Apr 26, 2019

U.S. farm equipment purchases drop $900 million amid trade wars

Fourth generation crop farmer John Boyd checks a soybean field for harvesting in Baskerville, Virginia. Photo: Melina Mara/The Washington Post via Getty Images

Farmers and business owners' reluctance to invest in farming equipment has resulted in a $900 million annualized spending drop, Bloomberg reports.

The big picture: This is the steepest decline in farm equipment purchases in 3 years. In February, federal data showed that U.S. farmers in the Midwest were filing for bankruptcy protection at levels the country had not seen for approximately a decade. Last year, farm profits sunk to $69.4 billion — that's half of 2013's $136.1 billion in profits, per Bloomberg. President Trump's trade wars have contributed to the ongoing nosedive in prices and decrease in profits for farmers.

Go deeper: Farmers endure another crushing week as Trump trade war drags on

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Coronavirus dashboard

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Global: Total confirmed cases as of 10 p.m. ET: 857,957 — Total deaths: 42,139 — Total recoveries: 178,091.
U.S.: Leads the world in confirmed cases. Total confirmed cases as of 10 p.m. ET: 188,547 — Total deaths: 3,899 — Total recoveries: 7,068.
Business updates: Should you pay your rent or mortgage during the coronavirus pandemic? Find out if you are protected under the CARES Act.
Public health updates: More than 400 long-term care facilities across the U.S. report patients with coronavirus — Older adults and people with underlying health conditions are more at risk, new data shows.
Federal government latest: President Trump said the next two weeks would be "very painful," with projections indicating the virus could kill 100,000–240,000 Americans.
Coronavirus in custody: Inmates in all U.S. federal prisons are set to enter a 14-day quarantine on April 1. A federal judge on Tuesday ordered U.S. Immigration and Customs Enforcement to release 10 detained immigrants who are at risk of contracting COVID-19 while in confinement.
U.S.S. Theodore Roosevelt: Captain of nuclear aircraft carrier docked in Guam pleaded with the U.S. Navy for more resources after more than 100 members of his crew tested positive.
What should I do? Answers about the virus from Axios experts — What to know about social distancing — Q&A: Minimizing your coronavirus risk.
Other resources: CDC on how to avoid the virus, what to do if you get it.

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World coronavirus updates: UN warns of recession with "no parallel" to recent past

Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC, and China's Health Ministry. Note: China numbers are for the mainland only and U.S. numbers include repatriated citizens and confirmed plus presumptive cases from the CDC

The novel coronavirus pandemic is the "greatest test" the world has faced together since the formation of the United Nations just after the Second World War ended in 1945, UN chief António Guterres said Tuesday.

The big picture: COVID-19 cases surged past 856,000 and the death toll exceeded 42,000 Tuesday, per Johns Hopkins data. Italy reported more than 12,000 deaths.

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Zachary Basu

White House projects 100,000 to 240,000 U.S. coronavirus deaths

President Trump said at a press briefing on Tuesday that the next two weeks in the U.S. will be "very painful" and that he wants "every American to be prepared for the days that lie ahead," before giving way to Deborah Birx to explain the models informing the White House's new guidance on the coronavirus.

Why it matters: It's a somber new tone from the president that comes after his medical advisers showed him data projecting that the virus could kill 100,000–240,000 Americans — even with strict social distancing guidelines in place.

Go deeperUpdated 4 hours ago - Health