Photo: Nicholas Kamm/AFP/Getty Images

President Trump said on the sidelines of the G7 summit in Biarritz, France, Monday that China has contacted his administration to request for trade talks to resume.

Why it matters: It's a remarkable turnaround, considering how much the long-running trade war has escalated in recent days. Trump made the comments just after global stock markets reeled and China’s yuan currency fell to a fresh 11-year low over the situation, Reuters notes.

Catch up quick: Trump said Friday he would raise tariffs against China, hours after the Chinese government announced it would levy retaliatory duties on earlier U.S. action.

  • White House press secretary Stephanie Grisham clarified Sunday that when Trump told reporters that he "might as well" have "second thoughts" about escalating the trade war, he meant he "regrets not raising the tariffs higher."
  • Trump told reporters that he had "no plans right now" to follow through on his emergency declaration threat to force U.S. companies to leave China but added, "If I want, I could declare a national emergency.
  • China declared just 2 days ago it would continue fighting the trade war "until the end."

What they're saying: Reuters reported earlier Monday that China's economy czar, Vice Premier Liu He, said at a tech conference in southwest Chongqing that the Chinese government was "willing to resolve the issue through consultations and cooperation in a calm attitude and resolutely oppose the escalation of the trade war."

"We believe that the escalation of the trade war is not beneficial for China, the United States, nor to the interests of the people of the world."
— Liu He comments, translated by Reuters

Editor's note: This article has been updated with new details throughout.

Go deeper:

Go deeper

Quibi says it's shutting down

Photo: Igor Golovniov/SOPA Images/LightRocket via Getty Images

Quibi, the mobile-only video subscription streaming service, is shutting down, the company announced Wednesday. The company said the decision was made to preserve shareholder equity.

Why it matters: Quibi had struggled to hit its subscriber growth targets amid the global pandemic. The app launched six months ago.

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Politics: Senate Democrats block vote on McConnell's targeted COVID relief bill McConnell urges White House not to strike stimulus deal before election.
  2. Economy: Why the stimulus delay isn't a crisis (yet).
  3. Health: New York reports most COVID cases since MayStudies show drop in coronavirus death rate — The next wave is gaining steam.
  4. Education: Schools haven't become hotspots — San Francisco public schools likely won't reopen before the end of the year.
  5. World: Spain becomes first nation in Western Europe to exceed 1 million cases.
3 hours ago - Podcasts

House antitrust chair talks USA vs. Google

The Justice Department filed a 63-page antitrust lawsuit against Google related to the tech giant's search and advertising business. This comes just weeks after the House subcommittee on antitrust issued its own scathing report on Google and other Big Tech companies, arguing they've become digital monopolies.

Axios Re:Cap talks with Rep. David Cicilline (D-R.I.), chair of the subcommittee on antitrust, about Google, the DOJ's lawsuit and Congress' next move.

Get Axios AM in your inbox

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Subscription failed
Thank you for subscribing!