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A supporter of the Bears Ears and Grand Staircase-Escalante National Monuments wears a colorful headdress during a rally in Utah. Photo: Rick Bowmer / AP

A coalition of five Native American tribes are suing President Trump for his decision to shrink Utah's Bears Ears National Monument by millions of acres — the largest-ever reduction of a national monument. The tribes argued in a lawsuit filed late Monday night that a U.S. president only has the legal power to create a national monument, not to downsize one, per the Associated Press.

The backdrop: The lawsuit isn't a surprise, as several tribes and conservation groups had threatened to go to court if Trump moved forward with the reduction. An alliance of environmental groups also sued Trump Monday over his order to downsize Grand Staircase by 50%.

Go deeper

D.C.-Beijing tensions are shifting markets

Illustration: Aïda Amer/Axios

U.S. markets stand to lose $2 trillion in value if D.C. and Beijing drift further apart.

Why it matters: Political chasms are showing up in new securities regulations that put companies and investors in a bind. The rules are also another reflection of how much relations between the world’s largest economies have cooled, even as they remain economically interdependent. 

3 hours ago - Health
Axios Investigates

Documents reveal the secrecy of America's drug pricing matrix

Illustration: Aïda Amer/Axios

American businesses spend hundreds of billions of dollars a year on prescription drugs, and the bills keep getting bigger. But some of the companies promising to help rein in those costs prevent employers from looking under the hood.

Why it matters: Documents provided to Axios reveal a new layer of secrecy within the maze of American drug pricing — one in which firms that manage drug coverage for hundreds of employers, representing millions of workers, obscure the details of their work and make it difficult to figure out whether they're actually providing a good deal.

Congress' chip-funding pause raises alarms

Illustration: Aïda Amer/Axios

Despite bipartisan support in the Senate, a plea by the Commerce Secretary and growing desperation from industry officials, Congress still can't get a key bill that funds the U.S. chip business over the finish line.

Why it matters: With the global chip shortage continuing to crimp the economy, the semiconductor industry has ramped up pressure for funding of U.S.-based manufacturing facilities as one remedy.