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Photo: Jim Watson/AFP/Getty Images

Ahead of this week's G20 summit in Argentina, it's clear from an interview President Trump gave The Wall Street Journal — and from Axios' own reporting — that his faith in tariffs is as strong as ever. Trump believes to his core that tariffs work, both to create negotiating leverage and as instruments to improve the U.S. economy, though it's hard to locate many economists who agree with Trump on the latter point.

The bottom line: A former top trade official on Capitol Hill said after reading the interview: "My main takeaway is that maybe Wall Street needs to stop being so optimistic that Trump is going to negotiate away this China thing in the relatively near future. We are in for a long haul."

The interview's key exchange:

  • WSJ's Bob Davis: "[T]he Chinese No. 1 goal in this G-20 is to get you to delay or suspend that [increase in the tariff rate on some Chinese imports from 10 percent to] 25 percent on January 1. ... [A]re you willing to do that?"
  • Trump, who’ll meet Chinese President Xi Jinping at the summit: "I think it would be highly unlikely."

This suggests that, as Trump has been telling people he talks to regularly, he doesn't expect a breakthrough.

  • A breakthrough would mean any kind of deal — even a temporary one — to stop Trump from ratcheting up China tariffs in January, as he’s scheduled to do. 

Go deeper:

Go deeper

1 hour ago - Health

Florida records most new daily COVID cases in state since pandemic began

Nurses bring a portable x-ray machine to a treatment tent outside the emergency department at Holmes Regional Medical Center in Melbourne, Florida, set up to serve as an overflow area as the number of COVID-19 infections surges throughout Brevard County. Photo: Paul Hennessy/SOPA Images/LightRocket via Getty Images

Florida reported 21,683 new COVID-19 cases — the most in the state in a single day since the pandemic began, per data released by the Centers for Disease Control and Prevention on Saturday.

The big picture: Florida is now the U.S. coronavirus epicenter, with the Delta variant driving a surge, Axios Tampa Bay's Ben Montgomery notes.

Updated 4 hours ago - Health

Chart: Less than 0.1% of vaccinated Americans tested positive for COVID-19

Expand chart
Data: CDC and state Covid dashboards. Dani Alberti/Axios

Of the 164 million vaccinated Americans, around 125,000 people have tested positive for breakthrough infections and 0.001% have died, according to state data compiled from state dashboards by NBC and data from the Centers for Disease Control and Prevention.

Why it matters: While "breakthrough cases" have been getting media attention, the low numbers show that the pandemic is mostly a threat for the unvaccinated population.

Biden officials celebrate infrastructure deal in fuel-cell big rig

White House national climate adviser Gina McCarthy and Energy Secretary Jennifer Granholm celebrated progress on President Biden's infrastructure package by taking a spin in a Kenworth fuel-cell, zero-emissions Class A truck.

What they're saying: "We have a deal, a Bipartisan Infrastructure Framework deal," Granholm said. McCarthy responded: "it's big and it's beautiful."