Photo: Justin Sullivan/Getty Images

Ford intends to cut 12,000 jobs in Europe by the end of 2020 as part of a broader plan to reduce costs, reports Reuters.

The big picture per Axios' Joann Muller: Brexit and stiff new emissions rules set to take effect in the near term have made the European auto market difficult for carmakers. Ford's cuts are long overdue, but a new alliance with Volkswagen will allow the company to focus on its strengths: SUVs and commercial vehicles.

The backdrop: Ford also announced plans to cut 7,000 salaried, white-collar jobs in the U.S. in May, reports the Washington Post. The auto company hopes to cut operating costs by $25.5 billion over the next few years while also working on an $11 billion redesign, per the Post.

Go deeper: Volkswagen and Ford on cusp of new autonomous vehicle deal

Go deeper

Child care crisis is denting the labor market

Reproduced from Pew Research Center; Chart: Axios Visuals

New data from the Pew Research Center shows that parents are being hit especially hard by the coronavirus pandemic, and as far as job losses go, mothers and fathers are faring equally poorly.

Why it matters: Economists have been warning for months that the pandemic could do long-term damage to the economy as people remain unemployed for longer stretches of time.

Mike Allen, author of AM
1 hour ago - Politics & Policy

Trump-Biden venom on display during final debate

Photos: Brendan Smialowski/AFP via Getty Images; Jim Watson/AFP via Getty Images

Joe Biden twice referred to President Trump as "this guy," and Trump called the former vice president's family "like a vacuum cleaner" for foreign money.

Why it matters: The personal venom — during Thursday's final presidential debate, in Nashville — was a reminder that even during a more normal debate, nothing this year is normal.

Dave Lawler, author of World
3 hours ago - World

Special report: Trump's hopes of nuclear deal with Putin come down to the wire

Illustration: Lazaro Gamio/Axios

A surprise offer from Vladimir Putin has the U.S. and Russia once again circling a potential pre-election nuclear deal.

The big picture: The last treaty constraining the U.S. and Russia, New START, is due to expire on Feb. 5, 2021, two weeks after the next U.S. presidential inauguration. For the first time since the height of the Cold War, the nuclear guardrails could come off.

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