White House economic adviser Larry Kudlow admitted to Fox News' Chris Wallace on Sunday that the Chinese do not directly pay tariffs on goods coming into the U.S., but argued that China will suffer GDP losses as a result of a diminishing export markets.

Why it matters: President Trump has repeatedly claimed, incorrectly, that tariffs are forcing China is paying billions of dollars to the U.S. Treasury. The tariffs are paid by U.S. importers of affected Chinese goods, not by China's government or by Chinese companies. Importers then either raise costs on consumers, lower their own profit margins or both.

Go deeper ... Chart: America's biggest trade war losers

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Ruth Bader Ginsburg will lie in state in Capitol's National Statuary Hall

Photo: Getty Images

House Speaker Nancy Pelosi announced Monday that the late Supreme Court Justice Ruth Bader Ginsburg will lie in state in the Capitol's National Statuary Hall on Friday.

The state of play: The Supreme Court also announced Monday that Ginsburg will lie in repose on the front steps of the building on Wednesday and Thursday, allowing the public to pay respects to the late justice outside.

Dan Primack, author of Pro Rata
2 hours ago - Economy & Business

Retail traders drove Snowflake and Unity Software's IPO surges

Illustration: Sarah Grillo/Axios

The story of last week's Snowflake and Unity Software IPOs had little to do with data warehousing or 3D game development, and lots to do with dizzying "pops" after pricing.

What happened: The Robinhood effect.

Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 10 a.m. ET: 31,103,347 — Total deaths: 961,435— Total recoveries: 21,281,441Map.
  2. U.S.: Total confirmed cases as of 10 a.m. ET: 6,813,984 — Total deaths: 199,525 — Total recoveries: 2,590,671 — Total tests: 95,108,559Map.
  3. Health: CDC updates guidances to say coronavirus can be spread through the air Nursing homes are evicting unwanted patients.
  4. Politics: Testing czar on Trump's CDC contradictions: "Everybody is right."
  5. Education: College students give failing grade on return to campus.
  6. Business: Unemployment concerns are growing.
  7. World: "The Wake-Up Call" warns the West about the consequences of mishandling a pandemic.