Jan 3, 2019

Trump economic adviser expects "heck of a lot" of earnings downgrades

Courtenay Brown

Kevin Hassett, the chairman of President Trump's Council of Economic Affairs, told CNN on Thursday that a "heck of a lot of companies" that do business in China will see a hit to their earnings until the U.S. and China negotiate a trade deal.

Why it matters: On Wednesday, Apple slashed its revenue expectations due in part to a slowing Chinese economy, which CEO Tim Cook said was exacerbated by the ongoing trade war. In recent weeks, the White House has started to publicly acknowledge the damage tariffs could do to the U.S. economy. Trump told a Cabinet meeting this week that markets will improve "once we settle trade issues" and Hassett told CNN that corporations' "sales will recover" with a China trade deal.

Go deeper: The Chinese role in Apple's seismic iPhone warning

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Axios

Louisiana governor says state will run out of ventilators on April 9

Louisiana Gov. John Bel Edwards said on CNN's "State of the Union" Sunday that modeling projects his state will run out of ventilators for coronavirus patients on April 9 and hospital beds on April 11.

Why it matters: New York is the only state in the country with a worse per-capita death rate than Louisiana, where around 12,500 people have been infected and 409 have been killed.

Go deeperArrow8 mins ago - Health
Axios

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 9 a.m. ET: 1,216,422 — Total deaths: 65,711 — Total recoveries: 252,478 — Map.
  2. U.S.: Total confirmed cases as of 9 a.m. ET: 312,245 — Total deaths: 8,503 — Total recoveries: 15,021 — Map.
  3. Public health latest: CDC launches national trackers and recommends face coverings in public. Federal government will cover costs of COVID-19 treatment for uninsured. The virus is hitting poor, minority communities harder and upending childbirth.
  4. 2020 latest: "We have no contingency plan," Trump said on the 2020 Republican National Convention. "We're having the convention at the end of August."
  5. Business updates: Restaurants step up for health care workers. Employees are pressuring companies to provide protections during coronavirus.
  6. Oil latest: Monday meeting among oil-producing countries to discuss supply curbs is reportedly being delayed amid tensions between Saudi Arabia and Russia.
  7. Education update: Many college-age students won't get coronavirus relief checks.
  8. What should I do? Pets, moving and personal health. Answers about the virus from Axios experts — What to know about social distancing — Q&A: Minimizing your coronavirus risk.
  9. Other resources: CDC on how to avoid the virus, what to do if you get it.

Subscribe to Mike Allen's Axios AM to follow our coronavirus coverage each morning from your inbox.

Keep ReadingArrowUpdated 56 mins ago - Politics & Policy
Mike Allen

Trump sees "sooner rather than later" return of pro sports

Photo: Sarah Silbiger/Getty Images

President Trump predicted yesterday that the Republican National Convention will open as scheduled in Charlotte on Aug. 24 — "We have no contingency plan" — setting a new bar for a phased return to business in America.

The big picture: With the virus peak for New York projected as Thursday, and for the nation as April 15 (a week from Wednesday), Trump continued trying to leaven dire warnings with a sunny streak.

Go deeperArrow1 hour ago - Sports