Photo: Scott Olson/Getty Images

The Department of Agriculture has disbursed a total of $7.7 billion in aid to farmers in an effort to counteract the negative effects of retaliatory tariffs stemming from President Trump's trade war, which have driven down prices and decreased profits, Reuters reports.

The big picture: Low commodity prices have been gouging U.S. farmers' bottom lines for years, exacerbated by increasing agricultural competition from Russia and Brazil. But Trump's trade war is adding salt to the wound, with farmer bankruptcies in the Midwest swelling to decade highs as the dispute with China continues to go unresolved.

Go deeper: Grading the impact of Trump's China tariffs

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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.

Updated 2 hours ago - Politics & Policy

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.

Mergers and acquisitions make a comeback

Illustration: Sarah Grillo/Axios

A slew of high-profile headlines led by Microsoft's expected acquisition of social media video app TikTok helped bring the Nasdaq to another record high on Monday.

Why it matters: The mergers-and-acquisitions market looks like it's bouncing back, joining the revived credit and equity markets as well as the market for new public companies through IPOs and special purpose acquisition companies (SPACs).