Photo: Jim Watson/AFP/Getty Images

President Trump's tariffs have notably increased the price of aluminum for U.S. businesses and consumers, a study provided first to Axios shows.

Why it matters: Trump has insisted the cost of the tariffs would be borne by China and other exporters, but the data shows that Americans are paying the costs.

  • "It’s pretty safe to say that it's 100%," Douglas Holtz-Eakin, president of think tank American Action Forum and a former director of the Congressional Budget Office, tells Axios.

Background: The price of aluminum worldwide spiked in April after the Treasury Department put sanctions on Russian producer Rusal, following Trump's announcement of 10% aluminum tariffs on every country (with exceptions eventually carved out for allies like Australia, Canada and Mexico).

  • Those price increases have since unwound in global markets, but U.S. customers continue to pay higher prices, as shown by the so-called Midwest Premium.
  • The price increase appears to line up very closely with the 10% tariffs imposed by Trump.

The intrigue: Trump on Friday doubled down on the aluminum tariffs, adding derivative aluminum products such as nails, tacks, staples, wire and parts for cars and tractors, meaning more price hikes are likely on the way.

The bottom line: "There have been assertions that China is paying the tariffs," study co-author Holtz-Eakin says. "And that’s not true."

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Scoop: Chinese biotech giant's U.S. subsidiary received PPP loan

Chinese biotech company BGI Genomics provided mobile labs for conducting COVID-19 tests at a sports center in Beijing. Photo credit: Xinhua/Chen Zhonghao via Getty Images.

A U.S. subsidiary of Chinese genomics company BGI Group received a loan through the Paycheck Protection Program (PPP), according to data on the program released by the U.S. Treasury Department this week.

Why it matters: BGI's close ties to the Chinese government, which is constructing a massive genetics database of its population, have raised concerns among U.S. officials.

Updated 57 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 10:30 a.m. ET: 12,077,210 — Total deaths: 550,327 — Total recoveries — 6,636,374Map.
  2. U.S.: Total confirmed cases as of 1o:30 a.m. ET: 3,055,491 — Total deaths: 132,310 — Total recoveries: 953,420 — Total tested: 37,431,666Map.
  3. Public health: Cases rise in 33 states — Fauci says states with severe outbreaks "should seriously look at shutting down"
  4. Education: How Trump's push to reopen schools could backfire — College sports stare down a disaster in the fall.
  5. Jobs: 1.3 million Americans filed for unemployment last week.

Supreme Court says Manhattan prosecutors can obtain Trump's financial records

Photo: Saul Loeb/AFP via Getty Images

The Supreme Court ruled Thursday that Manhattan prosecutors can obtain President Trump's financial records — and punted House Democrats' efforts to access similar records to a lower court.

Why it matters: The Manhattan ruling, a 7-2 decision, is a stinging loss for Trump, who has fought relentlessly to keep these records secret.