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U.S. Trade Representative Robert Lighthizer, Treasury Secretary Steven Mnuchin and Chinese Vice Premier Liu He. Photo: Andy Wong/AFP/Getty Images

China said Tuesday its economy czar, Vice Premier Liu He, is preparing to go to Washington, D.C., this week for crunch trade talks, as tensions between the 2 countries escalates and the U.S. tariffs deadline looms.

Why it matters: President Trump has threatened to increase tariffs on $200 billion of Chinese goods from 10% to 25%. His administration has accused China of "reneging" on its trade commitments, per Axios' Jonathan Swan — who noted U.S. trade representative Robert Lighthizer planned to put out a Federal Register notice Tuesday saying the tariffs increase would come into effect "the first minute of Friday.

Details: Liu will visit D.C. at the invitation of Lighthizer and Treasury Secretary Steven Mnuchin on Thursday and Friday, according to the Chinese Ministry of Commerce. Asian markets rebounded after the announcement, with the Shanghai Composite index jumping 0.7%, AP reports.

Between the lines: Mnuchin has said he found Liu "very helpful to work with" and he'd built a strong relationship with the vice premier, per Swan.

What they're saying: Despite the tension, Chinese Foreign Ministry spokesperson Geng Shuang said the past 10 rounds of talks had recorded positive progress, according to the state-run Xinhua news agency.

"What's most pressing at the moment is that, we hope, the U.S. side and the Chinese side will work together to meet each other half way and strive to reach a mutually beneficial and win-win agreement on the basis of mutual respect. This not only serves the Chinese interests, but also the U.S. interests. It also meets the general expectation of the international community."

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Felix Salmon, author of Capital
10 mins ago - Economy & Business

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Taxing the rich is an idea that's back. An "ultra-millionaire tax" introduced by Elizabeth Warren and other left-wing Democrats this week would raise more than $3 trillion over 10 years, they say, while making the tax system as a whole more fair.

Why it matters: New taxes would be a necessary part of any Democratic plan to redistribute wealth and reduce inequality. But President Biden has more urgent priorities — and Warren's wealth tax in particular faces constitutional obstacles that make it a hard sell.

House passes sweeping election and anti-corruption bill

Photo: Win McNamee via Getty Images

The House voted 220-210Wednesday to pass Democrats' expansive election and anti-corruption bill.

Why it matters: Expanding voting access has been a top priority for Democrats for years, but the House passage of the For the People Act (H.R. 1) comes as states across the country consider legislation to rollback voting access in the aftermath of former President Trump's loss.

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House passes George Floyd Justice in Policing Act

Photo: Stephen Maturen via Getty Images

The House voted 220 to 212 on Wednesday evening to pass a policing bill named for George Floyd, the Black man whose death in Minneapolis last year led to nationwide protests against police brutality and racial injustice.

Why it matters: The legislation overhauls qualified immunity for police officers, bans chokeholds at the federal level, prohibits no-knock warrants in federal drug cases and outlaws racial profiling.