Situational awareness: "A relentless nor'easter pounded the Atlantic coast... Airlines canceled more than 2,800 flights, mostly in the Northeast... The Eastern Seaboard was hammered by wind gusts exceeding 50 mph, with possible winds of 80 to 90 mph on Cape Cod." [AP]
1 big thing: How a trade war could hit the 🌎
Economists are warning of a potentially sharp hit to the global economy and markets, spurred by President Trump's imposition of steel and aluminum tariffs, Axios Future of Work editor Steve LeVine notes.
An immediate example: Europe is preparing 25% tariffs on U.S. goods from Levi's to Harley Davidson bikes in a sign of brewing retaliation.
How a tariff retaliation back-and-forth could hit the global economy:
- Prolonged stock market declines triggered by a low-grade exchange of high tariffs, John Ferguson, director of global forecasting for the Economist Intelligence Unit, tells Axios.
- Companies pull back capital spending plans.
- Consumers curtail their spending because they have less money in their pocket than expected.
- Global GDP growth suffers due to its reliance on capital and consumer spending.
2. What you missed
- Destroying Jared Kushner: Axios CEO Jim VandeHei narrates the slow bleed of Kushner by people inside and outside the White House. The 5 acts.
- More on Kushner: Axios' Dan Primack digs into the N.Y. Times story on the loans the Kushner business received after a company's visit to the White House, and struggles to find a smoking gun.
- A leading Wall Street bank downgraded Walmart's shares today, as Amazon is instead extending its already-towering dominance of the market. More.
- Delta doubles down on NRA decision: "Our decision was not made for economic gain and our values are not for sale," CEO Edward Bastian said.
- British P.M. Theresa May outlined her Brexit vision What she said.
3. 1 fun thing
One example pops out from the The Wall Street Journal exploration of employees with workplace tattoos:
- "In 2014, the former New York Times executive editor Jill Abramson for her 60th birthday memorialized her nearly two-decade career at the newspaper she grew up reading with her parents..."
- "Jill Abramson for her 60th birthday got tattoos on her back to memorialize her ties with Harvard and the New York Times, where she was executive editor at the time."
- "Ms. Abramson, who was fired two months later, said she had no regrets..."