Sep 29, 2017

Liberal group highlights corporate worries about Trump

President Trump talks with reporters outside of Air Force One. Photo: Evan Vucci / AP

A new report by a coalition of progressive advocacy groups examined SEC filings from large, publicly-owned corporations and found that many of companies believe the Trump administration could be bad for their business.

Why it matters: Trump has positioned himself as a pro-business president, particularly over taxes, but has faced setbacks with the disbanding of his corporate advisory councils and hawkish rhetoric on trade. This analysis from Trump opponents — headed by the American Federation of Teachers — finds what companies are telling their investors about those concerns.

The report examined all 10-K forms filed with the Securities and Exchange Commission in the seven months following the 2016 election for mentions of the Trump administration. 10-Ks are annual reports filed by publicly-owned or large corporations that summarize financial performance and future risk for investors.

The report documents concerns companies had about changes to the Affordable Care Act, new trade rules that could impact exports and changes to tax code. On the other side, the review found that the companies that believed Trump would help their businesses predominately came from the fossil fuel and banking sectors.

By the numbers: Of the 380 companies that specifically mentioned the Trump administration in their filings, 50.8% believed that the White House's policies would have a negative impact on their business. A little more than a third of companies had neutral mentions — while just 13.4% of companies thought the Trump administration would be positive for their business.

What they're saying: AFT President Randi Weingarten on the group's report: "We knew that Trump was exploiting the anxiety many Americans feel and was further polarizing the communities in which we live and work; now we know that even before his business council disbanded he was causing alarm and anxiety inside the companies he is relying on to fuel economic growth."

Worth noting: There were a few thousand 10-Ks filed by companies within the timeframe examined by the review, so the 380 that mention the Trump administration constitute a pretty small portion of the total number filed — especially because companies can discuss the impact of political policies without mentioning the administration by name.

Go deeper

History's largest lockdown leaves Indian workers stranded, afraid

A migrant worker on the move with his child, in Gurugram, India. Photo: Parveen Kumar/Hindustan Times via Getty

Few moments better capture the world into which we've slipped than the decision of one man to order 1.4 billion into lockdown.

Why it matters: India’s three-week lockdown is the largest ever attempted, and it sparked South Asia's greatest migration since partition in 1947. While the economic effects could be devastating, the public health crisis it's intended to fend off could be more destructive still.

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Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 7 p.m. ET: 782,319 — Total deaths: 37,582 — Total recoveries: 164,565.
  2. U.S.: Leads the world in confirmed cases. Total confirmed cases as of 5 p.m. ET: 161,807 — Total deaths: 2,953 — Total recoveries: 5,595.
  3. Federal government latest: The White House will extend its social distancing guidelines until April 30.
  4. State updates: Rural-state governors say testing is still inadequate, contradicting Trump — Virginia, Maryland and D.C. issue stay-at-home orders to residents, joining 28 other states.
  5. Business latest: Ford and General Electric aim to make 50,000 ventilators in 100 days.
  6. In photos: Navy hospital ship arrives in Manhattan.
  7. What should I do? Answers about the virus from Axios expertsWhat to know about social distancingQ&A: Minimizing your coronavirus risk.
  8. Other resources: CDC on how to avoid the virus, what to do if you get it.

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First U.S. service member dies from coronavirus

Photo: Yasin Ozturk/Anadolu Agency/Getty Images.

The Pentagon on Monday announced the death of a member of the New Jersey National Guard who tested positive for the coronavirus.

Why it matters: It's the first U.S. service member — active, reserve or Guard — to die from the virus, according to the Pentagon. The guardsman passed away on Saturday after being hospitalized for the novel coronavirus on March 21.