Axios

President Trump said Monday that he'll soon announce a much shorter deadline for Russian President Vladimir Putin to agree to a ceasefire in Ukraine or face heavy sanctions.

• There are still 36 days until Trump's previous deadline, set two weeks ago, but he said he'd shorten that to "about 10 to 12 days."

Why it matters: Trump seems ready to take steps against Russia that he'd resisted for six months — potentially dealing a heavy penalty to buyers of Russian oil, notably China and India, in the process.

CK Hutchinson of Hong Kong on Monday said that it plans to add a "major strategic" Chinese investor to its $22.8 billion ports deal with BlackRock, adding that an exclusive negotiating period between the two firms has expired.

Why it matters: This complicates March's landmark agreement that would transfer control of 43 ports in 23 countries, including two in Panama that President Trump has threatened to retake by force.

President Trump said Monday that he disagrees with Israeli prime minister Benjamin Netanyahu's claim that there is no starvation in Gaza.

What he is saying: "Based on television, I would say not particularly because those children look very hungry," Trump said when asked if he agreed with Netanyahu. Later he said, "There is real starvation in Gaza — you can't fake that."

In the Trump-dominated global economy, the U.S. gets plenty but gives nothing in return.

Why it matters: This is the reality of the asymmetric trade deals touted by the White House, which show how far foreign leaders will go to safeguard access to the U.S. market.

President Trump said on Sunday that the U.S. reached a trade agreement with the European Union that would impose a 15% tariff rate on its goods.

Why it matters: Europe is the latest major partner to accept significantly higher tariffs to stave off worsening trade fights with Trump.

Deadly wildfires engulfing parts of Turkey and Greece have forced thousands to evacuate, as much of the Mediterranean and Europe face what meteorologists are describing as an "exceptional," enduring heat wave.

The big picture: Albania, Montenegro, Serbia and Spain have also seen fires driven by extremely dry conditions and powerful winds. Greece, Italy, Spain and Portugal are among the countries impacted by the extreme heat, and a record high temperature of 50.5°C (122.9°F) was recorded in the southeastern Turkish city of Silopi on Friday.

Tesla CEO Elon Musk said late Sunday the automaker has signed a deal to obtain semiconductor chips from Samsung Electronics.

The big picture: Samsung had announced Saturday that it had struck a $16.5 billion supply agreement, but it didn't name the company.

President Trump's five-day trip to Scotland was met with protests in several Scottish cities over the weekend, as security was bolstered for his visit to the nation.

The big picture: While hundreds protested the president, some supporters greeted him with cries of "we love you!" as he played golf at his Trump Turnberry resort in Balmedie, Aberdeenshire, on Sunday.

The new trade deal that President Trump unveiled with the European Union includes a European pledge to buy $750 billion worth of U.S. energy.

Why it matters: European Commission President Ursula von der Leyen said it will help the bloc further wean itself off Russian gas.

Some Republican lawmakers on Sunday platformed the administration's recent claims that Obama-era officials waged a Russia-related conspiracy against President Trump — but stopped short of endorsing the president's allegations of "treason."

The big picture: Trump is again bemoaning a years-long grudge against the widely held conclusion that Russia interfered in the 2016 election, following new accusations from Director of National Intelligence Tulsi Gabbard of a "treasonous conspiracy" from former President Barack Obama to sabotage Trump's first term.

There will be no more extensions on tariff deadlines, and they will go into force as scheduled on August 1, Commerce Secretary Howard Lutnick said Sunday.

Why it matters: Since January, the world has gotten accustomed to President Trump announcing tariffs and then reversing them, pulling them back at the last moment, or pausing them shortly after going into effect.

The Israel Defense Forces (IDF) said it would implement a humanitarian pause in several population centers across the Gaza Strip beginning Sunday morning and repeating each day until further notice.

• On Saturday night, the Israeli Air Force conducted air drops of food into Gaza. Jordan and the United Arab Emirates began air drops on Sunday, with more expected in the coming days.

Why it matters: The pause is part of a broader set of measures approved Saturday by Prime Minister Benjamin Netanyahu in response to mounting international criticism over the catastrophic humanitarian crisis in Gaza.

The U.S.'s great AI race with China, now freshly embraced by President Trump, is a competition in the dark with no clear prize or finish line.

Why it matters: Similar "races" of the past — like the nuclear arms race and the space race — have sparked innovation, but victories haven't lasted long or meant much.