Jul 30, 2018

Report: Bailing out Trump's trade war could cost $39B

Shipping containers at Dachan Bay Terminals in Shenzhen, Guangdong Province of China. Photo: VCG

The Trump administration bailing out all the industries affected by the president’s escalating trade war could cost American taxpayers $39 billion, according to the U.S. Chamber of Commerce’s analysis.

Flashback: Agriculture Secretary Sonny Perdue last week announced details of an emergency plan to extend $12 billion in aid to farmers who produce certain goods like soybeans, prompting rebukes from farm state Republican lawmakers in Congress.

Details: The Chamber compared the farmers' aid amount to the total number of exports affected by tariffs, then applied that calculation across other affected industries.

"The best way to protect American industries from the damaging consequences of a trade war is to avoid entering into a trade war in the first place. The administration’s focus should be expanding free trade and removing these harmful tariffs, not allocating taxpayer’s money to only marginally ease the suffering for some of the industries feeling the pain of the trade war."
— Neil Bradley, the Chamber's executive vice president and chief policy officer

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Coronavirus spreads to more countries, and South Korea ups its case count

Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC, and China's Health Ministry. Note: China numbers are for the mainland only and U.S. numbers include repatriated citizens.

The novel coronavirus continues to spread to more nations, and the U.S. reports a doubling of its confirmed cases to 34 — while noting those are mostly due to repatriated citizens, emphasizing there's no "community spread" yet in the U.S. South Korea's confirmed cases jumped from 204 on Friday to 433 on Saturday.

The big picture: COVID-19 has now killed at least 2,362 people and infected more than 77,000 others, mostly in mainland China. New countries to announce infections recently include Israel, Lebanon and Iran.

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Centrist Democrats beseech 2020 candidates: "Stand up to Bernie" or Trump wins

Bernie Sanders rallies in Las Vegas, Nevada on Feb. 21. Photo: Mario Tama/Getty Images

Center-left think tank Third Way urgently called on the Democratic front-runners of the 2020 presidential election to challenge Sen. Bernie Sanders on the South Carolina debate stage on Feb. 25, in a memo provided to Axios' Mike Allen on Saturday.

What they're saying: "At the Las Vegas debate ... you declined to really challenge Senator Sanders. If you repeat this strategy at the South Carolina debate this week, you could hand the nomination to Sanders, likely dooming the Democratic Party — and the nation — to Trump and sweeping down-ballot Republican victories in November."

Situational awareness

Warren Buffett. Photo: Daniel Zuchnik/WireImage

Catch up on today's biggest news:

  1. Warren Buffett releases annual letter, reassures investors about future of Berkshire Hathaway
  2. Greyhound bars immigration sweeps
  3. U.S. military officially stops offensive operations in Afghanistan
  4. America's future looks a lot like Nevada
  5. Centrist Democrats beseech 2020 candidates: "Stand up to Bernie" or Trump wins