Illustration: Aïda Amer/Axios

The financial transactions tax, or FTT, is also known as a "Tobin tax," after James Tobin, the Nobel laureate who proposed a small tax on currency transactions in 1972. It's a popular way of raising revenue: The UK has had such a tax for decades, and there's a good chance that France's existing tax could be extended to encompass the entire EU.

Driving the news: The tax is also popular on the American left, and this week Brian Schatz, a U.S. Democratic senator from Hawaii, proposed his version of it: a flat 0.1% levy on the sale price of all stocks, bonds and derivatives.

  • FTTs are more effective in larger markets, because those taxes are harder to circumvent. If the U.S. simply signed on to the Franco-German proposal, that would create a global tax capable of funding ambitious global climate-change initiatives.
  • An FTT would reduce high-frequency trading, which is an activity loved by precious few. High-speed algorithmic trading contributes to a key risk in the market — that a "flash crash" could wipe out trillions of dollars of wealth in a matter of seconds.

The bottom line: Schatz's bill is not going to pass with this Senate and this president. But as we enter the 2020 race, expect most Democratic candidates to include an FTT on their list of revenue opportunities.

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Updated 17 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 4 p.m. ET: 19,193,661 — Total deaths: 716,735 — Total recoveries — 11,611,029Map.
  2. U.S.: Total confirmed cases as of 4 p.m. ET: 4,918,927 — Total deaths: 160,737 — Total recoveries: 1,598,624 — Total tests: 59,652,675Map.
  3. Politics: White House recommends Trump issue executive orders on coronavirus aid.
  4. Education: Cuomo says all New York schools can reopen for in-person learning.
  5. Public health: Surgeon general urges flu shots to prevent "double whammy" with coronavirus — Massachusetts pauses reopening after uptick in coronavirus cases
  6. World: Africa records over 1 million coronavirus cases — Gates Foundation puts $150 million behind coronavirus vaccine production.

Trump: "We are going a different way" on coronavirus aid

President Trump. Photo: Jim Watsonn/AFP via Getty Images

President Trump tweeted on Friday that his administration is "going a different way" with coronavirus aid after negotiations with congressional Democrats stalled again, suggesting he will use an executive order to address stimulus spending.

What he's saying: "Pelosi and Schumer only interested in Bailout Money for poorly run Democrat cities and states. Nothing to do with China Virus! Want one trillion dollars. No interest. We are going a different way!" Trump tweeted.

Trump's swift, sweeping China offensive

Illustration: Aïda Amer/Axios

President Trump's rhetoric on China has tended to run hotter than his actions — until now.

Why it matters: Even at the height of Trump's trade war, his administration never hit China as hard, as fast, and on as many fronts as it is right now.