Photo: Pascal Le Segretain/Getty

The Trump administration is targeting U.S. and Chinese e-commerce sites — Amazon, Alibaba, eBay, and others — in an effort to curb an outbreak of counterfeit brand-name products.

What's happening: In a presidential memorandum today, President Trump ordered government agencies to report back by November on how to counteract an estimated half-trillion-dollar-a-year business.

Counterfeiting of the biggest brand names is a major global business. Alibaba, the Chinese e-commerce platform, has had a particular problem with counterfeit goods on its Tmall site. The White House estimated that about $100 billion in counterfeiting infringes on American intellectual property.

  • In an op-ed today in the WSJ, Navarro said a problem is that current law doesn't effectively police e-commerce. "Alibaba, Amazon and eBay face virtually no liability when they act as middlemen for counterfeiters," he wrote.

In a statement, an Alibaba spokesman said: “We welcome this new initiative and the attention it brings to the global fight against counterfeiting. Alibaba has developed best-in-class systems to protect IP and battle the scourge of counterfeiting. This work takes place through substantial collaboration with brands, law enforcement, trade associations and consumers, both on our platforms and offline at the criminal sources of production and distribution. We look forward to further advancing the working relationship and cooperation that we have with the US federal agencies mentioned in today's order, as well as with our global commerce peers.”

Ebay and Amazon did not respond to emails.

Go deeper: Amazon's problem with fake goods

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Jeff Sessions loses Alabama Senate primary runoff

Jeff Sessions. Photo: Michael DeMocker/Getty Images

Former Attorney General Jeff Sessions has lost the Republican nomination for Senate to Tommy Tuberville in Alabama in Tuesday night’s primary runoff, AP reports.

Why it matters: Sessions had been the underdog in the race against former Auburn University head football coach Tommy Tuberville, who had the backing of President Trump. Tuberville will now face off against Sen. Doug Jones (D-Ala.) in November, who is considered to have one of the most vulnerable Democratic Senate seats in the country.

Updated 5 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 9 p.m. ET: 13,273,537 — Total deaths: 577,006 — Total recoveries — 7,367,106Map.
  2. U.S.: Total confirmed cases as of 9 p.m. ET: 3,424,304 — Total deaths: 136,432 — Total recoveries: 1,049,098 — Total tested: 41,764,557Map.
  3. Politics: Biden welcomes Trump wearing mask in public but warns "it’s not enough"
  4. Public health: Four former CDC heads say Trump's undermining of agency puts lives at risk — CDC director: U.S. could get coronavirus "under control" in 4–8 weeks if all wear masks.

Bank CEOs brace for worsening economic scenario

JPMorgan CEO Jamie Dimon. Photo: J. Lawler Duggan/For The Washington Post via Getty Images

Wells Fargo swung to its first loss since the financial crisis — while JPMorgan Chase and Citigroup reported significantly lower profits from a year earlier — as the banks set aside billions of dollars more in the second quarter for loans that may go bad.

Why it matters: The cumulative $28 billion in loan loss provisions that banks have so far announced they’re reserving serves as a signal they’re preparing for a colossal wave of loan defaults as the economy slogs through a coronavirus-driven downturn.