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The Trump administration's "economic cold war" with China has spread to the search for cancer cures, as the administration tries to rid U.S. research institutions of Chinese influence, Bloomberg reports.

The impact: "Chinese people in America, including U.S. citizens, are now targeted for FBI surveillance," Bloomberg's Peter Waldman writes.

What it means: "The aim is to stanch China's well-documented and costly theft of U.S. innovation and know-how. The collateral effect, however, is to stymie basic science, the foundational research that underlies new medical treatments," Waldman adds.

Details: Cancer researcher Xifeng Wu, an American citizen, resigned in January from a top position at the MD Anderson Cancer Center, after a months-long investigation into her professional ties to China.

  • The investigation was led by the National Institutes of Health and the FBI. Three other Chinese-American scientists also recently left MD Anderson.
  • An NIH official said Wu and 4 other scientists had violated confidentiality requirements and didn't disclose paid work in China.

Yes, but: Cancer research has become increasingly globalized, and U.S.-China collaborations have produced meaningful work.

  • "Ways of working that have long been encouraged by the NIH and many research institutions ... are now quasi-criminalized," Waldman writes.

What they're saying: "Even something that is in the fundamental research space, that’s absolutely not classified, has an intrinsic value," Lawrence Tabak, principal deputy director of the NIH, told Bloomberg.

  • "This pre-patented material is the antecedent to creating intellectual property. In essence, what you’re doing is stealing other people's ideas."

Go deeper: For Trump, 2020 is a China trade war election

Go deeper

Updated 17 seconds ago - Politics & Policy

Inauguration Day dashboard

Screenshot: Fox News

President Trump has delivered a farewell speech and departed Washington for the last time on Air Force One, kicking off the day that will culminate with President-elect Joe Biden taking office.

What's next: The inaugural celebration for young Americans is being livestreamed, starting at 10am.

Updated 17 mins ago - Politics & Policy

Trump departs on final Air Force One flight

President Trump and his family took off on Air Force One at 9 a.m. on Wednesday morning for the final time en route to Florida.

The big picture: Trump's final hours as president were punctuated by his decisions to snub his successor's inauguration and grant pardons to many of his allies who have been swept up in corruption scandals.

Dion Rabouin, author of Markets
2 hours ago - Economy & Business

Janet Yellen said all the right things to reassure the markets

Illustration: Aïda Amer/Axios

Treasury Secretary nominee and former Fed chair Janet Yellen's confirmation hearing before the Senate Finance Committee on Tuesday showed markets just what they can expect from the administration of President-elect Joe Biden: more of what they got under President Trump — at least for now.

What it means: Investors and big companies reaped the benefits of ultralow U.S. interest rates and low taxes for most of Trump's term as well as significant increases in government spending, even before the coronavirus pandemic.