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🎙"The sun is gone, but I have a light.." - See who said it and why it matters at the bottom.
Concern about President Trump's tariffs on U.S imports grew to record high levels among Americans last month, particularly as more lost their jobs and concern about the coronavirus increased.
Driving the news: About seven in 10 people said they were at least somewhat concerned about tariffs in March, according to the latest survey from CivicScience provided first to Axios.
Why it matters: As the Fed has cut U.S. interest rates to zero and provided trillions of dollars in support to markets, and Congress approved a $2.2 trillion relief package, the tariffs have offset some of that support by adding a massive tax on American businesses and individuals, experts say.
The big picture: The tariffs have wiped out the lion's share of average American household savings from the 2017 tax cut, as Bloomberg noted in June.
How it works: "The stimulus bill includes $290 billion in direct checks to consumers, but a lot of that will be going right back to the Treasury due to tariffs," Kapfidze says.
Reality check: The administration reportedly has been considering an executive order that would defer tariff payments on some imports for 90 days, while leaving in place tariffs on European and Chinese imports.
Where it stands: The administration did issue exclusions from the extra tariffs imposed on certain Chinese-made items such as gloves and surgical masks, but even those remain subject to tariffs from U.S. Customs and Border Patrol.
An International Labour Organization report found the COVID-19 crisis is expected to wipe out 6.7% of working hours globally in the second quarter of 2020. (ILO)
Senate Majority Leader Mitch McConnell said he will work to provide as much as $250 billion in additional money to help small businesses but GOP aides warn it’s unlikely a "phase four" relief bill will pass before May. (The Hill)
Despite an announcement from the White House that 178,000 loans totaling $50 billion had been approved, bankers, small-business owners and others participating in the Paycheck Protection Program say very little of that has reached companies seeking the cash. (N.Y. Times)
After largely ignoring the coronavirus outbreak in January, news about the pandemic has been just about the only thing that has mattered to investors since the market's initial fall from record highs on Feb. 23.
Watch this space: “Risk to the downside is greater than the opportunity to the upside from this point where we stand today,” Goldman Sachs chief equity strategist David Kostin told CNBC on Tuesday.
Illustration: Eniola Odetunde/Axios
Public transit systems across the country are experiencing a painful trifecta: Ridership has collapsed, funding streams are squeezed, and mass transit won't bounce back from the pandemic nearly as fast as other modes of transportation, Axios' Kim Hart writes.
Why it matters: Transit agencies could see an annual shortfall of as much as $38 billion due to the coronavirus pandemic, according to TransitCenter. At the same time, they're more important than ever, with more than 36% of essential workers relying on public transportation to get to work.
Between the lines: Most public transit systems are operating at only 10% capacity — with skeletal schedules with minimal crews — to transport essential workers to their jobs at hospitals, medical centers, pharmacies and grocery stores, per Paul Skoutelas, CEO of the American Public Transportation Association.
The catch: Skoutelas noted that virtually all systems still have an obligation to provide door-to-door transportation to elderly and disabled passengers who have urgent health care needs.
In the short term, transit experts expect the $2 trillion stimulus package — which allocated $25 billion for public transit agencies — to help agencies maintain minimal levels of service for essential workers.
It may take much longer. After the 9/11 terrorist attack in New York City, it took the subway nearly six years to fully recoup ridership, according to Schwartz, the former New York City traffic commissioner.
Increased demand and export disruptions as a result of the coronavirus outbreak have sent the price of rice sky high in recent weeks.
By the numbers: Rough rice futures tracked on the Chicago Mercantile Exchange rose to their highest in six years, according to FactSet data.
What's happening: Rerouted global supply chains and travel bans in many large Asian countries are adding to the cost of rice delivery, while local populations have been stocking up on the food staple, driving demand higher while constraining supply.
Quote: "The sun is gone, but I have a light."
Why it matters: On April 8, 1994, the body of Kurt Cobain was found lying on the floor of the greenhouse at his home in Seattle. Local radio station KXRX broke the news at 9:40 am.
My top 6 Nirvana songs:
1. "In Bloom"
2. "Lounge Act"
4. "Very Ape"
6. "Teen Spirit"/"Polly" (acoustic)/"All Apologies" (acoustic)/"Love Buzz"/"Rape Me"/"Dumb"/"Marigold"
What are yours? (Note: Nirvana slander will not be tolerated.)