News Tab, a personal passion of CEO Mark Zuckerberg, is also an effort by Facebook to develop a healthier relationship with publishers, many of whom have had their business models destroyed by social platforms.

• Facebook will pay dozens of publishers to license content for News Tab, and news from many more will be included.
• The Wall Street Journal reported that the largest partners will be paid millions of dollars a year.
• News Tab will try to give credit to the outlet that broke a story, rather than an aggregator.

Campbell Brown, Facebook's head of news partnerships, said: "Our goal with the News tab is to provide a personalized, highly relevant experience ... The majority of stories people will see will appear in the tab via algorithmic selection."

• A small team of journalists will pick stories for a Top News section.

Last year, Facebook killed Trending Topics, populated by contractors, after being accused of bias.

• "We learned a lot from Trending," a Facebook executive told me. "This is a completely different product."

What's next: A News Tab test for 200,000 users will begin in October, with a rollout to all U.S. users early next year.

Go deeper: Facebook says there isn't enough local news for its users

Yes, but ... A source at a major U.S.-based company with a supply chain in China tells Axios:

• "This is completely made up. ... The supply chains companies of all stripes have built up in China took decades to create. No one in their right mind is going to show up and say they’re taking 'all' of their supply chains out of China simply to please DJT."

A former administration official explains: "You can’t site and build factories, train workers, etc., on a dime. And the investments required are enormous, so companies usually wait for certainty in conditions before taking such big steps."

Go deeper: Allies worry Trump is "running out of tools" to boost the economy

Global economic data has consistently worsened this year:

• Japan and three of Europe's four largest economies — Germany, Italy and the U.K. — are heading toward recession by year-end, with China growing at its slowest pace in 27 years.
• The IMF cut its global growth forecast again last month after warning in April that this was a "delicate moment" for the world.
• Today's N.Y. Times lead: "Markets Shudder as Signs Point to Global Slowdown ... Trade War Dims Outlook in Germany, China and U.S."

Signs of a looming U.S. recession abound:

• The 3-month/10-year Treasury yield curve has inverted, which the San Francisco Fed calls a "reliable predictor of recessions."
• Yesterday, another recession indicator — the 2-year/10-year yield curve — also inverted, sending the S&P 500 down 3% and tanking the Dow by 800 points (3%), its biggest drop of the year.
• The New York Fed's recession probability indicator hit its warning level last month.

Why it matters: These inversions have preceded every U.S. recession of the last 70 years.

Other warning signs: 

• U.S. manufacturing is in recession, as is transportation across all sectors — air, rail, freight and passenger. 
• Airlines are expecting their worst year since 2014, and the auto industry has laid off more people than it has in a decade.
• A growing number of businesses are citing "greater risk aversion," largely because of tariffs, as a reason for not making more purchases or investments.
• Economists say Trump's policies have introduced a real risk of stoking inflation — absent for more than a decade — as retailers large and small say the tariffs will force them to raise prices.

Why things could get worse: The levers that have saved the economy in previous times of crisis look exhausted.

• Central bankers around the world are cutting interest rates at a level not seen since the financial crisis — but studies show that monetary policy is not as powerful as it once was.
• The world is already deeply in debt — and democratic institutions are extremely polarized — making government spending more difficult as well.

Reality check: The U.S. economy is still like a "choose-your-own-adventure" game, with plenty of other data points saying the economy is in fine shape. 

• Consumer spending — responsible for two-thirds of economic growth — is still strong, and consumers haven't expressed the same dip in confidence that businesses have. 
• The economy has added jobs for 106 consecutive months.
• Unemployment is near a 50-year low. 

The bottom line: A recession is always coming — it's just that no one knows when. And the mere fear of recession is just as likely to push the economy into a recession as anything else.

Go deeper: Stocks plummet on fears of recession