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Situational awareness: The U.S.-China talks Friday did not reach a deal, so tariffs increased at 12:01am this morning. The Chinese have promised "countermeasures" but have not yet announced anything specific.

Some personal news: This is my last issue of Axios China. Thanks for reading the last 18 months. I look forward to continuing to contribute to Axios coverage of China, and you can catch my regular writing on China by signing up for Sinocism here. For more Axios coverage of international issues you can sign up for Axios World here.

Thanks for reading, and make sure you are reading all of Axios' excellent newsletters.