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A Tesla charging station in Tianjin, China. Photo: VCG via Getty Images

Tesla is upping the price of its cars in China after Beijing hit American auto imports in its retaliatory tariffs on $34 billion worth of U.S. goods.

The big picture: Tesla is the latest company to take a hit in President Trump's trade war, which economists say could hurt American farmers and other automakers around the world.

The details:

  • The price of Tesla's cheapest car in China, the Model S, is going up 20% — or $20,000 a piece — to $128,500. The price of the more expensive Model X is going up by $40,000 per unit to $240,000, reports CNNMoney.
  • Tesla just lowered prices in China earlier this summer after Beijing cut foreign auto tariffs from 25% to 15%, but now prices are going up again.
  • While some firms, like Ford, said it has no plans raise prices on consumers and will absorb the entire impact of tariffs, Tesla said it was unable to do so.

What to watch: Trump is threatening to escalate the global auto war by imposing tariffs on the U.S.'s foreign auto imports using the national security justification (Section 232). Leading car manufacturers like GM, Honda, Toyota, and BMW have warned against the impact of such a move, per Business Insider.

Go deeper

Senate confirms retired Gen. Lloyd Austin as defense secretary

Photo: Greg Nash-Pool/Getty Images

The Senate voted 93-2 on Friday to confirm retired Gen. Lloyd Austin as secretary of defense. Sens. Mike Lee (R-Utah) and Josh Hawley (R-Mo.) were the sole "no" votes.

Why it matters: Austin is the first Black American to lead the Pentagon and President Biden's second Cabinet nominee to be confirmed.

House will transmit article of impeachment to Senate on Monday, Schumer says

Photo: Drew Angerer/Getty Images

Senate Majority Leader Chuck Schumer (D-N.Y.) announced that the House will deliver the article of impeachment against former President Trump for "incitement of insurrection" on Monday.

Why it matters: The Senate is required to begin the impeachment trial at 1pm the day after the article is transmitted.

Dan Primack, author of Pro Rata
2 hours ago - Politics & Policy

Private equity bets on delayed tax reform in Biden administration

Illustration: Brendan Lynch/Axios

In normal times, private equity would be nervous about Democratic Party control of both the White House and Congress. But in pandemic-consumed 2021, the industry seems sanguine.

Driving the news: Industry executives and lobbyists paid very close attention to Treasury Secretary nominee Janet Yellen's confirmation hearings this week, and came away convinced that tax reform isn't on the near-term agenda.