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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

Updated 7 mins ago - Sports

Olympics dashboard

Team USA's Simone Biles during the women's team final on day four of the Tokyo 2020 Olympic Games at Ariake Gymnastics Centre on Tuesday in Japan. Photo: Fred Lee/Getty Images

🤸🏾‍♀️: Simone Biles reacts to "love and support" after withdrawing from all-around gymnastics and team finals, citing her mental health

🏃: U.S. pole vaulter Sam Kendricks withdraws from Games after positive coronavirus test

🏊‍♂️: Caeleb Dressel wins gold in men's 100m freestyle —Bobby Finke wins gold in first men's Olympic 800m freestyle

📷: In photos: Tokyo Olympics day 6 highlights

🗓: The Olympic events to watch today

💵: Olympic athletes see more sponsorship opportunities

🏃‍: Female Olympians push back against double standard in uniforms

Go deeper: Full Axios coverage - Medal tracker

Felix Salmon, author of Capital
25 mins ago - Economy & Business

Giant earnings growth for the world's largest companies

Illustration: Aïda Amer/Axios

Never in the history of capitalism have the world's biggest companies grown as fast as the tech giants in recent years.

Why it matters: A series of stunning earnings reports this week — with another one likely to arrive Thursday afternoon, from Amazon — has underscored the astonishing growth among a group of companies that were already some of the most profitable of all time.

Biden administration outlines goals to slow migration

Vice President Kamala Harris speaks during a press conference in Guatemala City on June 7. Photo: Jim Watson/AFP via Getty Images

Vice President Kamala Harris has big goals for improving conditions in Central America to help slow migration from the region toward the United States.

Driving the news: Senior administration officials unveiled five sweeping goals during a call on Wednesday: Bettering economic prospects; rooting out corruption; promoting human rights, labor rights, and a free press; preventing gang violence; and combating sexual, gender-based and domestic violence.