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Photo: Saul Loeb/AFP/Getty Images

The Trump administration will levy 10% tariffs on roughly $200 billion worth of Chinese imports on September 24, and the duty will increase to 25% by the end of the year, the president announced Monday.

Why it matters: The tariffs are the latest blow in an escalating trade conflict between the world's two largest economies. They also come as White House officials try to broker negotiations to end the trade war with Beijing.

The details: About 300 categories were removed from the initial proposed list of items that were set to face tariffs—including smart watches, bicycle helmets, and car seats—but this most recent round will still hit consumer goods.

What to watch: Retaliation from China and backlash from companies on U.S. soil. In anticipation of this announcement, executives have spoken out against the potential impact these tariffs could have on businesses and consumers. Expect more rallying cries from CEOs and trade groups now that the new tariffs are official.

Go deeper

UNC race conscious admissions process upheld by judge

Students walk through the campus of the University of North Carolina at Chapel Hill on Aug. 18, 2020 in Chapel Hill, North Carolina. Photo: Melissa Sue Gerrits/Getty Images

The University of North Carolina at Chapel Hill can continue its race conscious admissions process, a federal judge ruled on Monday.

Why it matters: The case could end up in the Supreme Court after the conservative nonprofit Students for Fair Admissions (SFFA) vowed to appeal the judge's ruling that UNC didn't discriminate against against white and Asian American applicants in its policy that it said was designed to increase diversity.

SEC debunks conspiracy theories about meme stock mania

Photo: Alessia Pierdomenico/Bloomberg via Getty Images

The SEC issued its long-awaited report on the meme stock mania, which downplayed the narrative that a "short squeeze" was the primary driver behind GameStop's historic stock moves — and shot down conspiracy theories about the event.

Why it matters: The postmortem was highly anticipated, largely because of what it could hint about what the regulator thinks should be done in wake of the saga. But the report stopped short of specific policy recommendations.

3 hours ago - Politics & Policy

Breaking Biden's diplomatic logjam

Expand chart
Data: Center for Presidential Transition via Congress.gov; Chart: Will Chase/Axios

The logjam for reviewing and confirming President Biden's ambassadorial picks is finally starting to break.

Why it matters: Biden is far behind his predecessors in the rate at which his ambassadorial picks have been confirmed. The Senate Foreign Relations Committee will hold a series of high-profile hearings and votes this week to finally begin chipping away at the backlog.