March 10 2020
Trump Floats Payroll Tax Cut After Market Plunged on Virus Fears
“President Donald Trump said Monday he will seek a payroll tax cut and “very substantial relief” for industries that have been hit by the virus, reversing course on the need for economic stimulus hours after markets posted their worst losses in more than a decade. Trump, speaking at a White House news conference, said that he plans to announce “very dramatic” actions to support the economy at a press conference on Tuesday following discussions with lawmakers. “I will be here tomorrow afternoon to let you know about some of the economic steps, which will be major,” Trump said.”
Panic Buying Gives U.K. Stores Late Boost in Poor Month
“U.K. retailers hit by strong winds and heavy rainfall in February received a late boost from panic buying by Britons worried about the coronavirus. Stores reported people stockpiling food and health-care products late in the month in case they were forced to self-isolate in an effort to stop the virus spreading, the British Retail Consortium said Tuesday.”
China’s Inflation Slows as Coronavirus Locks Down Economy
“China’s inflation slowed as the coronavirus hammers demand, with a measure of price gains that strips out food and energy prices slumping to the weakest in a decade. Core consumer prices rose 1% in February from a year ago, the slowest pace since June 2010, and factory prices returned to deflation, with the producer price index registering a 0.4% decline on year after rising 0.1% in January. However food costs continued to soar due to rising pork prices, leaving overall consumer inflation at 5.2%, the National Bureau of Statistics said Tuesday.”
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