Apr 6, 2018

Axios PM

By Mike Allen
Mike Allen

Situational awareness: Facebook announced today that only authorized advertisers, who can confirm their identity and location, will be able to run "issue ads," or ads that advocate for a certain political cause. Go deeper.

1 big thing: Markets aren't loving the Chinese standoff
Expand chart
Data: Yahoo Finance; Chart: Axios Visuals

As the wisdom goes, don't check your 401(k) today. The Dow was off 572 points amid a number of increasing fears.

Axios editor Dan Primack names two:

  • Interest rates: Fed chair Jay Powell said that he remains committed to gradual rate hikes. This was as expected, but there was some hope that recent stock market declines and weaker-than-expected March jobs numbers could convince the Fed to slow down.
  • Trade wars: President Trump's late Thursday threat of another $100 billion in tariffs on Chinese imports, combined with China's bombastic reply and confusing comments from both Treasury Sec. Steve Mnuchin and new Trump economic advisor Larry Kudlow.

The big question on trade, asked by the N.Y. Times' Keith Bradsher: "Which country is more willing to endure short-term pain on trade for the long-term gain of playing a leading role in industries like robotics, aerospace, pharmaceuticals, electric cars, artificial intelligence and more."

The bottom line, by Axios' Bill Bishop: "China is willing to make some concessions, though none that jeopardize its "Made in China 2025" plan. Those betting Beijing will just crumple in the face of U.S. pressure will likely be very disappointed."

2. What you missed

Larry Kudlow participates in a TV interview outside the White House. Photo: Alex Wong/Getty Images

  1. Trump is skipping the White House Correspondents Association annual dinner. Statement.
  2. The U.S. economy added 103,000 new jobs in March and the unemployment rate held at 4.1%. Economists surveyed by Bloomberg expected 185,000 new jobs, the unemployment rate falling to 4%. Tweet analyses.
  3. The U.S. Treasury Department is sanctioning 7 Russian oligarchs and 12 companies the oligarchs own or control for their “ongoing and increasingly brazen malign” activity. More.
  4. 13 congressional districts have shifted left ahead of November midterm elections, according to the Cook Political Report. Deeper.
  5. Retiring Rep. Trey Gowdy told Vice News' Michael C. Moynihan that he felt being in Congress was largely a waste of time, as it was bogged down by "ineffectiveness." Video.
3. 1 unplugged thing

A New York City Council member wants to "bar employers from requiring employees to respond to non-emergency emails, texts and other digital communications outside regular work hours," the AP reports.

  • "It would also outlaw retaliating against workers who choose to unplug.
  • "[B]ill sponsor Rafael Espinal, a Democrat who represents parts of Brooklyn, said the legislation is needed because the city that never sleeps isn’t supposed to be the city that never stops working."
  • “Work has spilled into our personal lives,” he said. “We’re always connected to our phones or to a computer once we leave the office.”
Mike Allen