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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

Federal judge orders Trump administration to restore DACA

DACA recipients and their supporters rally outside the U.S. Supreme Court on June 18. Photo: Drew Angerer via Getty

A federal judge on Friday ordered the Trump administration to fully restore the Deferred Action for Childhood Arrivals program, giving undocumented immigrants who arrived in the U.S. as children a chance to petition for protection from deportation.

Why it matters: DACA was implemented under former President Obama, but President Trump has sought to undo the program since taking office. Friday’s ruling will require Department of Homeland Security officers to begin accepting applications starting Monday and guarantee that work permits are valid for two years.

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Politics: Fauci says he accepted Biden's offer to be chief medical adviser "on the spot" — The recovery needs rocket fuel.
  2. Health: CDC: It's time for "universal face mask use" — Death rates rising across the country — Study: Increased testing can reduce transmission.
  3. Economy: U.S. economy adds 245,000 jobs in November as recovery slows — America's hidden depression: K-shaped recovery threatens Biden administration.
  4. Cities: Bay Area counties to enact stay-at-home order ahead of state mandate
  5. Vaccine: What vaccine trials still need to do.
  6. World: UN warns "2021 is literally going to be catastrophic"
  7. 🎧 Podcast: Former FDA chief Rob Califf on the vaccine approval process.
2 hours ago - Health

Bay Area counties to enact stay-at-home order ahead of state mandate

Golden Gate Park. Photo: Justin Sullivan via Getty

Counties around the San Francisco Bay Area will adopt California’s new regional stay-at-home order amid surges in cases and ICU hospitalizations, health officials said Friday.

The big picture: California Gov. Gavin Newsom announced a three-week stay-at-home order on Thursday that would go into effect in regions with less than 15% ICU capacity. Despite the Bay Area’s current 25.3% ICU capacity, health officials from Alameda, Contra Costa, Marin, Santa Clara, San Francisco and the city of Berkeley are moving ahead with a shelter-in-place mandate in the hopes of reducing risk.