President Trump's top trade advisor, economist Peter Navarro, is arguing that it is imperative for U.S. national security interests to reduce the trade deficit, in both a new Wall Street Journal op-ed and during a talk Monday at the National Association of Business Economics.

"Running large and persistent trade deficits facilitates a pattern of wealth transfers offshore," Navarro writes, arguing that if this wealth comes in the form of industries critical to national defense, it could be devastating to security.

Make America safer, but poorer: Navarro notes that the U.S. doesn't house a "single company that can make flat-panel displays for military aircraft or night-vision goggles," as an example of how free-trade globalism has hurt national security. But in order for this to become the case, the U.S. would have to be suffering under trade embargoes from every nation that makes flat-panel displays, and all of their trade partners too. If military experts see this as likely, passing laws to require domestic production of flat-panel displays would be prudent. But it will cost taxpayers more for such an arrangement, right at the time when the President is trying to increase the efficiency of defense spending.

Go deeper

Biden raises $141 million more than Trump

Democratic presidential nominee Joe Biden speaks during a September campaign event in Wilmington, Delaware. Photo: Alex Wong/Getty Images

Joe Biden's campaign, the Democratic National Committee and joint fundraising committees raised $466 million cash on hand, the presidential candidate's team announced late Sunday.

Why it matters: President Trump's campaign raised $325 million, his campaign communications director Tim Murtaugh announced Friday. In the spring, Biden was $187 million behind Trump and the Republican National Committee.

Editor's note: This is a developing news story. Please check back for updates.

Virtual Emmys address chaotic year for American TV and society

Emmy Host Jimmy Kimmel during rehearsals Friday for the 72nd Annual Emmy Awards at the Staples Center in Los Angeles. Photo: Al Seib/ Los Angeles Times via Getty Images

The Emmy Awards Sunday night addressed the major U.S. issues this year — including the protests on systemic racism and police brutality, the wildfires engulfing parts of the West Coast, the census, the pandemic, essential works and the election.

Why it matters: Award shows have always addressed wider cultural issues, but this year — amid unprecedented stress and uncertainty — that trend has accelerated.

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 11:30 p.m. ET: 30,919,638 — Total deaths: 959,332— Total recoveries: 21,152,996Map.
  2. U.S.: Total confirmed cases as of 9:30p.m. ET: 6,799,141 — Total deaths: 199,474 — Total recoveries: 2,590,671 — Total tests: 95,108,559Map.
  3. Politics: Testing czar on Trump's CDC contradictions: "Everybody is right" Ex-FDA chief: Career scientists won't be "easily cowed" by political vaccine pressure.
  4. Education: What we overlooked in the switch to remote learning.
  5. Health: The dwindling chances of eliminating COVID-19 — 7 states set single-day coronavirus case records last week.
  6. World: England sets £10,000 fine for breaking self-isolation rules — The countries painting their pandemic recoveries green.