Photo: Solidago/Getty Images

U.S. consumers are sure to feel the effects of President Trump's new tariffs against Mexico if they take effect as currently planned on June 10.

Why it matters: Mexico is America's strongest trading partner, followed by Canada and China. The 2 nations traded an estimated $671 billion worth of goods in 2018 according to the Office of the United States Trade Representative.

By the numbers:

  • Cars and auto parts: A significant portion of trade between the U.S. and Mexico is cars and auto parts. The tariffs will negatively affect the auto industry which has already been struggling. The U.S. and Mexico traded $93 billion worth of auto parts and vehicles, per CBS News.
  • Produce: The U.S. imported $10.8 billion of produce from Mexico in 2017, with tomatoes topping the list of imported vegetable, per the Washington Post.
  • Alcohol: Beer and wine will be affected as well. Mexican beers, including Coronoa and Modelo Especial, are some of the best-sellers in the U.S., per USA Today. Nearly $5 billion worth of alcohol is imported, according to CBS.
  • Mechanical equipment: $64 billion worth of electrical machinery, $63 million of machinery, $16 billion of mineral fuels and $15 billion worth of optical and medical instruments were all imported from Mexico in 2018, per the Office of the U.S. Trade Representative.

Go deeper: Top business lobbying group mulls legal action over Mexico tariffs

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Jeff Sessions. Photo: Michael DeMocker/Getty Images

Former Attorney General Jeff Sessions has lost the Republican nomination for Senate to Tommy Tuberville in Alabama in Tuesday night’s primary runoff, AP reports.

Why it matters: Sessions had been the underdog in the race against former Auburn University head football coach Tommy Tuberville, who had the backing of President Trump. Tuberville will now face off against Sen. Doug Jones (D-Ala.) in November, who is considered to have one of the most vulnerable Democratic Senate seats in the country.

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Coronavirus dashboard

Illustration: Aïda Amer/Axios

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JPMorgan CEO Jamie Dimon. Photo: J. Lawler Duggan/For The Washington Post via Getty Images

Wells Fargo swung to its first loss since the financial crisis — while JPMorgan Chase and Citigroup reported significantly lower profits from a year earlier — as the banks set aside billions of dollars more in the second quarter for loans that may go bad.

Why it matters: The cumulative $28 billion in loan loss provisions that banks have so far announced they’re reserving serves as a signal they’re preparing for a colossal wave of loan defaults as the economy slogs through a coronavirus-driven downturn.