Illustration: Sarah Grillo/Axios

Reports show China's intellectual property theft costs U.S. companies hundreds of billions of dollars a year, and Chinese businesses have clearly benefited from a government-manipulated currency, goods dumping and non-tariff barriers at the expense of American firms.

Why it matters: A lack of money is not America's problem, given its $21 trillion economy. But President Trump has yet to explain how a trade war victory benefits working people in places like Louisiana, Michigan and South Carolina who will suffer higher prices on account of his conflict.

  • Instead, the White House looks to be taking a different track: praising the virtue of sacrifice.

The big picture: Wars are unpleasant things, and trade wars are no exception to the rule. When a country goes to war, its citizens have to make sacrifices, as Sen. Tom Cotton (R-Ark.) acknowledged on "CBS This Morning" Monday.

"There will be some sacrifices on the part of Americans, I grant you that, but I also would say that sacrifice is pretty minimal compared to the sacrifices that our soldiers make overseas, that our fallen heroes that are laid to rest in Arlington make."

The catch: Cotton's remarks come in the wake of White House economic adviser Larry Kudlow telling Fox News' Chris Wallace on Sunday that "both sides will pay... Both sides will suffer on this."

The bottom line: With a trillion dollars of global stock-market losses on Monday alone, and the continued implosion of agricultural prices, Republicans aren't even trying any more to make the case that trade wars are easy to win. Now that they're asking Americans to make sacrifices, they're going to have to start being more explicit about what cause the sacrifices are being made for.

Go deeper: Trade war intensifies as China retaliates with $60 billion in tariffs

Go deeper

Americans reflect on Independence Day amid racism reckoning

A Black Lives Matter banner and a United States flag on the facade of the U.S. embassy building in Seoul, South Korea. Photo: Simon Shin/SOPA Images/LightRocket via Getty Images

America's leaders are rethinking how they view Independence Day, as the country reckons with the historic, unequal treatment of people of color during a pandemic which has disproportionately affected nonwhite Americans.

Why it matters: The country’s legacy of racism has come into sharp focus in the weeks of protests following the death of George Floyd while in Minneapolis police custody. From Confederate statues to Mount Rushmore, Americans are reexamining the symbols and traditions they elevate and the history behind them.

Updated 3 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 2 p.m. ET: 10,945,600 — Total deaths: 523,035 — Total recoveries — 5,797,206Map.
  2. U.S.: Total confirmed cases as of 2 p.m. ET: 2,767,669 — Total deaths: 128,951 — Total recoveries: 781,970 — Total tested: 33,462,181Map.
  3. Public health: The states where face coverings are mandatory Fauci says it has been a "very disturbing week" for the spread of the coronavirus in the U.S.
  4. Economy: The economy may recover just quickly enough to kill political interest in more stimulus.
  5. States: Florida reports more than 10,000 new coronavirus cases, and its most-infected county issues curfew.
6 hours ago - Sports

Washington Redskins to review team name amid public pressure

Photo: Patrick McDermott/Getty Images

The Washington Redskins have announced they will be conducting a review of the team's name after mounting pressure from the public and corporate sponsors.

Why it matters: This review is the first formal step the Redskins are taking since the debate surrounding the name first began. It comes after weeks of discussions between the team and the NFL, the team said.