Feb 22, 2019

USDA has given farmers $7.7 billion to counter effects of trade war

Photo: Scott Olson/Getty Images

The Department of Agriculture has disbursed a total of $7.7 billion in aid to farmers in an effort to counteract the negative effects of retaliatory tariffs stemming from President Trump's trade war, which have driven down prices and decreased profits, Reuters reports.

The big picture: Low commodity prices have been gouging U.S. farmers' bottom lines for years, exacerbated by increasing agricultural competition from Russia and Brazil. But Trump's trade war is adding salt to the wound, with farmer bankruptcies in the Midwest swelling to decade highs as the dispute with China continues to go unresolved.

Go deeper: Grading the impact of Trump's China tariffs

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Scoop: German foreign minister to travel to Israel with warning on annexation

Heiko Maas. Photo: Michael Kappeler/picture alliance via Getty Images

German Foreign Minister Heiko Maas is expected to travel to Israel next week to warn that there will be consequences if Israeli leaders move forward with plans to annex parts of the West Bank, Israeli officials and European diplomats tell me.

Why it matters: Israeli and European officials agree that if Israel goes ahead with unilateral annexation, the EU will respond with sanctions.

Minneapolis will ban police chokeholds following George Floyd's death

A memorial for George Floyd at the site of his death in Minneapolis. Photo: Steel Brooks/Anadolu Agency via Getty Images

Minneapolis has agreed to ban the use of police chokeholds and will require nearby officers to act to stop them in the wake of George Floyd's death, AP reports.

Why it matters: The agreement between the city and the Minnesota Department of Human Rights, which has launched an investigation into Floyd's death while in police custody, will be enforceable in court.

Better-than-expected jobs report boosts stock market

Data: Yahoo Finance; Chart: Axios

The S&P 500 jumped nearly 3% on Friday after a stronger-than-expected May jobs report showed that an economic recovery could be underway.

The state of play: Stocks have rallied since the worst of the coronavirus sell-off ended in late March and looked past a spate of ugly economic reports — not to mention civil unrest.