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Illustration: Sarah Grillo/Axios
The coronavirus crisis has sent U.S.-China relations spiraling, alarming analysts who say the two countries are at their most dangerous point in decades, Axios China reporter Bethany Allen-Ebrahimian writes.
What's happening: A high-level blame game between Washington and Beijing has brought simmering hostilities and mistrust to the surface.
What's at stake: A military accident or strategic miscalculation could quickly spark a conflagration.
What to watch: The Chinese government is now sending medical equipment and advisory teams to countries around the world. The U.S., on the other hand, has made few attempts to lead a global response. If the trend continues, it could mark a major victory in China's bid to be seen as a global leader that can rival the United States.
The coronavirus downturn could cost 5 million or more U.S. jobs, with a loss in gross domestic product of $1.5 trillion, The Wall Street Journal reports.
Illinois and New York state joined California yesterday in ordering all residents to stay in their homes unless they have vital reasons to go out, restricting the movement of more than 70 million Americans — roughly 1 in 5, AP reports.
"Just weeks after cruising to new records, U.S. stocks have sunk more than 30%, ending the longest bull market ever," The Wall Street Journal writes.
The Dow, S&P and tech-heavy Nasdaq Composite are all "down about 30% from their mid-February records," per The Journal.
Above: Parisians synchronize applause for caregivers.
Below: A woman looks on through the window of a nursing home in Vitoria-Gasteiz, Spain.
Above: Ashlee Montague dances in an abandoned Times Square.
Below: Drone photo of a temporary hospital being built on a soccer field outside Seattle in Shoreline, Wash.
Illustration: Sarah Grillo/Axios
Dozens of local newsrooms began laying people off this week out of fear that the economic hit of the coronavirus could severely impact their ad revenue, Sara Fischer and Margaret Harding McGill report.
The Tampa Bay Times (long the St. Pete Times) announced Wednesday that it had laid off 11 journalists.
How it works: Local news businesses depend on ads from bars, restaurants and entertainment venues, "and this evaporates that," says GroupM's Brian Wieser, one of the top advertising industry analysts.
Between the lines: Local and national outlets are beginning to drop their paywalls. But David Chavern, CEO of the News Media Alliance, a newspaper trade association, said there has been no bump in digital subscriptions:
Getting behind an idea from Andrew Ross Sorkin that excited CEOs, the U.S. Chamber of Commerce called on Congress to pass a "bridge loan" program to give federally guaranteed loans to companies with big losses from the pandemic.
PepsiCo announced it'll provide enhanced benefits to all U.S.-based employees (including 100% pay during a 14-day quarantine) and additional compensation to U.S. frontline employees "who make, move and sell products."
📦 "Amazon to Hire 100,000 Warehouse and Delivery Workers [and] will raise pay by $2 an hour for warehouse and delivery employees through April." (WSJ)
🛒 Walmart said it plans to hire 150,000 U.S. hourly workers through the end of May, and many of the jobs will become permanent.
🥤 7-Eleven will add 20,000 jobs.
Tom Brady, 42, signed a two-year contract with the Tampa Bay Buccaneers.
The Tampa Bay Times 'fesses up about its new local celeb:
Of all the predictions in all the stories the Tampa Bay Times has published over the years, few turned out to be as wrong as the first sentence in the first profile we ever wrote about new Bucs quarterback Tom Brady.
"Years after Saturday’s Orange Bowl is over,” Darrell Fry wrote on Dec. 31, 1999, “it’s likely few people will be talking about Michigan quarterback Tom Brady.”
The drive-in theater, long a dwindling nostalgia act in a multiplex world, is experiencing a momentary return to prominence, per AP Film Writer Jake Coyle.
There are just over 300 drive-ins left in the country, compared with 5,500 indoor theaters.
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