The Trump administration will levy 10% tariffs on roughly $200 billion worth of Chinese imports on September 24, and the duty will increase to 25% by the end of the year, the president announced Monday.
Why it matters: The tariffs are the latest blow in an escalating trade conflict between the world's two largest economies. They also come as White House officials try to broker negotiations to end the trade war with Beijing.
President Trump said Monday that he will make an announcement about U.S.-China trade talks after the stock market closes at 4 p.m.
Why it matters: It's widely expected that the White House will announce a new round of tariffs on Chinese goods. Importantly, the U.S. decided to remove a category from the tariffs list that would have meant higher costs for products including Apple's Apple Watch and AirPods.
An announcement about additional tariffs on Chinese goods is imminent, White House economic advisor Larry Kudlow said on Monday, adding that President Trump has "not been satisfied" with trade negotiations with China.
Why it matters: There have been reports that the Trump administration was moving ahead with tariffs on $200 billion in Chinese goods, and Kudlow said recent stories about the trade war escalation have been "more or less correct."
The conservative Judicial Crisis Network will launch a $1.5 million ad blitz Monday featuring a female friend of Brett Kavanaugh who has known him for over three decades and attended Yale with him as an undergraduate in an effort to defend his character following allegations that he sexually assaulted a woman while in high school.
Why it matters: What appeared to be a slam-dunk confirmation process for Kavanaugh is being derailed by the allegation — just days before the Senate Judiciary Committee was expected to vote on his nomination.
West Coast billionaires in tech and venture capital are buying up historic print titles in an effort to spread their idealistic ambitions to media.
Why it matters: The deals are helping to shift the reins of power in media from the old guard of East Coast publishing dynasties to wealthy, West Coast elites with new money.
Marc Benioff, the co-founder of Salesforce.com, and his wife Lynne have bought Time Magazine from Meredith Corp. for $190 million, Benioff confirmed to Axios.
The details: The purchase, first reported by the Wall Street Journal, comes less than a year after Iowa-based Meredith Corp. acquired Time Inc. for $2.8 billion. CNN's Brian Stelter reports that the Benioffs will not be involved in day-to day editorial functions. Benioff confirmed the purchase in a tweet, saying, "We have deep respect for their organization & honored to be stewards of this iconic brand."
Beijing is considering rejecting an offer from the White House for additional trade talks later this month amid reports that the Trump administration plans to impose new tariffs on $200 billion in Chinese goods, The Wall Street Journal reports.
The big picture: Treasury Secretary Steven Mnuchin had invited China's senior economic official Liu He to return to Washington. Axios contributor Bill Bishop predicted that Liu might decline: "It's going to take a lot of backchannel reassurances and promises to get Liu back to D.C. The Chinese understand that there's disagreement among Trump's top advisers and Liu has been humiliated on two recent trips to D.C."
Steve Bannon says he thinks Time's Up, started in Hollywood and aimed at protecting women against sexual harassment in all workplaces, is "the single most powerful potential political movement in the world," per AP.
"I'm quite shocked that the #MeToo movement hasn't cut through corporate America with a bigger scythe, because I think there's a lot of potential there."
— Bannon at The Economist's inaugural Open Future Festival.
