China's Vice Premier Liu He and President Trump. Photo: Jim Watson/AFP/Getty Images

President Trump urged China Saturday to "act now" on trade or face a "far worse" deal if he were elected for a second term.

Why it matters: The Trump administration increased tariffs on $200 billion of Chinese goods from 10% to 25% overnight on Friday. U.S. trade representative Robert Lighthizer said in a statement Trump "also ordered us to begin the process of raising tariffs on essentially all remaining imports from China," valued to be about $300 billion. China's Commerce Ministry said Wednesday it would retaliate with "necessary countermeasures" if the U.S. increased tariffs.

The big picture: The administration has accused China of "reneging" on its trade commitments, per Axios' Jonathan Swan. China's Vice Premier Liu He denied Beijing had "backtracked" on agreements, saying the 2 countries just had "disagreements over how to write some of the text," the Financial Times reported Saturday, citing Chinese media.

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Photo: Morry Gash/Pool via Getty Images

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Why it matters: This was a for-the-history-books moment in a debate that was mostly headache-inducing noise. Trump failed to condemn racist groups after four months when millions marched for racial justice in the country's largest wave of activism in half a century.

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Shell plans up to 9,000 job cuts by 2022

A Shell station in Brazil. Photo: Rafael Henrique/SOPA Images/LightRocket via Getty Images

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Why it matters: The cuts could amount to over 10% of the company's global workforce, which was 83,000 at the end of 2019.