundreds of countries assigning tariff rates.

Why it matters: The pause on Trump's sweeping global tariffs expires in about 10 days, with one deal and one temporary truce in hand, and the rest of the world in varying states of limbo.

What they're saying: "We made deals, but I'd rather just send them a letter, a very fair letter, saying 'congratulations, we're going to allow you to trade in the United States of America, you're going to pay a 25% tariff, or 20%, or 40 or 50%.' I would rather do that," Trump said on Fox News' "Sunday Morning Futures."

Asked about extending the pause, Trump said "I don't think I'll need to. I could, there's no big deal." 

"What I wanted to do is, and what I will do just — sometime prior to the 9th — is we'll send a letter to all these countries," he added. 

How it works: "I'm going to send letters. That's the end of the trade deal," Trump said, giving U.S. ally Japan as an example. 

"Dear Mr. Japan, here's the story. You're going to pay a 25% tariff on your cars," he said. 

Trump said letters would go out "pretty soon" and that "we don't have to meet. We understand, we have all the numbers." 

The intrigue: Trump made similar promises of unilateral tariff letters on May 16 and June 11, saying both times they'd be sent in 2 to 3 weeks.

Catch up quick: When Trump paused the stiffest of the reciprocal tariffs in early April, officials promised they'd make 90 deals in 90 days before the pause expired.

Both Commerce Secretary Howard Lutnick and National Economic Council director Kevin Hassett have promised a flurry of deals as soon as this coming week. 

Similar past promises, though, didn't result in agreements. 

On Friday, Treasury Secretary Scott Bessent said trade deals could be wrapped up by Labor Day, a softening of the negotiation window. 

What to watch: Financial markets have largely moved past trade drama, with U.S. stocks hitting a new record on Friday.

Yes, but: Trump's promise to unilaterally assign tariff rates in the coming days could revive some of the uncertainty that caused markets to sink earlier this year.

Go deeper: Canada axes digital services tax in push to advance trade talks with U.S.

U.S. will send tariffs letters in coming days, deals not needed, Trump says

The pause on Trump's sweeping global tariffs expires in about 10 days, with most of the world in limbo.

President Trump addresses reporters at the White House. 

President Trump addresses reporters at the White House. Photo: Joe Raedle/Getty Images

Tariffs

Top stories & latest news on the Federal Reserve, real-time data, plus the biggest shifts happening in the U.S. and global economy.

Economy

Latest news on Wall Street, Corporate America and financial regulation.

Business

President Trump on Sunday accused Federal Reserve Chairman Jerome Powell of artificially inflating interest rates and said they should be less than half of what they are now. 

Why it matters: After Trump's threats to fire Powell scared global bond markets and caused interest rates to spike, the president and his administration have turned to insults and public demands instead. 

What they're saying: "We have a bad Fed chairman, but other than that ... it doesn't even matter, the numbers are so good it doesn't matter that he keeps the rates artificially high," Trump said on Fox News' "Sunday Morning Futures."

"We should be at 1% or 2%," Trump added later in the interview. (The current target rate is a range of 4.25% to 4.5%.)

He also once again criticized Powell personally as a "stupid person" and a  "bad person." 

Catch up quick: On Friday afternoon, Trump told reporters he would not appoint anyone to be the new Fed chair unless they would immediately cut interest rates, the clearest signal yet that the White House intends to exert more control over monetary policy next year. 

Hours earlier, Treasury Secretary Scott Bessent told CNBC that the administration could nominate a replacement for Powell as soon as October, even though his term as chair runs through next May.

Officials have floated the idea of a "shadow" Fed chair before, raising the prospect that the market may have to take very conflicting cues from two different officials at the same time. 

The intrigue: Trump said he had three names in mind for the next chair, but declined to say whom.

Asked specifically about former Fed governor Kevin Warsh, Trump said, "Kevin is very talented, but I don't know that it's going to be him. But he's a very talented guy. He wouldn't be doing what Powell is."

Trump accuses Powell of keeping interest rates "artificially high"

Trump's threats to fire Powell scared global bond markets and caused interest rates to spike.

Axios

Sunday's top stories

Sen. Thom Tillis won't run for reelection in 2026

Trump: Mamdani must "behave" if elected NYC mayor or face funding cuts

Senate's "big, beautiful bill" would add $3.3 trillion in new debt: CBO

U.S. will send tariffs letters in coming days, deals not needed, Trump says

Trump accuses Powell of keeping interest rates "artificially high"

The four-day workweek gets a new booster: AI

Trump's pro-Bibi pressure campaign

Axios Explains: Inside ICE's superpowers

Gen Z and millennials push into politics

Senate ekes out late-night win on Trump's "big, beautiful bill"

Trump goes scorched earth on Thom Tillis over "big, beautiful bill"