🌎 Axios PM: Trump's twin wins

Good Monday afternoon. Today's newsletter, edited by Sam Baker, is 484 words, a 2-min. read. Thanks to Sheryl Miller for copy editing.

President Trump delayed new tariffs today on both Mexico and Canada, after both countries agreed to toughen their border security.

• Both countries agreed to send 10,000 troops to their respective borders with the U.S.

The big picture: The moves are big wins for Trump, and vindicate the view that he was more interested in leverage than in actual import taxes.

Yes, but: Provoking a trade war can still do lasting damage, Axios Macro co-author Neil Irwin writes.

• Many Canadians' open hostility toward the U.S. during this saga is an example of the longer-term economic risks at play — and points to a new era in which businesses cannot count on any country to be a permanent partner of the U.S.

Between the lines: As the U.S.-China relationship has become more hostile over the past decade, Western companies have looked for ways to decrease dependence on China.

• A frequent solution was "friendshoring" — shifting supply chains toward countries with deep, stable relationships with the U.S., like Canada and Mexico.

Elon Musk "can't do and won't do anything without our approval," President Trump said today at the White House.

• "We'll give him the approval where appropriate. Where not appropriate, we won't," Trump said.

⚡ Breaking: With Musk and Trump moving to shutter the U.S. Agency for International Development (USAID) and fold it into the State Department, some Democrats sought to enter the humanitarian agency's headquarters.

• They were blocked by officers from even broaching the lobby. Secretary of State Marco Rubio said he's the acting administrator of the agency, despite it being an independent body for six decades. Keep reading.

Trump named Treasury Secretary Scott Bessent acting head of the Consumer Financial Protection Bureau. Bessent ordered the staff of the consumer-finance watchdog to pause much of its work. Keep reading.

Walmart's $350 billion investment in U.S. manufacturing is fueling American jobs across the country, helping small businesses grow and strengthening local communities.

Why it's important: Walmart's investment supports the creation of over 750,000 U.S. jobs.

Learn more.

1. 💰 President Trump signed an executive order directing the development of a U.S. sovereign wealth fund — a government-owned investment fund that could be used to facilitate the sale of TikTok, or take a profit-earning stake in vaccine-makers. The administration's goal is to open the fund within a year. Go deeper.
2. Large pieces of fuselage from the plane that crashed over D.C. on Sunday have been removed from the Potomac River. Go deeper.
3. 🏛️ Threats against members of Congress spiked last year. U.S. Capitol Police said that besides the election year, factors include threatening phone calls to lawmakers over a bill to force a sale of TikTok. Go deeper.

Patrick Mahomes of the Kansas City Chiefs (above) and Jalen Hurts of the Philadelphia Eagles (below) have arrived in New Orleans ahead of the Super Bowl.

100,000 people are expected to flock to New Orleans before Sunday — including, of course, Taylor Swift.

• Axios New Orleans' live coverage.

Since working with Walmart in 2021, Athletic Brewing has opened a new brewery in Milford, Conn., and hired a lot more people.

The story: More than 2/3 of Walmart's product spend is on products made, grown or assembled in America — supporting job creation across the country.

Learn more.

📬 Please invite your friends to join PM.