Pablo Martinez Monsivais / AP

How serious is President Trump about drug prices? Democratic Rep. Elijah Cummings tells me that Trump has called him three times to follow up on their conversation at the White House earlier this month. And Trump's not just talking about letting Medicare negotiate drug prices, Cummings says. It's even worse for Republicans — because Trump is also talking about importing cheaper drugs from other countries.

Why it matters: Trump has said many times he wants to do something about drug prices, and has terrified both the pharmaceutical industry and free-market Republicans with his talk of doing more price negotiations. They assume that means allowing the government, through Medicare, to directly negotiate prices. But if price negotiations are Enemy #1 of prescription drug policy for Republicans, Enemy #2 is allowing importation of drugs from abroad — which Trump also wants to do.

"We came in talking about Medicare, being able to negotiate. And he was saying he wants something even broader," Cummings said. "Then the other thing that we weren't even talking about, was...importation. And then he brought that up, and how ridiculous it was to go to Canada and buy something for $100 and come in the United States and buy it for $900. I think he just sees it as a principle, you know, the idea that, as he said, they're getting away with murder."

Bottom line: "He understands the policy, he gets it," Cummings said. (Democrats introduced a new bill yesterday with those policies and others.)

Go deeper

Dion Rabouin, author of Markets
6 mins ago - Economy & Business

Investors have nowhere to hide

Photo: Jeenah Moon/Getty Images

The massive losses in oil prices and U.S. and European equities were not countered by gains in traditional safe-haven assets on Wednesday.

Why it matters: The unusual movement in typical hedging tools like bonds, precious metals and currencies means they are not providing investors an asset that will appreciate in the event of a major equity selloff.

Kendall Baker, author of Sports
11 mins ago - Sports

A look inside sports owners' political donations

Data: ESPN/FiveThirtyEight; Chart: Axios Visuals

Sports team owners in the four largest North American leagues (NFL, NBA, MLB, NHL) have donated over $46 million in federal elections since 2015, according to research conducted by ESPN and FiveThirtyEight.

By the numbers: Over the past three elections, $35.7 million of that money (77.4%) has gone to Republican campaigns and super PACs, compared to $10.4 million (22.6%) to Democrats.

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: Large coronavirus outbreaks leading to high death rates — Coronavirus cases are at an all-time high ahead of Election Day — Fauci says U.S. may not return to normal until 2022
  2. Politics: Space Force's No. 2 general tests positive for coronavirus
  3. World: Taiwan reaches a record 200 days with no local coronavirus cases
  4. Europe faces "stronger and deadlier" wave France imposes lockdown Germany to close bars and restaurants for a month.
  5. Sports: Boston Marathon delayed MLB to investigate Dodgers player who joined celebration after positive COVID test.