Director of the National Economic Council Larry Kudlow. Photo: Mandel Ngan/AFP via Getty Images

Hours after President Trump's chief economic adviser Larry Kudlow told reporters that a 90-day trade war truce between the U.S. and China will begin Jan. 1, the White House issued a correction stating that the truce actually began on Dec. 1.

Behind the scenes: Administration officials and China hawks close to the White House were stunned by Kudlow’s comments. The Trump team left Saturday's dinner with Chinese President Xi Jinping on the sidelines of the G20 summit in Buenos Aires and announced to the world the 90-day negotiating clock began immediately. Kudlow’s comments threw that timeline into confusion. I emailed the White House repeatedly to get clarity. It took them until shortly before 6pm to correct the record.

Why it matters: The hawks worry that if Trump allows any further extension of his truce he will get sucked into China’s favorite game: a never ending “strategic economic dialogue” that produces puny concessions and avoids doing anything hard or important like stopping stealing from American companies.

Go deeper: China's stalling pattern pays off

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Trump floats executive action even if stimulus deal is reached

Photo: Samuel Corum/Getty Images

The White House is finalizing a series of executive orders addressing key coronavirus stimulus priorities if negotiations with Congress fall apart, and it's leaving the door open for President Trump to use them even if a deal is reached that doesn't encompass all of his priorities, two administration officials tell Axios.

What we’re hearing: “I wouldn't be surprised that, if something gets left off the table, we’d be like ‘we can take this executive action too and be able to win on it anyway,’” one official said.

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TikTok responds to Trump executive order: "We are shocked"

Photo: Jakub Porzycki/NurPhoto via Getty Images

TikTok said Friday that it was "shocked" by President Trump's executive order that will ban Americans from dealing with ByteDance, its China-based owner, in 45 days.

Why it matters: TikTok argued that Trump's move "risks undermining global businesses' trust in the United States' commitment to the rule of law, which has served as a magnet for investment and spurred decades of American economic growth."

U.S. economy adds 1.8 million jobs in July

Data: Bureau of Labor Statistics; Chart: Axios Visuals

The U.S. added 1.8 million jobs last month, while the unemployment rate fell to 10.2% from 11.1% in June, the Labor Department said on Friday.

Why it matters: The labor market continued to recover but the pace of job growth slowed significantly from June’s 4.8 million job gain, suggesting a stalled improvement as coronavirus cases surged and states pulled back on reopening plans.