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Illustration: Rebecca Zisser/Axios

China announced Friday that it would levy retaliatory tariffs ranging from 5% to 10% on $75 billion of U.S. goods in two batches on Sept. 1 and Dec. 15, per CNBC.

Why it matters, via Axios' Dan Primack: Expectations were that the markets would be focused primarily on Fed Chair Jerome Powell's speech in Jackson Hole this morning, but this news will refocus investors on trade.

  • The tariffs are a direct response to President Trump's announcement earlier this month that the U.S. would levy 10% tariffs on the remaining $300 billion of U.S. imports from China on Sept. 1 — with some of those tariffs pushed back to Dec. 15 to account for the holiday season.

The big picture: China's announcement also included news that it would increase its tariffs on U.S. automobiles back to 25% on Dec. 15. It had slashed those tariffs to 15% — in line with its imports from other countries — last December after progress on the issue during talks between Trump and Chinese President Xi Jinping at the G20.

  • Dow futures had been green all morning, but flipped to red on the news of the tariffs.

The state of play: As Axios' Jonathan Swan reported, the biggest tool Trump has to pump the economy and the markets is a trade deal with China. But if anything, senior administration officials have turned harder against China in recent weeks thanks to national security concerns in Hong Kong and Taiwan — and these retaliatory tariffs aren't going to help.

Go deeper: Trump's China bind

Go deeper

Firefighters end search for bodies at Surfside

A picture in the memorial that has photographs of some of the victims from the partially collapsed 12-story Champlain Towers South condo building on July 15 in Surfside, Florida. Photo by Joe Raedle/Getty Images

Firefighters on Friday concluded their search for bodies at the site of the June 24 collapse of the Champlain Towers South condominium in Surfside, Florida.

Driving the news: 97 people were killed and one woman, Estelle Hedaya, remains missing.

Updated 1 hour ago - Sports

Olympics dashboard

🚨: Team USA closes out Day 1 with no medals for 1st time since 1972

📺: The Olympic events to watch today

🛹: Athlete spotlight - Nyjah Huston hopes to skate his way into Olympic history

🇺🇸: After loss to Sweden, U.S. women's soccer team overwhelms New Zealand

🥇: The six new sports at Tokyo 2020

👻: How the no-spectator Olympics could affect the athletes

💉 About 100 U.S. Olympic athletes are unvaccinated

Go deeper: Full Axios coverage

2 hours ago - Sports

Jill Biden cheers on Team USA at Tokyo Olympics

Jill Biden congratulates U.S. women 3x3 basketball team after the first round 3x3 basketball match. Photo: Mustafa Yalcin/Anadolu Agency via Getty Images

First lady Jill Biden attended three Olympic events on Saturday and hosted a watch party at the U.S. Embassy for the Team USA-Mexico softball game.

Driving the news: On her first day as a spectator at the Games, Biden attended a women's 3x3 basketball game, cheered on American swimmers during preliminary heats and caught the second half of the U.S. women's soccer game against New Zealand.