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Photo: Daniel Fung/SOPA Images/LightRocket via Getty Images

President Trump is likely to further raise tariffs to 25% on Chinese imports by Friday, and prices of consumer products could soon spike.

The big picture: Trump has exhausted his options on taxing items that won't affect American consumers. Electronics, toys and shoes have so far been exempt, leaving the manufacturing industry and farmers to bear the brunt of the trade war. This weekend's expansion could change that.

Expand chart
Adapted from a Peterson Institute for International Economics analysis; Chart: Axios Visuals

Estimates show this potential third wave of tariffs will include nearly 3,000 more products that were left off prior lists and an estimated $267 billion of imports, according to a Peterson Institute for International Economics analysis.

Top consumer products affected:

  • Tariffs on toys and sports equipment.
  • Electronics and electrical machinery including smartphones, computers, TVs, fitness trackers, Bluetooth wireless headsets and drones, CNN reports.
  • Footwear like Nike and Adidas.
  • Textiles and clothing. Fast fashion clothing stores and retail stores like Gap and Levis that have several factories along the coast.

What to watch: Trump told reporters on Thursday that China President Xi Jinping sent him a letter and they plan to speak by phone to continue trade talks. Though a deal is still pending, Trump said tariffs are an "excellent" alternative.

Go deeper:

Go deeper

Updated 41 mins ago - World

Mexican President López Obrador tests positive for coronavirus

Mexico's President Andrés Manuel López Obrador during a press conference at National Palace in Mexico City, Mexico, on Wednesday. Photo: Ismael Rosas/Eyepix Group/Barcroft Media via Getty Images

Mexican President Andrés Manuel López Obrador announced Sunday evening that he's tested positive for COVID-19.

Driving the news: López Obrador tweeted that he has mild symptoms and is receiving medical treatment. "As always, I am optimistic," he added. "We will all move forward."

57 mins ago - Politics & Policy

Sarah Huckabee Sanders to run for governor of Arkansas

Sarah Huckabee Sanders at FOX News' studios in New York City in 2019. Photo: Steven Ferdman/Getty Images

Former White House press secretary Sarah Huckabee Sanders will announce Monday that she's running for governor of Arkansas.

The big picture: Sanders was touted as a contender after it was announced she was leaving the Trump administration in June 2019. Then-President Trump tweeted he hoped she would run for governor, adding "she would be fantastic." Sanders is "seen as leader in the polls" in the Republican state, notes the Washington Post's Josh Dawsey, who first reported the news.

Coronavirus has inflamed global inequality

Illustration: Aïda Amer/Axios

History will likely remember the pandemic as the "first time since records began that inequality rose in virtually every country on earth at the same time." That's the verdict from Oxfam's inequality report covering the year 2020 — a terrible year that hit the poorest, hardest across the planet.

Why it matters: The world's poorest were already in a race against time, facing down an existential risk in the form of global climate change. The coronavirus pandemic could set global poverty reduction back as much as a full decade, according to the World Bank.