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Photo: Jabin Botsford/The Washington Post via Getty Images

President Trump, who has deemed himself "a Tariff Man" and made tariffs a centerpiece of his presidential agenda, incorrectly explained how they work during an interview with Fox News' Harris Faulkner.

"We have placed tremendous tariffs on China. When China sends things into America now, they're paying 25% interest on everything they send in."

Reality check: Tariffs are a tax paid by importers — not by exporters. For example, if a Chinese manufacturer charged $10 for a particular product, the American consumer or business purchasing it would have to pay $10 to the seller and an additional $2.50 to the U.S. government (assuming the tariff was 25%). This is not the first time that Trump has incorrectly suggested that revenue from tariffs comes from foreign countries.

Go deeper

Updated 9 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: Large coronavirus outbreaks leading to high death rates — Coronavirus cases are at an all-time high ahead of Election Day — Fauci says U.S. may not return to normal until 2022
  2. Politics: Top HHS spokesperson pitched coronavirus ad campaign as "helping the president" — Space Force's No. 2 general tests positive for coronavirus
  3. World: Taiwan reaches a record 200 days with no local coronavirus cases — Europe faces "stronger and deadlier" wave France imposes lockdown Germany to close bars and restaurants for a month.
  4. Sports: Boston Marathon delayed MLB to investigate Dodgers player who joined celebration after positive COVID test.
Dan Primack, author of Pro Rata
3 hours ago - Economy & Business

Leon Black says he "made a terrible mistake" doing business with Jeffrey Epstein

Photo illustration: Sarah Grillo/Axios. Photo: Rick Friedman/Corbis/Getty Images

Apollo Global Management CEO Leon Black on Thursday said during an earnings call that he made a "terrible mistake" by employing Jeffrey Epstein to work on personal financial and philanthropic services.

Why it matters: Apollo is one of the world's largest private equity firms, and already has lost at least one major client over Black's involvement with Epstein.

4 hours ago - World

Jeremy Corbyn suspended by U.K. Labour Party over anti-Semitism report

Photo: Christopher Furlong/Getty Images

The U.K. Labour Party has suspended its former leader, Jeremy Corbyn, after a watchdog report found that the party failed to properly take action against allegations of anti-Semitism during his time in charge.

Why it matters: It represents a strong break by Keir Starmer, Labour's current leader, from the Corbyn era and one of the party's most persistent scandals.