Aug 1, 2018

China pledges retaliation against new Trump tariff threat

Erica Pandey, author of @Work

Chinese President Xi Jinping. Photo: Andy Wong/AFP via Getty Images

The Chinese government's response to the Trump administration's new threat to hike a proposed tariff on $200 billion worth of Chinese imports from 10% to 25%.

"U.S. pressure and blackmail won't have an effect. If the United States takes further escalatory steps, China will inevitably take countermeasures and we will resolutely protect our legitimate rights."
— Chinese Foreign Ministry spokesman Geng Shuang to reporters

The backdrop: China has responded the same way to every threat from the Trump administration, indicating that Beijing is not shying away from an escalating trade war. This latest threat comes as Treasury Secretary Steven Mnuchin and Chinese President Xi Jinping's economic adviser Liu He are reportedly restarting talks to reach a trade deal, per Bloomberg.

Go deeper: There's a growing threat of a full blown China trade war

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Minneapolis will ban police chokeholds following George Floyd's death

A memorial for George Floyd at the site of his death in Minneapolis. Photo: Steel Brooks/Anadolu Agency via Getty Images

Minneapolis has agreed to ban the use of police chokeholds and will require nearby officers to act to stop them in the wake of George Floyd's death, AP reports.

Why it matters: The agreement between the city and the Minnesota Department of Human Rights, which has launched an investigation into Floyd's death while in police custody, will be enforceable in court.

Better-than-expected jobs report boosts stock market

Data: Yahoo Finance; Chart: Axios

The S&P 500 jumped nearly 3% on Friday after a stronger-than-expected May jobs report showed that an economic recovery could be underway.

The state of play: Stocks have rallied since the worst of the coronavirus sell-off ended in late March and looked past a spate of ugly economic reports — not to mention civil unrest.

The Athletic lays off 8% of staff, implements company-wide pay cut

Adam Hansmann (left) and Alex Mather (right), co-founders of The Athletic. Photo: Steph Gray, courtesy of The Athletic

The Athletic is laying off nearly 8% of staff, 46 people, according to an internal memo obtained by Axios.

Why it matters: It's the latest media company that's been been forced to take drastic measures to survive the economic fallout from the coronavirus. Like many sports media outlets, The Athletic has been particularly impacted by the loss of live sports.