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As corporate America takes stock of the damage it finds on April 12, 2020-

270 companies have draw on existing credit lines or added ones for a total $221 billon in new debt.

100 companies furloughing 3 million employees.

Unemployment insurance claims filed by 17 million people.

Airlines, retail and automobiles some of the worst hit industries.

President Trump acted quickly on April 11, to save the oil and gas industry by negotiating cuts with OPEC+ so that oil prices do not collapse at the opening of markets on April 13 from the price of $22  barrel. He also pledged to save Boeing.

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The difference between the banks and the oil companies. The banks are doing better because of support from the central bank, the U.S. Federal Reserve. The oil companies are affected by low oil prices of less than $20. Shale oil companies in America are the worst hit unable to operate at prices this low. The oil deal negotiated by president Trump to get initially 9.7 million barrels a day off the market and with other cuts in supply from Venezuela and Iran about 20 million barrels a day, has not taken the pressure off oil prices, as demand has fallen off even more by over 30 million barrels a day.

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After China's economy shrank by 6.8% in the first quarter the outlook is looking increasingly uncertain. Premier Li Keqiang stated at the start of an annual parliament meeting that China will now scrap the annual economic target due to the huge uncertainty from the coronavirus, and the world economic and trading environment. New tensions over Hong Kong's autonomous status are adding to the trade tensions between the U.S. and China, and tensions over early handling of coronavirus by China. China recently announced new national security legislation for Hong Kong, and Mr. Trump says the U.S. would act "very strongly" against any effort to gain more control over Hong Kong.

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Democrats approach to tax reform is to retain the removal of tax breaks enacted by the Republicans under president Trump. Democrats simply increase the tax rates in their proposals so that $1 trillion net is generated in new tax revenues to finance the nation's infrastructure, to fund the other building blocks of society through social services, and help to struggling middle or lower income classes. Republican 2017 law changed tax rates for corporations from 35% to 21%. This is now seen as too generous leaving little for infrastructure and other essential needs of society such as education, child care and health. Democrats will adjust the tax rates directly.

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Angela Merkel finally reaches an agreement for a coalition government of the CDU, CSU and the SPD parties. Under the agreement the CDU cedes the Finance Ministry to the Social Democrats SPD party, and the Interior Ministry to the CSU which favors a stricter immigration policy. The agreement still needs the consent of the SPD party members in a vote. In addition to the Finance Ministry the Social Democrats will hold the Foreign Affairs Ministry. It means Merkel will have a fourth term as Chancellor, this time in a period roiled by immigration issues and the volatility of the Trump administration in the U.S., ensuring that Germany acts as a stabilizing force in world affairs.

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The Economist looks at the summary of the Mueller Report. The special counsel did not find that the Trump campaign was in collusion with the Russian government in its interference in the 2016 election. 

The Economist points out that Mr. Mueller accomplished the task of cleaning political campaigns of corruption and other questionable behaviour. In the case of Mr. Manafort campaign manager, and Roger Stone, the president's lawyer, Mr. Mueller's investigation set the precedent of how such investigations would take place in the future.  The investigation also looked into candidates business interests, including building a skyscraper in Moscow. This editorial says Mr. Mueller's conduct was exemplary.

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Iranian missiles and drones flying low and close to the ground avoided detection by Saudi and American air defense systems. The missiles and drones hit Saudi oil facilities stopping about half of the Saudi oil production. Iranian cruise missile technology was used for the attack, according to U.S. officials. The attack also showed how vulnerable the oil supplies from this region are to disruption. The U.S. is not dependent on Saudis for oil as it has increased its production from shale. China, Japan, South Korea and India are dependent on Saudi oil supplies. Yet the U.S. is shouldering a greater burden for ensuring reliable supplies to Asian countries, something the Trump administration sees it should be compensated for. Tougher sanctions on Iranian oil hurt its economy, resulting in actions taken by Iran to disrupt Saudi oil supplies. The Saudi intervention in Yemen is another source of tensions in the region. The Trump administration says it is not interested in endless wars in the region, yet its tougher oil sanctions on Iran are pulling it into the conflict in unpredictable ways. China, India, and other countries had sought sanctions waivers to import Iranian oil, and see the sanctions as hurting oil supplies. India with limited supplies of its own was affected by the oil sanctions. ...

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Strengthening labor rights in Mexico is part of the effort by Democrats in Congress to amend the Trump agreement with Mexico and Canada. Democrats say the lack of worker protections inside Mexico hurts U.S. workers wages and prospects. Democrats say the USMCA agreement negotiated by president Trump lacks enforcement provisions needed to ensure Mexico lives up to the agreement. Differences with the Trump administration which says these changes can be placed in followup legislation could hold up the agreement till after the 2020 elections in the U.S.

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The surge in the value of the dollar is creating turmoil in the world economy. The dollar reached 1.04 to the euro and 118 Japanese yen by Dec. 15, 2016. This means Japanese and European exports will be more competitive and lower U.S corporate earnings.  Emerging market economies hold about $200 billion in dollar denominated debt and this will become harder to repay with the surge in the value of the dollar. China faces larger capital outflows and the Bank of Japan has to navigate a new situation. Some countries such as Mexico are raising interest rates to reduce inflation as the value of the peso drops. The prospect of trade wars is also another aspect of uncertainty with the new Trump administration in the U.S.

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Most experts are critical of president Trump's use of language "fire and fury" to North Korea for its missile tests and threats to the U.S.  The closest one gets is the language used by Harry Truman during the bombing of Hiroshima and Nagasaki with nuclear bombs.  Mr. Feaver, a national security expert and Senator Cardin say Mr. Trump is using the same language that the north Korean leaders is using and this simply raises the tensions. Feaver was adviser to President George W. Bush on the National Security staff. He says Bush's statement "bring 'em on" to Baath loyalists and militants targeting U.S. troops was a mistake, as well as some other Bush statements in the war against Saddam Hussein who Bush said he wanted "dead or alive."  Victor Cha, a former National Security Council official under president Clinton, says Bill Clinton used language that acted as deterrance to the the North Korean government when he said at the demilitarized zone in Korea, any attack would be "the end of their country." Cha sees Trump's language as a form of deterrence to avoid any miscalculation. Feaver says the language is dangerous, and the only way he can see it being thought out is that 30 years of diplomatic effort have left us with little improvement with North Korea, and the idea that lets try using the same language as the other side. Yet even here he sees it as escalating the rhetoric when nuclear missiles are involved. ...

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Strident tone of Treasury Secretary Scott Bessent defending tariffs, the economy, and affordability. Bessent defends the DJT administration's tariffs plan, its effort to bring back jobs, its policies on gas prices that have cut inflation, and the president's Big Bold Beautiful Bill with it's provisions for Businesses to expand investment in the economy using a rapid depreciation provision. He has called the critics as having "Trump Derangement Syndrome." Part of this is based on his economic experience and understanding of how tariffs can be used to level the playing field where the EU, Japan, China, Mexico and other countries have taken advantage of trade policy for their own gains to the detriment of the US and communities in the Nation that lose jobs and factories. One of the assets to the current administration of DJT is Bessent's grasp of financial markets, his extensive experience in the field as a business person. He was able to convince the president to withdraw tariffs or mitigate tariffs to adjust for the effects on financial markets in the US and worldwide.  ...

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Customs and Border officials are rushing to meet President Trump's plan for 450 miles of new border wall separating U.S. from Mexico to halt illegal border crossings.

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The name on the bill says it all -The Bipartisan Debt Agreement 2023. As Budget Director Shalanda Young says if you look at it as Democratic or Republican, you have lost already. It is truly bipartisan with the support of the Minority Leader of the Senate, Republican Mitch McConnell, and the Speaker, House Majority leader Kevin McCarthy. Strange as it may sound it sets the stage for other wins as the President in the end stakes his legislative achievements, a strong economy, and a renewing America in the world, for a national bipartisan win for the presidency against his challenger Mr. Trump's purportedly national yet deeply personal agenda. It shows traces of the fights in the past of TR, of FDR, of Lincoln, and Washington, alternately Republican and Democratic but truly American in imagination and foresight.

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A small town mayor who says he will fight with Biden for workers and families in every county in Pennsylvania wins the Senate seat against aTV health show host favored by Mr. Trump. The scrappy fight put up by Democrats on their own in different parts of the country is the main takeaway from this election for control of running 36 of America's 51 states and control of Congress. Fighting an election with major legislation on controlling healthcare costs and for renewable energy, infrastructure investments, Mr. Biden and fellow Democrats was forced into a back to the wall fight because of price increases from Russia's war in Ukraine. Voters took notice not falling for the message on inflation alone that is being tackled by the Fed's Jerome Powell, giving room for seeing the larger picture.

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Democrats voice their opinions on president Biden's run for president in 2024. Most Democrats say they back Mr. Biden and Mr. Biden has pushed through a program that is already changing America and preparing it for a better future. Yet a bias against age remains though both candidates are divided by a mere 3 years with Mr. Biden following a healthier health routine and nutrition than Mr. Trump according to reports. It is still a year before the 2024 election season and Mr. Biden is now taking his case to the American people on the question of democracy, the values and principles that have to be upheld and which are being challenged. Major changes are taking place for new infrastructure, for climate change that never happened before and president Biden and his team are taking this before the American people. 

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Would a generic Democrat do better? Mr. Biden's weakness is with less engaged voters says this analysis of a Times Siena poll showing less support in battleground states. One queer aspect of this poll is that Kamala Harris does slightly better because she does better with non white voters. Mr. Biden does well with white voters retaining all of his support achieved in the 2020 election with white voters. Another queer aspect of this poll is that a so called generic Democrat would win by large margins of over 5% in most of the battleground states over Mr. Trump, in Arizona, Georgia, Nevada, Wisconsin, Michigan and Pennsylvania. Another queer aspect of the poll is that Michigan has all three- the Governor's position, the State Assembly and other positions in the hands of Democrats who have performed well in the state.

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NYT's Homan who traveled 640 miles across Colorado and Woolf look at the reelection bid of a 33 year old owner of a restaurant and bar in the small town of Rifle in Colorado, Lauren Boebert. She represents the Trump centric activists at the state and county organizations who differ from other parts of the Republican party including more conventional Republicans like Jeff Hurd who graduated from Notre Dame and is a lawyer in Grand Junction. Hurd is challenging Boebert in the Republican primary. Boebert won the Congressional seat from Colorado's Third District over Adam Frisch by a mere 546 votes. After controversy regarding her behavior at Beetlejuice theatre Boebert is seen as lagging behind the Democrat's Adam Frisch, a Aspen councilman who ran out of funds in the last election yet is well financed this time.

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The Berman Amendments are what is seen by the Biden administration as well as the previous Trump administration as preventing the US government from regulating or restricting foreign apps, including TikTok. What are these Berman Amendments? They were introduced as legislation by Mr. Berman who represented the Los Angeles District in 1988, that includes the entertainment industry, who now works for a law firm that is representing TikTok, according to this WSJ report. The Berman amendments took away the powers of the president of the US to ban the import of "informational materials" from adversarial nations, later in 1994 it was added to include "digital media." It is now seen in the US Congress as coming from another era the end of the Cold War and needing to be completely rewritten. 

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Scientists at the University of California, San Francisco say that manufacturers of PFAS forever chemicals are using a strategy to discredit good research that detail risks from carcinogens. They says that these manufacturers suppress unfavorable research and distort public discourse. Former EPA researcher Dourson is shown here with a company that gets half its funding from chemical companies. He pushes for allowing many times the permissible level of carcinogens set by the EPA, and supports use of forever chemicals, in this report in the WSJ. President Trump appointed him head of the chemcial safety unit at EPA, but Doursen withdrew when there was bipartisan criticism of ties to industry. Critics say he uses biased science that looks at cherry picked data. His company is called Toxicology Excellence for Risk Assessment, which he founded after taking a buyout of $25,000 from EPA, according to WSJ.