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Podcast: White House adviser Peter Navarro talks TikTok

President Trump has relaxed his threat to immediately ban the popular social media app TikTok, giving Microsoft room to negotiate an acquisition from Chinese tech giant ByteDance.

Axios Re:Cap digs into the situation with Peter Navarro, the White House's top trade advisor and a noted China hawk, who suggests Microsoft should be forced to make unrelated concessions related to its China operations.

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Tropical Storm Fred nears Florida Panhandle as Grace drenches earthquake-hit Haiti

An intensifying Tropical Storm Fred is taking aim at the Florida Panhandle, with the threat of a damaging coastal storm surge, high winds, and heavy rains that could extend all the way north into the Mid-Atlantic region.

The big picture: Meanwhile, poorly organized Tropical Depression Grace continues to dump rain across Haiti and the Dominican Republic, complicating earthquake relief efforts in Haiti. It appears destined to enter the Gulf of Mexico.

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Ally Bank nixes overdraft fees entirely

Ally Bank is doing away with overdraft fees, and it could be an opening salvo for the industry facing mounting pressure in Washington for the decades-long practice.

Why it matters: Banks rake in billions fining customers who spend more money than they have in their account. It's one of many fees associated with banking — shouldered most often by those who can least afford it.

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Cindy McCain recalls husband's "unlikely friendship" with Joe Biden at Dem convention

Cindy McCain recorded a video message for Tuesday's Democratic National Convention, paying tribute to an "unlikely friendship" forged between former Vice President Joe Biden and her late husband, Sen. John McCain (R-Ariz.)

Why it matters: Cindy McCain, who self-identifies as GOP-aligned, but "liberal on social issues," is the latest Republican to lend her voice to the Democratic convention, after four conservatives including former Ohio Gov. John Kasich spoke Monday.

My husband and Vice President Biden enjoyed a 30+ year friendship dating back to before their years serving together in the Senate, so I was honored to accept the invitation from the Biden campaign to participate in a video celebrating their relationship.https://t.co/Y6XOnBC1IW

— Cindy McCain (@cindymccain) August 18, 2020

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