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 20 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 3:30 p.m. ET: 18,614,542 — Total deaths: 702,330 — Total recoveries — 11,181,018Map.
  2. U.S.: Total confirmed cases as of 3:30 p.m. ET: 4,793,950 — Total deaths: 157,416 — Total recoveries: 1,528,979 — Total tests: 58,239,438Map.
  3. 2020: Joe Biden will no longer travel to Milwaukee for Democratic convention.
  4. Public health: Florida surpasses 500,000 confirmed casesModerna skirts disclosures of vaccine costs.
  5. Sports: The return of high school sports hangs in the balance — UConn becomes first FBS team to cancel football season.
  6. Education: Chicago Public Schools to begin school year fully remote.
Updated 30 mins ago - World

Beirut explosion: Death toll rises to 135, officials under house arrest

Photo: Anwar Amro/AFP via Getty Images

The death toll from Tuesday's explosion in Beirut, Lebanon has now surpassed 130, including at least one U.S. citizen, amid a search for answers as to why a huge store of ammonium nitrate was left unsecured near the city's port for nearly seven years.

What we know: The government says around 5,000 people are injured. Defense Secretary Mark Esper said current indications are that the massive explosion was accidental, despite President Trump's puzzling claim on Tuesday evening that it appeared to be a bomb attack.

Exclusive: Trump campaign seeks early September presidential debate

Photo: Jim Watson/AFP via Getty Image

The Trump campaign is asking the Commission on Presidential Debates to move up the last presidential debate to the first week in September to get ahead of an expected surge in early voting.

Driving the news: President Trump's personal attorney, former New York City Mayor Rudy Giuliani, made the request in a letter dated Wednesday and obtained by Axios.