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Photo: Alex Wong/Getty Images

President Trump raised tariffs on $200 billion of Chinese goods from 10% to 25% overnight on Friday, as he threatened to do earlier this week, and could move to impose new tariffs on all Chinese exports to the U.S.

Why it matters: This increase "made clear that Mr. Trump sees tariffs as a winning tactic, both internationally ... and at home with Congress," the Wall Street Journal writes. Beijing said it plans to retaliate to the tariff spike.

What's next: Talks between the U.S. and China are set to resume later today, but "some close observers said they were not hopeful for any meaningful breakthroughs," per Bloomberg.

Go deeper: How tariffs on China could hit the U.S. hard, too

Go deeper

Biden signs order overturning Trump's transgender military ban

Photo: Tom Brenner/Getty Images

President Biden signed an executive order on Monday overturning the Trump administration's ban on transgender Americans serving in the military.

Why it matters: The ban, which allowed the military to bar openly transgender recruits and discharge people for not living as their sex assigned at birth, affected up to 15,000 service members, according to tallies from the National Center for Transgender Equality and Transgender American Veterans Association.

GOP Sen. Rob Portman will not run for re-election, citing "partisan gridlock"

Photo: Drew Angerer/Getty Images

Sen. Rob Portman (R-Ohio) announced Monday he will not run for a third term in the U.S. Senate in 2022, citing "partisan gridlock."

Why it matters: It's a surprise retirement from a prominent Senate Republican who easily won re-election in 2016 and was expected to do so again in 2022, creating an open Senate seat in a red-leaning swing state.

Dan Primack, author of Pro Rata
1 hour ago - Economy & Business

Merger Monday has been overrun by SPACs

Illustration: Aïda Amer/Axios

Five companies this morning announced plans to go public via reverse mergers with SPACs, at an aggregate market value of more than $15 billion. And there might be even more by the time you read this.

The bottom line: SPAC merger activity hasn't peaked. If anything, it's just getting started.