President Trump during a rally in Panama City Beach, Florida, Wednesday. Photo: Scott Olson/Getty Images

China's Commerce Ministry said in a statement on its website Wednesday it would retaliate with "necessary countermeasures" if the U.S. increased tariffs.

Details: It's comments came as President Trump told supporters at a rally in Panama City Beach, Florida, he was introducing the tariffs because China "broke the deal" in the ongoing trade talks. "[T]he vice premier tomorrow is flying in — good man — but they broke the deal," he said, referring to China's chief negotiator, Liu He, who's due to be in Washington, D.C., Thursday. "They can't do that, so they'll be paying."

Why it matters: Trump has threatened to increase tariffs on Chinese goods from 10% to 25%. His administration has accused China of "reneging" on its trade commitments, per Axios' Jonathan Swan. On top of this, the United States Navy said Thursday a U.S.-guided missile destroyer conducted naval drills with Japan, India and the Philippines in a waterway claimed by China in the contested South China Sea, per Reuters.

The big picture: Trump said he "won't back down until China stops cheating our workers and stealing our jobs." Trump's speech prompted Chris Rupkey, managing director and chief financial economist at global financial group MUFG, to write a note warning of the market dangers of using such rhetoric, CNBC reports.

"We are not sure who the president is addressing tonight in a campaign rally, but he is sure scaring the daylights out of the financial markets."

Go deeper:

Go deeper

Deadly Hurricane Zeta churns inland after lashing Louisiana

A satellite image of Hurricane Zeta. Photo: National Hurricane Center/NOAA

Hurricane Zeta has killed at least one person after a downed power line electrocuted a 55-year-old in Louisiana as the storm moved into Alabama overnight.

What's happening: After "battering southeastern Louisiana and southern Mississippi," it began lashing Alabama late Wednesday, per the National Hurricane Center.

52 mins ago - World

Taiwan reaches a record 200 days with no local coronavirus cases

Catholics go through containment protocols including body-temperature measurement and hands-sanitisation before entering the Saint Christopher Parish Church, Taipei City, Taiwan, in July. Photo: Ceng Shou Yi/NurPhoto via Getty Images

Taiwan on Thursday marked no locally transmitted coronavirus cases for 200 days, as the island of 23 million people's total number of infections reported stands at 550 and the COVID-19 death toll at seven.

Why it matters: Nowhere else in the world has reached such a milestone. While COVID-19 cases surge across the U.S. and Europe, Taiwan's last locally transmitted case was on April 12. Experts credit tightly regulated travel, early border closure, "rigorous contact tracing, technology-enforced quarantine and universal mask wearing," along with the island state's previous experience with the SARS virus, per Bloomberg.

Go deeper: As Taiwan's profile rises, so does risk of conflict with China

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Politics: Biden ahead in Wisconsin, Michigan as cases surge in the Midwest.
  2. Health: Fauci says U.S. may not return to normal until 2022 — Trump's testing czar: Surge "is real" and not just caused by more tests Some coronavirus survivors have "autoantibodies."
  3. Business: Consumer confidence sinking Testing is a windfall.
  4. World: Europe faces "stronger and deadlier" wave France imposes lockdown Germany to close bars and restaurants for a month.
  5. Sports: Boston Marathon delayed MLB to investigate Dodgers player who joined celebration after positive COVID test.