A protestor spits on a poster of Chinese President Xi Jinping. Photo: Ozan Kose/AFP/Getty Images

The Trump administration is weighing whether to slap sanctions on the Chinese government for detaining hundreds of thousands of ethnic Uighurs and other minority Muslims in internment camps, current and former American officials told the New York Times.

Why it matters: As the Trump administration battles China on trade, Beijing’s human rights violations in Xinjiang have largely been sidelined amid resistance from President Trump. A move to sanction officials over the issue would be one of the first times the administration has engaged China on human rights. Officials are also reportedly considering imposing limits on American sales of surveillance technology that Chinese security agencies and companies are using to surveil Uighurs in northwest China.

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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).

U.S. Chamber of Commerce warns of racial inequality for small businesses

Illustration: Aïda Amer/Axios

Attitudes and beliefs about racial inequality are changing quickly as protests and media attention have helped highlight the gaps in opportunity between white- and minority-owned businesses in the United States.

Driving the news: A new survey from the U.S. Chamber of Commerce and MetLife provided early to Axios shows a 17-point increase in the number of small business owners who say minority-owned small businesses face more challenges than non-minority-owned ones.

BP's in the red, slashing its dividend and vowing a greener future

Photo: Ben Stansall/AFP via Getty Images

BP posted a $6.7 billion second-quarter loss and cut its dividend in half Tuesday while unveiling accelerated steps to transition its portfolio toward low-carbon sources.

Why it matters: The announcement adds new targets and details to its February vow to become a "net-zero" emissions company by mid-century.