A car with both Uber and Lyft signs. Photo: Richard Vogel / AP

Uber's latest move to make its drivers happier is a new fee it will apply when it takes longer than 8 or 11 minutes (depending on the city) to pick up a passenger. This is seemingly designed to make drivers feel less like they're wasting time and gas before they even get to the passenger. The fee will be calculated based on both time and distance.

Why it matters: While Uber told The Verge that it aims to help passengers by incentivizing drivers to go the longer distance to pick them up (if they live in the suburbs, for example), this is could backfire. For one, passengers might opt to not take an Uber ride given the higher fees—and say, hail a Lyft ride, or drive themselves.

It's also not clear how this will play out in urban areas when there's a lot of traffic or a driver shortage. Uber already uses its "surge pricing" mechanism to mitigate some of these situations, so passengers aren't likely to appreciate paying an extra fee just because a sporting event caused traffic and a delayed pick-up.

More: Uber is also rolling out a new passenger cancellation fee. Drivers will now earn either the standard fixed rate fee, or a fee based on time and distance—whichever one is greater.

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Trump's new TikTok threat

Photo illustration: Aïda Amer/Axios. Photo: Jim Watson/AFP via Getty Images

President Trump said twice Monday that the U.S. Treasury would need to get a portion of the sale price of TikTok, as a condition of regulatory approval.

Why it matters: This is akin to extortion — the sort of thing you'd expect to hear on a wiretap, not from the White House in front of reporters.

Ford names James Farley as new CEO amid ongoing turnaround effort

James Hackett, left, is retiring as Ford CEO. Jim Farley, right, takes over Oct. 1. Photo: Ford

Ford announced Tuesday that James Farley will take over as its next CEO, replacing James Hackett, 65, who is retiring after three years in the job.

Why it matters: It leaves Farley to complete the company's ongoing turnaround effort. The transition will be that much harder as the industry tries to navigate the coronavirus-induced economic slowdown which shuttered Ford plants for two months on the eve of some of its most important vehicle launches.

Updated 3 hours ago - Politics & Policy

Watch the full "Axios on HBO" interview with President Trump

In this episode of “Axios on HBO”, President Trump discusses his handling of the coronavirus pandemic, the upcoming election and much more with National Political Correspondent Jonathan Swan.

The interview was filmed on Tuesday, July 28 and aired Monday, Aug. 3 on HBO.