Updated May 7, 2019

China to send top trade negotiator Liu He to U.S.

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."

Go deeper

Coronavirus could lower GDP by $15.7 trillion

Reproduced from Congressional Budget Office; Chart: Axios Visuals

The CBO released projections on Monday for U.S. nominal GDP to be lower by $15.7 trillion over the next decade than its estimate in January as a result of the coronavirus pandemic.

What they're saying: It predicts that when adjusted for inflation GDP will be $7.9 trillion lower over the next decade and down by $790 billion in the second quarter of this year — a 37.7% quarterly contraction.

16 mins ago - Sports

The sports teams that have issued statements on George Floyd protests

Data: Twitter; Graphic: Andrew Witherspoon/Axios

74 of 123 teams (60%) across the big four American sports leagues issued statements regarding George Floyd's murder and the ensuing nationwide protests as of 12 a.m. ET today.

Why it matters: Teams should be judged by their actions more than their words, but seeing who did and did not acknowledge the biggest story in America gives a sense of what each franchise believes its role — and the role of sports more broadly — should be at a time like this.

Updated 57 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 7 a.m. ET: 6,289,259 — Total deaths: 375,987 — Total recoveries — 2,706,820Map.
  2. U.S.: Total confirmed cases as of 7 a.m. ET: 1,811,277 — Total deaths: 105,147 — Total recoveries: 458,231 — Total tested: 17,340,682Map.
  3. Public health: Nearly 26,000 coronavirus deaths in nursing homes have been reported to federal health officials —Coronavirus looms over George Floyd protests across the country.
  4. Federal government: Trump lashes out at governors, calls for National Guard to "dominate" streets.
  5. World: Former FDA commissioner says "this is not the time" to cut ties with WHO.
  6. 🎧 Podcast: The virus didn't go away.