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Trump and Xi at the G20. Photo: Sheng Jiapeng/China News Service/VCG via Getty Images

President Trump said in a series of Thursday tweets that 10% tariffs on the remaining $300 billion of U.S. imports from China will begin September 1, accusing Beijing of reneging on a series of promises in this year's ongoing trade talks.

Why it matters: Trump had called a trade truce after meeting with Chinese President Xi Jinping at the G20 summit in June. He said that his administration elected to take the step announced today despite "constructive" trade talks this week in Shanghai led by Treasury Secretary Steven Mnuchin and Trade Representative Robert Lighthizer.

What he's saying, via Twitter:

"Our representatives have just returned from China where they had constructive talks having to do with a future Trade Deal. We thought we had a deal with China three months ago, but sadly, China decided to re-negotiate the deal prior to signing.
More recently, China agreed to buy agricultural product from the U.S. in large quantities, but did not do so. Additionally, my friend President Xi said that he would stop the sale of Fentanyl to the United States – this never happened, and many Americans continue to die!
Trade talks are continuing, and during the talks the U.S. will start, on September 1st, putting a small additional Tariff of 10% on the remaining 300 Billion Dollars of goods and products coming from China into our Country. This does not include the 250 Billion Dollars already Tariffed at 25%.
We look forward to continuing our positive dialogue with China on a comprehensive Trade Deal, and feel that the future between our two countries will be a very bright one!"

What to watch: The decision has already hit the markets, Axios' Courtenay Brown notes. The Dow quickly gave up its nearly 300-point gain on the news, while the S&P 500 also turned negative.

  • There is still time for another truce to be reached before the tariffs take effect, though Bill Bishop of Sinocism notes that China is unlikely to cave to his demands over the next month.
  • The move comes a day after Federal Reserve Chairman Jerome Powell cut interest rates and described the trade war as among the biggest threats to the U.S. economy.

Go deeper

Four-day workweeks get rave reviews, but they're not catching on

Expand chart
Data: Indeed.com; Chart: Axios Visuals

The four-day work week is nowhere close to becoming the norm, despite a flurry of corporate announcements, media coverage and intense interest from worker bees worldwide.

Why it matters: With the pandemic throwing work-family dynamics into chaos and a labor market favoring workers, there's demand for this.

3 hours ago - World

Report: LGBTQ+ Afghans' lives "dramatically worsened" under Taliban rule

Taliban fighters in Kabul, Afghanistan, earlier this month. Photo: Mohd Rasfan/AFP via Getty Images

LGBTQ+ Afghans have been threatened, attacked and "faced an increasingly desperate situation and grave threats to their safety" since the Taliban seized control of Afghanistan last August, per a report published Wednesday.

What they're saying: "We spoke with LGBT Afghans who have survived gang rape, mob attacks, or have been hunted by their own family members who joined the Taliban, and they have no hope that state institutions will protect them," per a statement from study co-author J. Lester Feder.

5 hours ago - World

Canadian Indigenous group finds 93 suspected unmarked graves

A makeshift memorial honoring the 215 children whose remains were found in a mass grave in Brantford, Ontario, Canada, last May. Photo: Cole Burston/AFP via Getty Images

Indigenous leaders in Canada's western province of British Columbia said Tuesday they believe they've found 93 unmarked graves near a former boarding school.

The big picture: Hundreds of mass graves have been found at the grounds of former residential schools for Indigenous children since last May, when the remains of 215 children were uncovered at one such site in B.C.