Nov 18, 2018

4. Trump's trade war means restaurants are bringing the bacon

Photo: Matt Cardy/Getty Images

Chicken is out; pork is in. President Trump’s tariffs are inflating poultry prices while making it cheaper to bring home the bacon.

What's happening: The trade war has reduced pork exports to China and Mexico, Reuters reports, increasing supply in the U.S. In response, grocery stores and restaurants are pushing pork. Wendy’s is selling a burger topped with three strips of bacon, and the Food Lion grocery chain has special deals on pork.

  • Meanwhile, chicken farms are suffering. Poultry giant Tyson Foods missed Wall Street earnings estimates on Tuesday, as its operating income from chicken fell nearly 34%, reports Reuters' Tom Polansek.
  • “With all that pork on the market, it has spilled over to affecting consumers’ demand for chicken," Bill Roenigk, an agricultural economist and consultant for the National Chicken Council, told Polansek.

The big picture: A volley of tariffs between the U.S. and China have knocked U.S. farmers off-kilter, dealing sharp blows to soybean and corn producers.

What’s next: A new trade agreement between the U.S., Mexico, and Canada could restore pork exports to Mexico and put chicken back on the table.

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Humility for forecasters: Jobs shocker is record miss

President Trump speaking in the Rose Garden following the release of the jobs report on May 5, 2020. Photo: Jonathan Newton/The Washington Post via Getty Images

Economists were projecting that May's jobs figures would show a loss of 8 million jobs and an unemployment rate approaching 20% — Great Depression territory.

The state of play: Instead, a record 2.5 million workers were added, and unemployment fell to 13.3% from April's post-World War II high of 14.7%.

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Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 10 a.m. ET: 6,772,361 — Total deaths: 395,703 — Total recoveries — 2,772,730Map.
  2. U.S.: Total confirmed cases as of 10 a.m. ET: 1,898,401 — Total deaths: 109,137 — Total recoveries: 491,706 — Total tested: 19,231,444Map.
  3. Public health: Fauci: "Very concerned" about spread of coronavirus amid George Floyd protests — Cities offer free coronavirus testing amid protests
  4. Sports: How coronavirus could reshuffle the sports calendar.
  5. Jobs: Better-than-expected jobs report boosts stock market.

Trump's week of viral quicksand

Data: NewsWhip; Chart: Andrew Witherspoon/Axios

Stories about President Trump's photo op at St. John's church after peaceful protesters were forcefully cleared from the area averaged the most online attention of any issue about the president this week.

Why it matters: Trump's force-over-compassion approach to the demonstrators protesting the murder of George Floyd had Republican allies backpedaling to keep a distance — and led to a wave of condemnations that got plenty of online traction on their own.