B-52 bomber aircraft in flight over southern England. Photo: myLoupe/Universal Images Group via Getty Images

Following North Korea's stark objection to joint U.S.-South Korean military exercises earlier this week, CNN is reporting that the U.S., South Korea and Japan all agreed to change a scheduled flight of "at least two nuclear-capable B-52 bombers so they would not fly over the Korean Peninsula," citing to two U.S. defense officials.

Why it matters: The move, first reported by the Wall Street Journal, follows numerous statements from the U.S. military and Trump administration that the U.S. is maintaining military pressure in the region until denuclearization is achieved. The change is reportedly an effort to ease tensions between the U.S. and North Korea after Kim Jong-un threatened to cancel the summit with Trump planned for next month, and effectively canceled talks with South Korea scheduled for this past Wednesday.

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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.