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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Treasury blames lenders for PPP disclosure debacle

Illustration: Aïda Amer/Axios

The U.S. Treasury Department is pointing the finger at lenders for errors discovered in Monday's PPP data disclosure.

What they're saying: "Companies listed had their PPP applications entered into SBA’s Electronic Transmission (ETran) system by an approved PPP lender. If a lender did not cancel the loan in the ETran system, the loan is listed," a senior administration official said.

Updated 12 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Eniola Odetunde/Axios

  1. Global: Total confirmed cases as of 10:30 a.m. ET: 11,863,477 — Total deaths: 544,949 — Total recoveries — 6,483,402Map.
  2. U.S.: Total confirmed cases as of 10:30 a.m. ET: 2,996,679 — Total deaths: 131,486 — Total recoveries: 936,476 — Total tested: 36,878,106Map.
  3. Public health: Deaths are rising in hotspots — Déjà vu sets in as testing issues rise and PPE dwindles.
  4. Travel: How the pandemic changed mobility habits, by state.
  5. Education: Harvard and MIT sue Trump administration over rule barring foreign students from online classes.
  6. 🎧 Podcast: A misinformation "infodemic" is here.
Updated 28 mins ago - Politics & Policy

Harvard and MIT sue Trump administration over rule barring foreign students from online classes

A Harvard Law School graduate on campus before attending an online graduation ceremony on May 28. Photo: Craig F. Walker/The Boston Globe via Getty Images

Harvard and MIT on Wednesday filed a lawsuit against the Department of Homeland Security to block federal guidance that would largely bar foreign college students from taking classes if their universities move classes entirely online in the fall.

The big picture: Colleges, which often rely heavily on tuition from international students, face a unique challenge to safely get students back to class during the coronavirus pandemic. Some elite institutions, like Harvard, have already made the decision to go virtual.