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

Markets swell as the economy shrinks

Illustration: Eniola Odetunde/Axios

The economy is sputtering, but the markets are thriving — a highly unusual event that shows how the coronavirus has thrown all bets off.

Why it matters: The disconnect adds to the wealth gap. The richest 10% of households — who own 84% of stocks — are getting richer, while millions of out-of-work Americans cross their fingers that pandemic unemployment benefits will be extended.

Updated 9 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 10 p.m. ET: 10,836,500 — Total deaths: 520,605 — Total recoveries — 5,723,808Map.
  2. U.S.: Total confirmed cases as of 10 p.m. ET: 2,735,554 — Total deaths: 128,684 — Total recoveries: 781,970 — Total tested: 33,462,181Map.
  3. Public health: The states where face coverings are mandatory Regeneron stops trial after drug fails to help patientsWhat we know about the coronavirus immune response — Fauci says it has been a "very disturbing week" for the spread of the coronavirus in the U.S.
  4. Business: Top business leaders urge the White House to develop mandatory mask guidelines.
  5. Politics: Herman Cain hospitalized for COVID-19 after attending Trump Tulsa rally — Biden downplays jobs number, rebukes Trump for ignoring health crisis.
  6. Economy: The economy may recover just quickly enough to kill political interest in more stimulus.
  7. States: Texas mandates face masks in public spaces Florida reports more than 10,000 new coronavirus cases, and its most-infected county issues curfew.
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Fauci: Coronavirus surges mark a "very disturbing week" in the U.S.

Fauci testifies to the Senate Health, Education, Labor and Pensions Committee on June 30. Photo: Al Drago/AFP via Getty Images

NIAID director Anthony Fauci told medical journal JAMA on Thursday that it has been a "very disturbing week" for the spread of the novel coronavirus in the U.S.

What's happening: The number of coronavirus cases increased in the vast majority of states over the last week, and decreased in only two states plus the District of Columbia, Axios' Caitlin Owens reports.