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President Trump tweeted on Sunday that tariffs on $200 billion of Chinese goods will be raised from 10% to 25% on Friday, as trade talks between the U.S. and China progress "too slowly."

For 10 months, China has been paying Tariffs to the USA of 25% on 50 Billion Dollars of High Tech, and 10% on 200 Billion Dollars of other goods. These payments are partially responsible for our great economic results. The 10% will go up to 25% on Friday. 325 Billions Dollars of additional goods sent to us by China remain untaxed, but will be shortly, at a rate of 25%. The Tariffs paid to the USA have had little impact on product cost, mostly borne by China. The Trade Deal with China continues, but too slowly, as they attempt to renegotiate. No!

The backdrop: In February, U.S. trade representative Robert Lighthizer told Congress that the U.S. had temporarily dropped its plans to raise the tariff rate to 25%, as the two sides inched closer to striking a deal.

  • Reality check: Trump has repeatedly claimed that tariffs have caused China to pay billions of dollars to the U.S. treasury. This is incorrect. The tariffs are paid by U.S. importers of affected Chinese goods, not by China's government or by Chinese companies. Importers then either raise costs on consumers, lower their own profit margins or both.

Driving the news: Chinese Vice Premier Liu He — along with a 100+ person delegation — will be in Washington on Wednesday, per the Washington Post, for another round of trade talks. Sources have told CNBC that a trade deal could possibly come as soon as Friday, a day after the latest numbers on the U.S. trade deficit are released, though Trump's latest tweets suggest otherwise.

Go deeper: Grading the impact of Trump's China tariffs

Go deeper

"Neanderthal thinking": Biden slams states lifting mask mandates

States that are relaxing coronavirus restrictions are making "a big mistake," President Biden told reporters on Wednesday, adding: "The last thing we need is Neanderthal thinking."

Driving the news: Texas Gov. Greg Abbott (R) said Wednesday he will end all coronavirus restrictions via executive order, although some businesses are continuing to ask patrons to wear face masks. Mississippi is lifting its mask mandate for all counties Wednesday, per Gov. Tate Reeves (R).

Cuomo: "I am not going to resign"

New York Gov. Andrew Cuomo apologized Wednesday for acting in a way that made women feel "uncomfortable," but insisted that he has "never touched anyone inappropriately" and said he will not resign.

Driving the news: Cuomo reiterated in his first public appearance since sexual harassment allegations surfaced that he will fully cooperate with a team of independent investigators appointed by New York Attorney General Letitia James, but suggested that demands for his resignation from were simply "politics."

Facebook to lift political ad ban imposed after November election

Photo Illustration by Omar Marques/SOPA Images/LightRocket via Getty Images

Facebook will finally allow advertisers to resume running political and social issue ads in the U.S. on Thursday, according to a company update.

The big picture: Facebook and rival Google instituted political ad bans to slow the spread of misinformation and curb confusion around the presidential election and its aftermath.