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Larry Kudlow, the new White House economic adviser, talks to reporters on a day when he also hit CNBC, Fox News and Fox Business. Photo: Win McNamee / Getty Images

"The impact of retaliation by China could drown out the GOP message that tax cuts are delivering prosperity, which the party is counting on to save their majorities in the House and Senate," per Bloomberg's Sahil Kapur.

The bottom line: China's threats of retaliation are scaring farmers in the GOP's rural base and across Trump country, creating a potential drag for Republicans in November's midterms.

Per Bloomberg's Josh Green:

  • "Trump won eight of the 10 states with the largest soybean acreage, all of them in the Midwest."
  • "Many of those same states are now host to some of the country’s closest races for Senate (Missouri, Indiana, North Dakota) and governor (Ohio, Michigan, Iowa, Minnesota)."

An exception ... The WashPost's Erica Werner writes from Akron that Ohio workers love the tariffs despite their potential effect on statewide politics:

  • "Although few argue that Ohio’s steel production industry can be restored to its glory days, steelworkers here hold out optimism that some idled facilities could be restarted and some jobs brought back."

But there are signs of a pullback, according to the NYT's Ana Swanson and Keith Bradsher. "White House Edges Back From Brink of Trade War: Hints That Tariffs on China May Never Go Into Effect":

  • "It remains unclear whether China will bend to the pressure and make significant changes to its economy — or whether the White House strategy will instead tip the two nations into a trade war that could harm both countries."
  • "Producers of American goods like soybeans, pork, [airplanes,] automobiles and semiconductors depend on access to the Chinese market both for exports and production and say they are fearful about a conflict."

Go deeper

Updated 9 hours ago - Sports

The potential GOAT of chess faces intriguing challenger

Illustration: Sarah Grillo/Axios

The World Chess Championship between Norway's Magnus Carlsen and Russia's Ian Nepomniachtchi began on Friday, 1,094 days after Carlsen won his fourth consecutive title.

Why it matters: During the long, COVID-fueled layoff, chess entered a new era, and with the championship finally here, the age-old game is ready for its close-up.

Department of Interior proposes raising cost of drilling on public lands

A horizontal drilling rig and a pump jack sit on federal land in Lea County, New Mexico. Photo: Callaghan O'Hare/Bloomberg via Getty Images

Oil and gas companies should pay more to drill on federal lands and waters, the Department of the Interior argued in a report released Friday, saying that the current rates were "outdated."

Driving the news: The Department of Interior report said that the federal government's oil and gas leasing and permitting program "fails to provide a fair return to taxpayers, even before factoring in the resulting climate-related costs that must be borne by taxpayers."

10 hours ago - Health

U.S. to restrict air travel from 8 countries over new COVID variant concerns

A COVID-19 vaccine is administered. Photo by Joe Raedle/Getty Images

The U.S. will impose new air travel restrictions in response to the Omicron variant, a new COVID strain first detected in South Africa, President Biden announced Friday.

The big picture: Air travel from South Africa, Botswana, Zimbabwe, Namibia, Lesotho, Eswatini, Mozambique and Malawi will be restricted starting on Monday.