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Cars in California traffic. Photo: Robyn Beck/AFP/Getty Images

The Trump administration sued the state of California Wednesday to cease its emissions trading market, arguing it's unconstitutional for the Canadian province of Quebec to be its partner.

Why it matters, per Axios' Amy Harder: This lawsuit shows the federal government going on the offense, targeting a landmark state-level climate policy that’s been in place in the Golden State for many years.

  • If it succeeds, the lawsuit could limit states’ abilities to collaborate with foreign countries on policies whose impacts don’t follow borders — like climate change.

The big picture: The lawsuit is a huge escalation of the ongoing war between the Trump administration and California, with the former having mainly fought to defend federal actions until this latest move.

  • The lawsuit claims that the cap-and-trade program, meant to help limit air pollution, is unconstitutional because a state can't have an international pact without the federal government's approval.
  • The lawsuit reads: "Allowing individual states in the Union to conduct their own foreign policy to advance their own narrow interests is thus anathema to our system of government and, if tolerated, would unlawfully enhance state power at the expense of the U.S. and undermine the U.S.’ ability to negotiate competitive international agreements."

Go deeper: Trump moves to block California from setting own auto emissions rules

Go deeper

3 hours ago - Sports

Unvaccinated athletes face 21-day quarantine at Beijing Olympics

Logos for the 2022 Winter Olympics at Yanqing Ice Festival in February 2021 in Beijing. Photo: Lintao Zhang/Getty Images)

Athletes, staff members and journalists at the 2022 Beijing Olympic and Paralympic Winter Games who have not been vaccinated against the coronavirus will be required to quarantine for three weeks, the International Olympic Committee (IOC) outlined in its newly-published "playbooks."

Why it matters: The quarantine period is longer than the Games themselves, meaning vaccinations or an earlier arrival date will be required to participate in or cover the Games.

Dan Primack, author of Pro Rata
5 hours ago - Economy & Business

FTX CEO predicts more U.S. crypto flight

Photo: "Axios on HBO"

FTX doesn't look much like a company valued at $25 billion. Its new headquarters, located in a sleepy part of The Bahamas, is so nondescript as to not even have a sign. But it does expect to soon have neighbors.

Driving the news: Founder and CEO Sam Bankman-Fried tells "Axios on HBO" to expect "more and more crypto flight from the states" if the U.S. doesn't soon create a regulatory regime for cryptocurrencies.

Developed countries reveal $100 billion climate finance plan ahead of COP26

Alok Sharma, head of the UN Climate Summit in Glasgow, speaks in Paris on Oct. 12. ( Li Yang/China News Service via Getty Images)

After 12 years of fits and starts, industrialized nations on Monday put forward a detailed plan to provide at least $100 billion annually in climate aid to developing countries starting by 2023.

Why it matters: The plan, presented by representatives of Canada and Germany, is aimed at defusing one of the biggest sources of tension at COP26, which is the failure of industrialized nations to follow through on their financial commitments.