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Illustration: Aïda Amer/Axios

The tech industry was scrambling yesterday after President Trump announced plans to impose tariffs on the $300 billion worth of goods the U.S. imports from China annually that are not yet subject to such taxes.

Why it matters: Until now, the U.S. has tried to target the tariffs on items that consumers wouldn't feel as directly, but this new round would appear to hit all manner of everyday goods, including nearly all types of consumer electronics.

Between the lines: The Trump administration announced the moves even as it described recent trade talks with China as "productive." That's leaving many wondering whether the administration actually plans to levy these new taxes.

  • Plus, as this round of tariffs is more likely to be quickly noticed by consumers, the president may be risking disaffection among his base.

Details: Expected to be included in the new tariffs are all the "List 4" items not included in prior rounds, including everything from cellphones, laptops and game consoles to landline telephones, batteries and printer cartridges.

What they're saying:

  • President Trump: "Trade talks are continuing, and during the talks the U.S. will start, on September 1st, putting a small additional Tariff of 10% on the remaining 300 Billion Dollars of goods and products coming from China into our Country. ... We look forward to continuing our positive dialogue with China on a comprehensive Trade Deal, and feel that the future between our two countries will be a very bright one!"
  • Gary Shapiro, CEO of the Consumer Technology Association: "Retaliatory tariffs, whether 10% or 25%, are bad policy. The Trump administration is again taxing the American people in the form of new tariffs on their favorite technology products. Tariffs are taxes paid for by U.S. consumers, not China’s government."
  • Jason Oxman, CEO of tech trade group ITI: "The tariffs already in force have cost American consumers, workers, and businesses of all sizes more than $30 billion. ... We urge the president and his team to direct their focus on striking a long-term deal without using Americans’ wallets as leverage.”

Of note: Although the tariffs would appear to affect nearly all tech products not already covered, companies can seek case-by-case exemptions, something many are likely to do.

  • Several tech companies contacted by Axios, including Apple and Google, declined to comment.

Go deeper: The forever trade war

Go deeper

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Updated 5 mins ago - Economy & Business

How central banks can save the world

Illustration: Aïda Amer/Axios

The trillion-dollar gap between actual GDP and potential GDP is a gap made up of misery, unemployment, and unfulfilled promise. It's also a gap that can be eradicated — if central banks embrace unconventional monetary policy.

  • That's the message from Eric Lonergan and Megan Greene, two economists who reject the idea that central banks have hit a "lower bound" on interest rates. In fact, they reject the idea that "interest rates" are a singular thing at all, and they fullthroatedly reject the idea — most recently put forward by New York Fed president Bill Dudley — that the Fed is "out of firepower."

Why it matters: If Lonergan and Greene are right, then central banks have effectively unlimited ammunition in their fight to increase inflation and employment. They are limited only by political will.

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Illustration: Sarah Grillo/Axios

  1. Health: Large coronavirus outbreaks leading to high death rates — Coronavirus cases are at an all-time high ahead of Election Day — Fauci says U.S. may not return to normal until 2022
  2. Politics: Top HHS spokesperson pitched coronavirus ad campaign as "helping the president" — Space Force's No. 2 general tests positive for coronavirus
  3. World: Taiwan reaches a record 200 days with no local coronavirus cases — Europe faces "stronger and deadlier" wave France imposes lockdown Germany to close bars and restaurants for a month.
  4. Sports: Boston Marathon delayed MLB to investigate Dodgers player who joined celebration after positive COVID test.
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Leon Black says he "made a terrible mistake" doing business with Jeffrey Epstein

Photo illustration: Sarah Grillo/Axios. Photo: Rick Friedman/Corbis/Getty Images

Apollo Global Management CEO Leon Black on Thursday said during an earnings call that he made a "terrible mistake" by employing Jeffrey Epstein to work on personal financial and philanthropic services.

Why it matters: Apollo is one of the world's largest private equity firms, and already has lost at least one major client over Black's involvement with Epstein.