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Trump (R) announces a trade truce last July with European Commission President Jean-Claude Juncker. Photo: Win McNamee/Getty Images

The U.S. and China may be on the verge of resolving — or at least cooling — a heavyweight trade fight that's already seen them slap tariffs on $360 billion worth of each other's goods. If all goes according to plan, a deal will be in place ahead of a summit later this month between President Trump and Chinese President Xi Jinping.

The big picture: That won't spell the end of the Trump administration's aggressive bid to remake the global trading order. Emboldened by their apparent successes in renegotiating NAFTA as well as the China trade relationship, Mr. Trump and his hardline trade czar Robert Lighthizer are now going to train their sights on a whole slew of other countries where they think they can win terms more favorable to U.S. industry.

Japan: The U.S. announced this week an investigation into Japanese titanium exports on national security grounds.

  • The Trump administration wants to cajole Japan into accepting quotas on its auto exports and lowering its import tariffs on U.S. beef and agricultural goods.
  • But with upcoming local and parliamentary elections, the Japanese government will be reluctant to offer quick concessions. That means the U.S. could be heading for long and acrimonious negotiations with its closest Asian ally.

European Union: President Trump wants the EU to remove its massive industrial and agricultural subsidies, and has threatened import tariffs on EU cars if he doesn't get his way.

  • European politicians are loathe to scrap support to hugely influential voting blocs, but Mr. Trump can inflict real pain on EU automakers, who are the largest exporters of vehicles to the U.S.
  • In July of last year, the U.S. and EU agreed to a temporary trade truce while Trump focused on China, but with a Beijing deal in the bag, the U.S. president will be spoiling for a fresh fight. Trump must make a final decision on auto tariffs before May 17.

Emerging economies: The U.S. isn't just taking aim at rich countries. This week the White House announced it would end preferential treatment for India and Turkey under a decades-old trade regime intended to promote growth and prosperity in poorer economies.

  • The Trump administration's beef is that India hasn't opened up its industries to U.S. firms and that Turkey is wealthy enough to no longer be coddled with special treatment.
  • Note that India and Turkey are just two of 121 countries currently given such benefits, so Trump and Lighthizer may soon go after other targets.

The bottom line: As the dust begins to settle between the U.S. and China, the Trump administration's appetite for trade fights is as strong as ever.

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Go deeper

Jack Dorsey to step down as Twitter CEO

Photo: Joe Raedle/Getty Images

Jack Dorsey will step down as CEO of Twitter, the company announced Monday. He will be succeeded by CTO Parag Agrawal.

The big picture: Dorsey is also the CEO of financial payments company Square, which he co-founded in 2009, and has become a crypto evangelist in recent years.

Tracking the pandemic's unequal impact

Expand chart
Data: Morning Consult/Axios; Chart: Will Chase/Axios

The pandemic was bound to hit the most economically vulnerable among us the hardest. New polling data from Morning Consult, out this morning, shows the degree to which those difficulties were more concentrated among people of color.

Catch up quick: The Morning Consult/Axios Inequality Index has tracked the economic experience of adults in three wage groups since May 2020. We began publishing the findings in May of this year, and six months in, we’re slicing the data a little differently — and looking at inequality between ethnicities.

3 hours ago - Health

WHO says Omicron poses "very high" risk

World Health Organization Director-General Tedros Adhanom Ghebreyesus speaking in Geneva in October. Photo: Fabrice Coffrini/AFP via Getty Images

The World Health Organization said Monday in a new risk assessment that it believes the COVID-19 Omicron variant poses a "very high" risk to the globe because it may be more transmissible than other strains of the virus.

Why it matters: Though the WHO acknowledged there are still many uncertainties associated with the variant, the agency said it believes the likelihood of potential further spread of Omicron around the world is "high."

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