Police block people attempting to enter a road leading to the now-former U.S. Consulate, as the American flag has been lowered in Chengdu, China. Photo: Noel Celis/AFP via Getty Images

Chinese officials announced they've lowered the American flag and taken over the U.S. consulate in Chengdu, the capital of southwestern China's Sichuan province, per AFP.

The big picture: The closure marks a tit-for-tat move by Chinese authorities after the forced shuttering of China's consulate in Houston by U.S. officials. Chengdu is a secondary diplomatic outpost for the U.S. — much like Houston was for China.

Go deeper

Sep 7, 2020 - World

China launching data security initiative to counter U.S. tech blockade

China's Foreign Minister Wang Yi, who is reportedly scheduled to announce the country's new data security initiatvie, in Berlin, Germany on Sept. 1. Photo: Peng Dawei/Xinhua via Getty Images

China is set to announce its own global data security initiative on Tuesday, the Wall Street Journal reports, citing people briefed on the issue.

Why it matters: China's effort is aimed at countering U.S. attempts to bar Chinese technology from other countries, most recently through the Clean Network program announced last month, WSJ reports.

Dion Rabouin, author of Markets
Sep 8, 2020 - Economy & Business

Possible restrictions on Chinese chip exports could do harm to U.S. growth

Data: U.S. Bureau of Economic Analysis; Chart: Axios Visuals

The Trump administration's trade war with China and the coronavirus pandemic have crippled U.S. exports this year and could worsen as the administration reportedly is considering export restrictions on China’s most advanced manufacturer of semiconductors.

Where it stands: The U.S. trade deficit has risen to its highest since July 2008 and U.S. exports of goods and services as a percentage of GDP shrank to the lowest level since 2003 in the second quarter.

Dion Rabouin, author of Markets
41 mins ago - Politics & Policy

Wall Street fears stimulus is doomed

Illustration: Sarah Grillo/Axios

The fight over a new Supreme Court justice will take Washington's partisan bickering to a new level and undermine any chance for needed coronavirus relief measures before November's election, Wall Street analysts say.

What we're hearing: "With the passing of Justice Ginsburg, the level of rhetorical heat has increased, if that seemed even possible," Greg Staples, head of fixed income for the Americas at DWS Group, tells Axios in an email.

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