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Evan Vucci / AP

Companies are starting to export jobs to Mexico again, and at an increasing rate, according to a Bloomberg report.

The exodus: Companies from Illinois to Washington to New Jersey are closing shop or reducing the number of Americans they're employing and sending jobs to Mexico instead. This comes after a flow of jobs to Mexico that seemed to ebb after the election, with notable Trump tweets targeting Ford and Carrier Corp.

What it means: As NYT columnist Paul Krugman puts it, "after a brief hiatus — unclear whether there was any real pause, or just a pause in announcements, but in any case CEOs seem to have decided that NAFTA isn't under much threat." And that's probably because companies are starting to believe that Trump isn't in a position to pursue trade negotiations in a serious way — especially after his approval ratings have fallen to 36%, both his travel bans have been shot down in courts, and his bungled healthcare bill didn't make it to a House vote last week.

...on trade, as on everything else substantive, Trumpism is going to be all huffing and puffing with very little to show for it.

Already, draft documents of NAFTA renegotiations circulating on Capitol Hill are more modest than originally expected and don't get rid of the most controversial provisions, per the WSJ, which reported on the drafts yesterday.

Also worth a note from the column: Krugman's explanation of how protectionism will hurt U.S. jobs is spot on (the "stuff you export is often produced with a lot of imported components, stuff you import often indirectly includes a lot of your own exports") and is worth a full read.

Go deeper

UNC race conscious admissions process upheld by judge

Students walk through the campus of the University of North Carolina at Chapel Hill on Aug. 18, 2020 in Chapel Hill, North Carolina. Photo: Melissa Sue Gerrits/Getty Images

The University of North Carolina at Chapel Hill can continue its race conscious admissions process, a federal judge ruled on Monday.

Why it matters: The case could end up in the Supreme Court after the conservative nonprofit Students for Fair Admissions (SFFA) vowed to appeal the judge's ruling that UNC didn't discriminate against against white and Asian American applicants in its policy that it said was designed to increase diversity.

SEC debunks conspiracy theories about meme stock mania

Photo: Alessia Pierdomenico/Bloomberg via Getty Images

The SEC issued its long-awaited report on the meme stock mania, which downplayed the narrative that a "short squeeze" was the primary driver behind GameStop's historic stock moves — and shot down conspiracy theories about the event.

Why it matters: The postmortem was highly anticipated, largely because of what it could hint about what the regulator thinks should be done in wake of the saga. But the report stopped short of specific policy recommendations.

3 hours ago - Politics & Policy

Breaking Biden's diplomatic logjam

Expand chart
Data: Center for Presidential Transition via Congress.gov; Chart: Will Chase/Axios

The logjam for reviewing and confirming President Biden's ambassadorial picks is finally starting to break.

Why it matters: Biden is far behind his predecessors in the rate at which his ambassadorial picks have been confirmed. The Senate Foreign Relations Committee will hold a series of high-profile hearings and votes this week to finally begin chipping away at the backlog.