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Under cloud of tariffs, a U.S. trade delegation arrives in Beijing

U.S. Secretary of Commerce Wilbur Ross. Photo: Alex Wong/Getty Images

A high-level delegation of U.S. officials led by Commerce Secretary Wilbur Ross is in China to "discuss rebalancing the bilateral economic relationship between the United States and China," according to a White House statement.

Why it matters: On Thursday, the Trump administration announced it will impose tariffs of 25% on steel and 10% on aluminum on countries within the European Union, as well as Canada and Mexico, just months after announcing similar tariffs on China.

This is the second time in a month that the Trump administration has sent an advance team to Beijing to mitigate trade disputes. In May, Treasury Secretary Steve Mnuchin traveled to China in an attempt to negotiate cutting the trade deficit with China by $200 billion by 2020. Last year, the deficit reached an all-time high of $375 billion.

Flashback: As Axios' Jonathan Swan scooped last month, during the trip to China two weeks ago, White House trade adviser Peter Navarro exchanged sharp words with Mnuchin over his decision to participate in one-on-one talks with his Chinese counterpart Liu He.

  • Navarro — a hardliner against China — cursed at Mnuchin and fumed about being shut out of the talks, the sources said. "It stems from his belief that Mnuchin is steering them down the wrong path, policy-wise, with China," said a source familiar with their interactions.

Go deeper: What just happened with Trump's trade moves

Go deeper

Felix Salmon, author of Capital
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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Axios
Updated 24 mins ago - Politics & Policy

Coronavirus dashboard

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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Dan Primack, author of Pro Rata
3 hours ago - Economy & Business

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.

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