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

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Illustration: Aïda Amer/Axios

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  2. U.S.: Total confirmed cases as of 12:15 p.m. ET: 5,324,930 — Total deaths: 168,703 — Total recoveries: 1,796,326 — Total tests: 65,676,624Map.
  3. Health: The coronavirus-connected heart ailment that could lead to sudden death in athletes — Patients grow more open with their health data during pandemic.
  4. States: New York to reopen gyms, bowling alleys, museums.
  5. Business: How small businesses got stiffed — Unemployment starts moving in the right direction.
  6. Politics: Biden signals fall strategy with new ads.

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Vice presidential hopeful Sen. Kamala Harris (D-Calif.) Photo: Drew Angerer/Getty Images

When Democrats next week formally nominate the daughter of an Indian immigrant to be vice president, it'll be perhaps the biggest leap yet in the Indian American community's rapid ascent into a powerful political force.

Why it matters: Indian Americans are one of the fastest-growing, wealthiest and most educated demographic groups in the U.S. Politicians work harder every year to woo them. And in Kamala Harris, they'll be represented in a major-party presidential campaign for the first time.

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Cardiologists are increasingly concerned that coronavirus infections could cause heart complications that lead to sudden cardiac death in athletes.

Why it matters: Even if just a tiny percentage of COVID-19 cases lead to major cardiac conditions, the sheer scope of the pandemic raises the risk for those who regularly conduct the toughest physical activity — including amateurs who might be less aware of the danger.