Photo: Nicholas Kamm/AFP/Getty Images

President Trump joined his top White House economic advisers in downplaying concerns that the U.S. is heading for a recession, telling reporters on Sunday: "I don't see a recession."

Why it matters: The stock market saw a huge sell-off last week after the yield curve inversion, a warning sign that's predated every recession for the past 50 years.

The big picture: White House trade adviser Peter Navarro and the Trump administration's economic adviser Larry Kudlow took to the Sunday morning talk shows in an effort to calm recession concerns.

  • Navarro also denied that tariffs on Chinese goods are hurting American consumers. That's despite reports to the contrary from researchers at leading institutions including the International Monetary Fund, Harvard, the University of Chicago and the Federal Reserve of Boston, Axios' Zachary Basu notes.

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Scoop: Chinese biotech giant's U.S. subsidiary received PPP loan

Chinese biotech company BGI Genomics provided mobile labs for conducting COVID-19 tests at a sports center in Beijing. Photo credit: Xinhua/Chen Zhonghao via Getty Images.

A U.S. subsidiary of Chinese genomics company BGI Group received a loan through the Paycheck Protection Program (PPP), according to data on the program released by the U.S. Treasury Department this week.

Why it matters: BGI's close ties to the Chinese government, which is constructing a massive genetics database of its population, have raised concerns among U.S. officials.

Updated 22 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 10:30 a.m. ET: 12,077,210 — Total deaths: 550,327 — Total recoveries — 6,636,374Map.
  2. U.S.: Total confirmed cases as of 1o:30 a.m. ET: 3,055,491 — Total deaths: 132,310 — Total recoveries: 953,420 — Total tested: 37,431,666Map.
  3. Public health: Cases rise in 33 states — Fauci says states with severe outbreaks "should seriously look at shutting down"
  4. Education: How Trump's push to reopen schools could backfire — College sports stare down a disaster in the fall.
  5. Jobs: 1.3 million Americans filed for unemployment last week.

Supreme Court says Manhattan prosecutors can obtain Trump's financial records

Photo: Saul Loeb/AFP via Getty Images

The Supreme Court ruled Thursday that Manhattan prosecutors can obtain President Trump's financial records — and punted House Democrats' efforts to access similar records to a lower court.

Why it matters: The Manhattan ruling, a 7-2 decision, is a stinging loss for Trump, who has fought relentlessly to keep these records secret.