Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on the day's biggest business stories

Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Stay on top of the latest market trends

Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios NW Arkansas

Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Illustration: Sarah Grillo/Axios

The trade war looks to be back on in a big way after a series of pronouncements from President Trump and the White House.

The latest: Trump told reporters in London Tuesday he had "no deadline" for a China deal and that he liked "the idea of waiting until after the election for the China deal."

That followed an early Monday announcement that the U.S. would reimpose tariffs on steel and aluminum imported from Brazil and Argentina for "presiding over a massive devaluation of their currencies."

  • U.S. stocks predictably performed poorly, with the S&P 500 closing 0.9% lower and the tech-heavy Nasdaq dropping 1.1%.
  • "Trump’s tweets suggest a failure to understand how trade flows, exchange rates, or economies function at the most basic level," Karl Schamotta, chief market strategist at Cambridge Global Payments, told Axios.

Hours after Trump's Monday morning tweet, Commerce Secretary Wilbur Ross said on Fox Business that December was a "really good time" to add more tariffs to Chinese imports because it wouldn't "interfere with this year’s Christmas."

  • Ross also noted that time was running out to secure a trade deal before the next round of tariffs kick in on Dec. 15.

Later in the day, the USTR issued a statement saying it was "initiating a process to assess increasing the tariff rates and subjecting additional EU products to the tariffs,” and claiming the EU didn’t sufficiently eliminate the adverse effects of its subsidies to Airbus.

To top it off, Trump’s chief trade negotiator Robert Lighthizer yesterday suggested adding tariffs of 100% on $2.4 billion of French imports like cheese, sparkling wine and makeup. This was in response to an investigation that concluded a French digital services tax discriminated against U.S. internet companies.

On the other side: Chinese officials have continued to slow roll and push back on the "phase one" trade deal. Late Monday, China said they would soon publish a list of “unreliable entities” that could lead to sanctions against American companies.

  • France's finance minister said the European Union would "be ready to retaliate” if the U.S. imposed the tariffs on its products.

The big picture: “Markets have had a great run this year and expectations are already high that a trade deal gets done,” David Carter, chief investment officer at Lenox Wealth Advisors, told Reuters.

  • “The most recent tariff tweet has reminded markets that there’s a lot of uncertainty around trade policy and U.S. actions."

The bottom line: The day's actions "ought to make a whole lot of people nervous,” William Reinsch of the Center for Strategic and International Studies told the Washington Post. “It kind of makes people wonder what’s the point of negotiating if this is going to happen.”

A good day for steel
Expand chart
Data: Money.net; Chart: Andrew Witherspoon/Axios

While the broader market suffered, shares of U.S. steel companies got a big boost from the president's Monday morning tweet.

Yes, but: It's been a rough year for the American steel industry. Both TimkenSteel and U.S. Steel have lost around a third of their share price year to date and while AK Steel shares have risen on the year, they are around 80% below their 2017 peak.

Go deeper:

Go deeper

CCP releases two jailed Canadians after Huawei CFO deal with DOJ

Photo: Sheldon Cooper/SOPA Images/LightRocket via Getty Images

Two Canadians imprisoned by the Chinese government for over 1,000 days have been released and are expected to arrive in Canada on Saturday, Prime Minister Justin Trudeau said Friday.

Why it matters: Their release comes hours after Huawei Technologies CFO Meng Wanzhou reached a deal with the U.S. Department of Justice that resolves the criminal charges against her and could pave the way for her to return to China.

Updated 19 hours ago - Politics & Policy

Arizona GOP's private recount of 2020 election confirms Biden's win

Contractors working on behalf of the GOP examine and recount 2020 ballots at Arizona Veterans Memorial Coliseum in Phoenix in May. Photo: Courtney Pedroza/Getty Images

In an odd coda to the 2020 election, private contractors conducting a GOP-commissioned recount in Arizona confirmed President Biden’s win in Maricopa County.

Why it matters: The unofficial, party-driven recount has been heavily covered on cable news as part of former President Trump's continued effort to sow doubt about the election result.

Del Rio bridge camp empty following Haitian migrant surge

A boy bathes himself in a jug of water inside a migrant camp at the U.S.-Mexico border on Sept. 21 in Del Rio, Texas. Photo: John Moore/Getty Images

The last migrants camping under the Del Rio International Bridge, which connects Texas and Mexico, departed on Friday, Homeland Security Secretary Alejandro Mayorkas announced during a White House press briefing.

Driving the news: Thousands of migrants, mostly from Haiti, had arrived to the makeshift camp after crossing the southern border seeking asylum. Roughly 1,800 migrants will now head to U.S. Customs and Border Protection processing centers.