May 17, 2019

Trump's cooler trade war

Photo: Saul Loeb/AFP/Getty Images

Friday marked a cool down on the non-China trade war front, providing a glimmer of hope that the global economy can avoid the worst-case scenario of global trade wars.

Driving the news: The White House delayed its auto import tariffs for 6 months, which would have hit Japan and Europe especially hard. The U.S. is also preparing to lift its steel and aluminum tariffs that Trump imposed on Mexico and Canada. The three will focus on preventing cheap imports to North America, the U.S. and Canada said in a joint statement.

Why it matters: It's really hard to manage a worldwide trade war without blowing up the stock market or causing political chaos.

  • A source familiar with Trump’s thinking told Axios' Jonathan Swan he knows that neither Congress nor the markets will tolerate a multi-front trade war right now.
  • "United States officials believed it was not the right time to pursue the tariffs, given fractious trade negotiations with China, which have nearly collapsed, as well as a continuing effort to pass the revised North American trade agreement into law." [NYT]

The other side: China is making clear its intent to fight a prolonged trade war with the U.S.

Go deeper

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 3 a.m. ET: 1,484,811 — Total deaths: 88,538 — Total recoveries: 329,876Map.
  2. U.S.: Total confirmed cases as of 3 a.m. ET: 432,132 — Total deaths: 14,817 — Total recoveries: 23,906Map.
  3. Federal government latest: Top Trump administration officials had been developing a plan to give cloth masks to huge numbers of Americans, but the idea lost traction amid heavy internal skepticism.
  4. States latest: New York has reported more cases than the most-affected countries in Europe. Chicago's Cook County jail is largest-known source of coronavirus in U.S.
  5. Business: One-third of U.S. jobs are at risk of disappearing, mostly affecting low-income workers.
  6. World: WHO Director-General Tedros Adhanom Ghebreyesus urged countries to put politics aside "if you don’t want to have many more body bags.”
  7. Environment: COVID-19 is underscoring the connection between air pollution and dire outcomes from respiratory diseases.
  8. Tech: A new report recommends stimulus spending to help close the digital divide revealed by social distancing.
  9. What should I do? Pets, moving and personal healthAnswers about the virus from Axios expertsWhat to know about social distancingQ&A: Minimizing your coronavirus risk.
  10. Other resources: CDC on how to avoid the virus, what to do if you get it.

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New Zealand sets sights on coronavirus elimination after 2 weeks of lockdown

Prime Minister Jacinda Ardern gives a coronavirus media update at the New Zealand Parliament. Photo: Mark Mitchell - Pool/Getty Images

New Zealand has flattened the curve of novel coronavirus cases after two weeks of lockdown and the next phase is to "squash it," professor Shaun Hendy, who heads a scientific body advising the government on COVID-19, told Axios.

Why it matters: Te Pūnaha Matatini, the Center of Research Excellence hosted by the University of Auckland of which Hendy is director, released research Thursday showing there could've been hundreds more Covid-19 cases were it not for the lockdown — and there's a good chance the strict measures will help stamp out the virus.

Go deeperArrowUpdated 1 hour ago - Health

U.S. coronavirus updates: Death toll surpasses 14,800

Data: The Center for Systems Science and Engineering at Johns Hopkins; Map: Andrew Witherspoon/Axios

The novel coronavirus has now killed more than 2,000 people for the second day in a row, and it's infected more than 432,000 others, per Johns Hopkins data.

Where it stands: More than 14,800 people have died of COVID-19 in the U.S. — including over 4,500 in New York. The state's death toll surged to its highest one-day total on Wednesday — beating the previous day's record. 779 people died in New York in 24 hours. The state has reported more cases than the most-affected countries in Europe.

Go deeperArrowUpdated 2 hours ago - Health