President Trump brushed aside concerns regarding his newly-announced plan for tariffs on steel and aluminum, stating that "trade wars are good, and easy to win" in an early-morning tweet that sent the Dow Jones futures plummeting:
Go deeper: Thoughts on Trump's trade war from Axios' Jonathan Swan.
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The Federal Reserve said Wednesday it will temporarily lift Wells Fargo’s growth restrictions, which were put in place following the bank’s customer abuse scandals.
Why it matters: The Fed’s only reason for lifting the cap is so Wells Fargo can dole out more loans to struggling small businesses as part of the government’s coronavirus aid package. Earlier this week, the bank said it could only lend a total of $10 billion, thanks to Fed restrictions that it can’t grow its assets beyond $1.95 trillion.
Illustration: Sarah Grillo/Axios
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Sen. Bernie Sanders announced Wednesday that he is suspending his presidential campaign.
The big picture: It's an end to the campaign of the leading progressive in the race — and the candidate who seemed to be the clear front-runner for the Democratic nomination just a few months ago. It also makes Biden the presumptive Democratic nominee four months before the party's convention in Milwaukee.