On the u. S. Economy. Down now about 3. 5 or so. Small caps artificially underperforming for the fifth time in six days. All on concerns about the strength or lack of strength within the u. S. Economy. I do want to take a look at the vix. If there is any bright spot going on, it is that it is hovering below 50. It is the first time going back to march 11, so it looks like there could be a little bit of an improvement here. Certainly feels better than the height of an 80 handle that we had. We do start to get more comforted when the vix is falling along with the s p 500. Traders hoping to find a floor here. Nextre starting to see the falling a little bit again today. I want to flip up the board. Ending on a light note. That is something we are trying to do everyone to a while. Its all about what you are doing if you are working from home. Apparently, we are going to be drinking. A lot of alcohol purchases. Week ofcreasing the march 21. Aree of thewin most, 66 and 75 . Beer, about 42 . Vonnie thank you for that update on the markets, taylor. Of course, following that dismal jobs report, 701,000 jobs lost in march, and we were not expecting it to be that dismal or that for that first part of the month. React, ass did not you might expect. Obviously, the market was also expecting this type of rampup in joblessness. Later on, we will hear from somebody who has been trying to access ppp programs, the first day available, and that is Tom Colicchio. David is with me now with the labor secretary. Welcome to bloomberg balance of power. The United States and just lost over 700,000 jobs last month. Unit as the federal government raises to get cash out to employers and employees alike to blunt the pain. We welcome the secretary of the department of labor eugene scalia. Give us your initial reaction to these numbers. They are even worse than expected, over 700,000 lost. Eugene good to be back with you. The numbers we see today, the numbers we saw yesterday also really reflect the impact on working americans of the Public Health decisions we are having inmake to put our economy large parts of the country on pause for a while. Yes, a loss of 700,000. Payroll jobs in a month is state. Important to know, this is just the beginning of the cut in jobs. The survey redo captures just the first half of the month. That was when job losses were just beginning. We know it got steeper as march went on, unfortunately. David this comes on the heels of 10 Million People filing jobless claims over the past two weeks. Economists predicting the could have as many people as many as 20 Million People unemployed. Is that consistent with what you are seeing . Eugene im going to refrain from giving a precise test of where we may land. Let me emphasize a couple things. First, we know that we are going to continue to see substantial numbers of people falling or unemployment, will see some more significant job loss numbers in our next months report. It is just part of the strategy that has been adopted as a matter of Public Health. The second point i would make is , because of this, it is very different than the cause of job losses we have seen in the past. This is a purposeful, shortterm strategy, and that gives me some optimism for how we cut out of this. We came into it quickly. If we are disciplined on Public Health measures right now, we can get out of this quickly. David all of us want to get out of it, no question. Before that, what sectors are particularly hard, restaurants, Small Businesses, can you tell . Eugene we dont have full information on that yet. Its a great question. The caught my attention in jobs report we put out today was , there was a large impact on what we call services, drinking establishments, restaurants and bars. 700,000 jobs lost in march, and about 415,000 of those were restaurants and drinking establishments. Theemember early on, one of first messages from Public Health authorities was avoid those places. So there was a quick impact there. We did not see a large impact in the reported march numbers in the travel industry, but we know there has been a major impact there, too. This is still unfolding. We are certainly mindful it is having a great impact on many americans. Of course, the president has signed three major pieces of legislation to help people as we pull through this. David lets talk about those three major pieces of legislation that we hope will turn things around or at least blunt some of the pain. Particularly the loan to Small Businesses. Today is the day Small Businesses can apply. Do we have a sense of what level of applications are coming in . To elaborate on those loans i agree with you, its an important part of the relief package that is being put out. These loans to Small Businesses 350 billion has been made available are intended to help these Small Companies get through the next couple of months by giving forgivable , othero cover utilities costs. Importantly, from my perspective, to cover payroll. If workers are kept on during this period, these loans are largely forgivable. Companiesy to bridge through but also employees, by keeping them on payroll, rather than the unemployment rolls. There are,e today, as i understand it applications are coming in. I believe some have been dispersed. It is a certified process. Today is the first day and we will see greater uptake into next week. David as i understand it and correct me if im wrong 70 of these loans are to go to employment, if they are to be forgiven. Do you have hopes that this may reduce the number of people getting laid off going forward, and that some may hire back . Yes. E actually, companies that already let people go and want to take these loans can get the full credit for their payroll by bringing people back. They should know that. Small companies that recently let people go because of the virus can bring them back on and have the loan cover the payroll. I very much agree, the aim here is to keep that tie between employer and employee during this cause we have in our economy. As i said, we came into this sharp downturn very differently than we have come into others, it didnt result in economic conditions, but a very Serious Health problem we are dealing with. I think we have a better chance of coming out quickly if we use measures like this. Of course, legislation the president tsai also includes signed also includes very high Unemployment Insurance to make ole, so that they are not losing out significantly financially because of conditions resulting from no fault of their own, but Public Health safety measures. There are other important things, including paid leave provisions, which we just started implementing last week. David in closing, give us a longerterm perspective. What longerterm effects there may be on the labor market. We hope it will bounce back, but will this change peoples forward . Going this is a rather than experience for all of us. Eugene let me emphasize how important it is to follow the Public Health measures being urged on us. Discipline now, staying home, social distancing will help people get back to work and fix the economy more quickly. In terms of the longterm changes, we will see. Attitudes toward telework may change. I dont know if they will get more positive or negative, we will see. The longterm impact will be less, needless to say, if this is a shorter. , the more it drifts substantial the longterm impacts on our economy will be. It wille certainly hope come back quickly, as you suggest. Thank you so much, labor secretary eugene scalia. Are going to Governor Phil Murphy of new jersey. Every day, are going to help out there and say thank you to david westin and eugene scalia. Coming up, you will hear from the richmond fed president tom barkin. This is bloomberg. Mike welcome back to our viewers and listeners around the world. Im michael mckee. Joining me now is thomas bargain, president of the Federal Reserve bank of richmond. Thank you for joining me. Start with a number of the day, 7001000 jobs lost in the month of march, more than expected, but did we really learn anything from that . It is a sad day, we have had job growth for well over a decade. It is hard to see the numbers turned negative. At i think everyone expects serious downward tilt on the jobs side, and this is just the first indicator. If you look at unemployment claims in the past two weeks, the highest ever is 700,000 in 1982. Last week was 3. 3 million. This week was 6. 6 million. Unfortunately, employment numbers are going to get worse before better. Some forecastsng in that in april we could see 10 million to 20 million jobs lost. Does that seem crazy to you . Does the Baker Richmond have any sort of forecast at this point . Unprecedented, a forecast is silly to do. What i try to do is look at the numbers, to get some perspective on it. Restaurants and bars in this country employ 12 Million People. Physical retail, excluding food and drug, another 11. Travel and leisure, another five. We know those sectors have been hit pretty hard. We can get to 30 million pretty quickly. I dont think numbers like 10, 20 million are out of the pale. Mike what are ceos, momandpop in yourelling you about district, about the conditions they see . I divide them into three buckets, the Service Industry there is a lot of emotion there. A lot of cases, really good, viable businesses have been shut down in the pursuit of a Public Health solution. They have hope. In particular, a number of them are applying to this new Small Business loan program, but they dont know for sure if they are going to get the money, how long it will last, whether the money will bridge them. There is a lot of sadness there, a lot of emotion in that sector. Then there are a bunch of other industries. Hospitals, food processing, fire, safety, and the like. They are proud that they are essential, making this country operate, but they are nervous about their health. ,ou see increased absenteeism supply chain issues in some places. They know they need to deliver but they are nervous. Then there is the wide swath of other businesses in this country, construction, manufacturing. Many are down but still hopeful. They are seeing drops in demand that are making their best efforts to whether through it. They just have hope that there is light at the end of the tunnel here. Mike this all as new urgency to the effort to get loans, operating capital to companies. How fast will defend be able to stand up the main Street Lending progra when can you start lending to people who need the money . The we want to achieve goals of this legislation, which is to put a lot of money behind supporting the economy, businesses in need. It will take time to work the details with treasury, who is our cosponsor on this. With the sbae, program that just started, a lot of the devil is in the details. It is just complicated to get right, pick out the right segments, so you get money to the people truly in need. It is challenging to find the vehicles and instruments, and then how much risk you want to bear. We are trying to get it as fast as we can. Mike im glad you brought up the risk question. People will say the federal legislation says no buybacks, no dividends, raises or ceos, but there are reports that the fed does not think that will necessarily apply to them, that if you put those strictures on, Companies May not apply for loans, which would be worse. How do you feel about that . I just say, all of this is being worked together with treasury. Give us a little bit of time to land the parameters of this. Mike another question in terms of lending, there are a group of companies arguing that you dont take anything less than Investment Grade now, but you need to. You look at Companies Like macys, junk rated, they lay off 130,000 people. Would you be willing to go below Investment Grade in your Corporate Bond buying, if it helps to keep the economy going . Know, in the world the statutes,der we are not allowed to take that kind of risk. A program we put together with treasury has to make that decision, as i talked about earlier. You know the tradeoffs on that. It is just challenging to get right. Like i said, give us a little bit of time to land the plane on that. Mike another one that you may have the same answer to but let me try. Nancy pelosi, Maxine Waters have both written to fed officials to say you need to start buying munis. We need to bail out our states and cities that have no money coming in because nobody is spending anything. Do you think the fed can or should expand what it is doing in the Municipal Market . Is the facility you have already as far as you can go . Tom the legislation gives us the authority to buy shortterm munis. You asked the question whether we can. That is something we could do. Legislation is something that we are looking at, trying to decide. All the facilities are standing up. Usechallenge is, how do you the tools we were given, the constraints we have legislatively, to put the right kinds of money into the hands of the right people . The Municipal Market is challenging. To the extent it has liquidity issues, that seems to fit more the facility we had earlier. If it is a funding issue alone, that is probably more of a fiscal question than for our tools, but we will have to figure that out. Mike speaking of the tools you have available, you have billions of dollars of loans out to companies that just above a zero rate. Can you ever raise rates at this point, given the threat that would provide to the people that have those loans you give . Tom rates are low now. If you read the last statement, you get the sense that they will be low for some time, until the economy recovers. Speaking for myself, i think we will normalize rates at some point when the economy has recovered. I think that is good for the economy. I dont think it is healthy to be at zero forever. When the time is right, im sure we will be willing to do that. Mike let me ask you about your area of expertise, Corporate Management what advice do you have to someone running a Major Corporation or is running a restaurant these days . Is, i am i say actually pretty confident that, when the time comes, businesses can come up with a protocol that allows workers to get back to work safely. A number of essential businesses are doing that today. What im less confident in is their ability to get customers to shop again, to go to the mall again, take vacation, buy shoes at a retail store. I think it is really important for businesses to think about, how do we compel customers that it is ok to be back in our store, or it is ok to take a trip . If you go to the Grocery Store these days, youll be met with somebody in a mask, who will slide down your cart to send a signal to say that we take cleanliness seriously. Stores are not crowded, you can distance, the checkouts have these guards, tape on the floor. Every Business Needs to be thinking about, in a world where we are past the peak, but there is of course still some infection, how do we make it safe for customers, and how do we get customers confidence that they can shop again . That is a business imperative. Mike thank you very much, tom barkin, president of the Federal Reserve of richmond. Stay with us. This is bloomberg. Vonnie this is Bloomberg Markets. Im vonnie quinn. Lets get a quick check on the markets. The major indices continue to edge lower. All of the groups are in the negative. The dow is down almost 2 , as is the nasdaq. 27. 10 per barrel. Coming up, we are talking to Tom Colicchio. You know him as the employer of almost 300,000 people. , was het day of the ppp able to apply . We will speak to him about that. This is bloomberg. Awesome internet. Its more than just fast. It keeps all your devices running smoothly. With builtin security that protects your kids. No matter what theyre up to. It protects your info. And gives you 24 7 peace of mind. That if its connected, its protected. Even that that petcamera thingy. [ whines ] can your internet do that . Xfinity xfi can because its. Simple, easy, awesome. [ barking ] vonnie live from bloomberg World Headquarters in new york, im vonnie quinn. Welcome to Bloomberg Markets. Global market sinking deeper, with you s p 500 extending losses from thursday, closing lower for the third time in four days. This as employment in the u. S. Plummets. Payrolls sinking 701,000 in the month of march, falling for the First Time Since the great recession. The Unemployment Rate rising at its fastest pace since 1975. Confirmed cases of the virus top one million worldwide, more than a quarter of the infections in the u. S. , with new york city and state that the epicenter of the crisis. New york state recorded its biggest daily jump in debts to date. All of that in the next 30 minutes. Lets get a check on the markets. The s p 500, dow, and nasdaq down at least 2 . After thatwn 43 jobs report. Waiting for the next up from opecplus and the United States. 27. 02. The dollar index continues to strengthen. Lets get a check on first word news with mark crumpton. For whatan is bracing officials feel will be a explosive surgeon coronavirus cases. Confirmed cases have more than doubled in a week to almost 700. Prime minister shinzo abe has come under increasing pressure to declare a state of emergency to contain the disease is spread. He told Parliament Today the situation did not get more and Emergency Declaration but said he would not hesitate to do so when the time comes. Boriseen a week since johnson tested positive for coronavirus. He still has a High Temperature and remains in isolation. The Prime Minister appeared on his doorstep last night to join in a mass round of applause for health care workers. The british people will hear from Queen Elizabeth this weekend. Buckingham palace says the queen has recorded a rare address to the public about the coronavirus pandemic. It will be broadcast on sunday. Apart from her annual Christmas Day message, the clean has only made a handful of special Group Broadcast during her reign. She addressed the nation during the 1991 gulf war and after the death of Princess Diana in 1997. Threetime grammy winner bill withers has died. He wrote and sang such hits as lean on me and aint no sunshine. Me was performed by the inaugurations of both bill clinton and barack obama. Sunshine is considered by Rolling Stone as one of the greatest 500 songs of all time. Global news 24 hours a day, onair, and on quicktake by bloomberg, powered by more than 2700 journalists and analysts in over 120 countries. Im mark crumpton. This is bloomberg. Vonnie thank you. Drop in hiring last month coming to the extent of the damage to the u. S. And global economies. Joining me now is conrad dequadros. Im sure you may not have been anticipating that amount of joblessness this month, but we knew there would be multimillions coming. How fast does the government need to get paychecks into their hands in order for this economy and social fabric not to fall apart . Conrad thank you for having me on. Obviously, this has been conveyed as in fun item on shows today, but the Market Report has been shockingly bad, even though it covers a period prior to the intensification of coronavirus related disruptions to the economy. After that, we know we have an additional 10 Million People falling for unemployed benefits. In march, we had a 1. 2 million increase in unemployment, boosting the Unemployment Rate to 4. 4 . The last time we had that magnitude of a onemonth increase was back in december of 1953. We obviously know that since the survey week for this data, things have gotten materially worse. It is critical that some of the support programs for the economy are put into place quickly. I would say it is encouraging how quick he the fiscal authorities and monetary authorities have moved in this episode compared to the last major crisis or the economy and markets. They are moving much more quickly, but i would say there is still some work to be done. Vonnie to that end, are we going to need another disaster relief, stimulus, which every way you want to phrase it, very soon . Conrad the first thing that would be helpful is, the fed need to get some of these programs operational. Obviously, they are working extreme hard to get them operational. For example, the commercial paper funding facility, if that could get going quickly, that would do a lot to help funding markets. Other areas of the market also need support. The fed has the firepower to provide that support, with the cares act, which gives the treasury the ability to inject equity into the vehicles the government will be using. Some programs have been announced, the commercial paper funding facility, it would good to see those operational quickly. Other areas of the market need support. I was discouraged yesterday to see the story that regulators have decided not to move to support nonback mortgage servicers at this point. That is an area of the market that needs support. On the fiscal side, we have also seen critical critically important moves, including expanding unappointed insurance, the sba paycheck protection program, but those need to be available quickly. Another thing i was disappointed with yesterday was seeing the reports of banks wrangling over the loan rates of these ppps. They are not taking any risk. If they dont want to work to ensure availability quickly to Small Businesses, the is employment developments we are talking about hoping that they will be temporary. The increase in unemployment, most of that came by people who believed this on deployment is likely to be temporary. Whether or not that is temporary obviously depends on the developments of the virus. But it also depends on these programs that are intended to support the program. Ppp is an important one. That is the that we will be hearing with, hearing from chef Tom Colicchio, but on your comments about the workplace, will many of these jobs just go away and not come back, if people cannot take advantage of the ppp . That is the risk. If we look at the raw numbers, we had an increase of unemployment of. 2 million, but almost all of that was people who perceive their unappointed to be temporary. Whether or not that is temporary depends on the ability to support the companies that they were previously working at. A big part of that, in terms of support, is the ppp. Are unwilling or unable to get this program up quickly and focus on the loan rates for obviously, if this turns out to be materially worse, the losses that banks will face on their loan portfolios will make wrangling over ppp rates pretty silly. Banks need to focus on getting these loans done. I think that would be helpful, and this would be supportive of treasury, too, if makes it clear that 350 billion is not a cap. We have heard that from officials, that if it is used up, they will ask congress for more. I think that that message needs to be sent, so companies dont feel like they are scrambling for a fixed amount of money, and if it runs up, they dont have access to that. That would ease the flow of these loan applications. Vonnie we have to leave it there. Thank you for your time today, conrad dequadros. Coming up, one of those stories. Of chef Tom Colicchio crafted hospitality. How his business is being affected by the shutdown. We will get his story next. This is bloomberg. Vonnie this is Bloomberg Markets. Im vonnie quinn. Millions of whitecollar workers are now getting a crash course in working from home. The experience could reshape the workplace for decades to come. Before the pandemic, 56 percent of Companies Globally said they allowed remote work. 15 said they were fully remote. In 2018, a quarter of all employees work from home occasionally. People who trade stocks, bonds, and currencies face issues. Some Residential Internet services cannot handle the huge amount of data required. Working from home also raises compliance concerns. Employers who have a good experience with working remotely may decide that offices could shrink, and that could reduce overhead and a time of u. S. Economic uncertainty. Reductions in office space would depress the commercial market, and that is just one of the ramifications. Americas Restaurant Industry is in crisis mode as stayathome orders forces establishments to rely solely on delivery and take out. Lets get to our next guest, who has been vocal on this. He started crafted hospitality in 2001. It grew to seven restaurants in new york and los angeles. Colicchio. In tom thank you for joining. I know that you are very vocal about the difficulties of applying or the ppp. You are trying to keep on as many as your workers as possible. Its been devastating. What was your experience today with the ppp program . For having me. I had to laugh over 400 employees, lay off 400 employees, to be clear. I have some senior staff that im trying to keep. Ppp, we are ready to apply. The bank that we use in new york, which is a reputable bank, says they dont have the proper guidance from treasury right now to make the loans. They are concerned, because of a lack of guidance, it leaves them open to not being able to loans,y process the possibly having legal issues around it as well. They are still waiting for guidance. I had asked if the guidance they receive last night was held, and they said they are not there yet. I cannot go to another bank to apply. So i am stuck between a rock and a hard place. Also, i was listening to you go ahead. I was listening to your previous guest, and there are a lot of problems with ppp in the way it is set up. It pays for two months of except im nott, going to be open in two months. The date of origin is when you apply for the loan. I hired my staff back right now, unemployment is so generous right now, it would be difficult to hire back 90 of my staff. Im not going to be open in two months, so i will be out of money before i get open. The other problem they could fix that, and i hear that there are fixes on the way, could add months, treated more like a line of credit, so that when i start drawing down on it is when i have to bring my staff back. The other problem is restaurants in my case alone, just five of my restaurants, about 1. 5 million. Even before i open up, i will have to somehow pay that. I dont have the capital to do that. On an ongoing basis, i dont think the Restaurant Industry will get back to normal at least until we find a vaccine. Maybe a year, four months away. There is a time where we are operating and maybe 40 at best. A restaurant cannot survive on that. To need significant runway to keep our businesses open, to keep people employed, and never too, it will not help anybody if we open up in a month and then the jobs are gone again. Vonnie what type of alternative future are you planning for . There is no guarantee that in two months time, or even in four months time, everything will be back to full capacity. Tom there is no way it is going to be. Im listening to reports now that say this may ebb in the summer and then come back in the fall. It will move to the Southern Hemisphere and then come back here in the fall. Then we are looking at six months. We are not going to find normalcy until we get antibody tests, testing to see who has it, who had it, and then a vaccine. I dont see the Restaurant Industry getting back to normal for quite some time. The question is whether or not the government is going to backstop these restaurants. We are here. The question is, how long do you want unemployment to be robust, or do you want us to continue to pay people even though we are at 25 capacity . Vonnie our previous guest laid it out, you want to keep people on the payroll even if they are not coming in, so you dont have to start from scratch. A 19your business you have built up. What is your advice for people that are maybe not as healthy as you when it comes to their industry. Hopefully, you and other restaurant errs in the irc will be able to convince the government to do something for that part of the industry, but what about the others, that the those that are not hefty enough to do that . The independent restaurant coalition, which is about three weeks old now, we hired lobbyists working on our behalf. We are working on behalf of of every independent restaurant. We have people in our coalition some with 20seats, restaurants. We are fighting for everybody. Whatever we managed to work for our industry will work for the entire industry. My suggestion to anyone out there who is maybe listening to this, does not understand how loansrks, several other or grants and you can tap into whether federal or local, work with your accountants, attorneys, banks. Vonnie it sounds like you are not really blaming the banks yet. We have been talking about how the industry has to get up in order to give them an incentive to get on this fast and make something for themselves. You say it is not just the banks, but it is the sba, the whole process. My banker, who ive had a 20year relationship, wants to service me. He is just not getting good information from the treasury to make an informed decision on the mechanics of how this works. Just asking a question about the date of origin completely changes. I heard you talking about this with your previous guest. Now, we are talking about 360 billion. That will run up to clean. If i knew there was additional money coming in behind us, then i know immediately i would try to hire back my staff. The other thing up in the air right now, you can use this for benefits. Lets say, in theory, i paid 40 of my Employee Benefits and if they are employed, can i use that money to pay 100 of their medical benefits . That would be an incentive for them to get unemployment and work with me, even though they are not open, and they will get benefits. Our Health Benefits are attached to employment. If we got that understanding that i could do that, it would change the calculus. If i knew there was an additional two months behind it, it would change the calculus. Much now, there is too unknown for the employer, employee, and the banks. Thank you. We will keep in touch with you and get some updates as this unfolds. It will not be a short one. Tom colicchio of crafted hospitality. Thank you. This is bloomberg. Actually, as the coronavirus continues to pressure economies around the globe, larry kudlow spoke with Jonathan Ferro about why the Trump Administration has decided against certain tariff payments. This story moved incredibly rapidly, beginning in march really. As somethingout that we thought would be smaller , and we put up travel restrictions with china, and for a bit that looked ok, and then the virus exploded. I and others here, we had to change our point of view. We realized as the virus and its consequences rose exponentially, something nobody could foresee, but nonetheless, we went into full gear and moved quickly through congress as best we could. Starting with covering sick leave for people hit by the virus, family members, and then going through this economic assistance package, 2. 2 trillion, to put as much help into the economy as we could. Events moved rapidly and remove direct the way. I will say, in a bipartisan sense, congress and rapidly. Jonathan this story has moved the whole lot faster. One thing the executive branch can do on its own, the white house can do something about tariffs. There is a consideration of announcing a 90day deferral of tariff payments. Where are we on that decision . Larry i have read a lot about that. I dont expect that to be the case. Actually, we never looked in any serious way at rolling back tariffs. The deal with china is in place, that will be implemented. Usmca is in place. Someoked a little bit at most favored nations, customs duties, decided it was too complicated. It may send the wrong signals, so i would not expect to see any movement on tariffs right now. The issue, besides the paycheck 600ction, we have poured billion apart from the business families,ndividuals, and that includes the unemployment. 175re giving checks to million americans. Let me repeat that, 175 million americans. On top of that, leveraging from the treasury emergency fund, as you know, the Federal Reserve has embarked on a number of lending programs, purchasing programs, and broadbased industry assistance programs, so you have monetary and fiscal policy working. It is largest package in history of the u. S. , middleclass package. We are not going to change any of the tariff policies right now. Frankly, the president cut some pretty good trade deals with china, usmca, and when we return to prosperity, which i think will occur before the year is out, part of that return will be an export boom, in my judgment, from these good trade deals, so that we knocked down unfair trading practices. Right now, no tariff fullback. Jonathan lets focus on the right now. You say no tariff fullback. One of the inputs into the ispensers of purell something from china that is subject to a tariff. They have requested an exemption. Ustr has declined. Around byet my hands the administration would go forward and not exempt that request. You said it would send the wrong signal. Two who to who . Larry in terms of sending the wrong signals in terms of the president s policies. I dont want to rule anything in or out. And see to talk to ustr on that particular point, ok . We are trying to keep the flow going. We have imported a lot of Health Care Products from china and the rest of asia. We have also exported some assistance, trying to work together, in terms of the unity of the nations around the world to fight this pandemic. I dont want to get into the specifics. Your question was a broadbased question about tariff reduction. I am saying there is no change in those policies, whether 301s or 232s on steel. Individual cases can be examined. I will have to find out more about the particular matter you raised. I am not up to speed on that. Kudlow, speaking with our known Jonathan Ferro. It is time for the Bloomberg Business flash, the biggest stories in the news right now. Airbus is set to cut back on production of the dreamliner. Their final decision will take into account the financial plans. Of Ailing Airline President Trump has a over unspecified problems of its production of masks. The president said that they would have a price to pay. Air, the company said that the comments were unfortunate. E have indices down 2 2. 4 at this point. We are deteriorating as we head to the close. Two hours left in the friday session. This is bloomberg. Scarlet it is 2 00 in new york, 7 00 p. M. In london. I am scarlet fu. This is Bloomberg Markets the close. Another devastating jobs report. Romaine it was a devastating jobs report. Not necessarily unexpected. The numbers did come in worse than some expected. We were expecting pain. We are expecting the pain to continue. You see that reflected in the market today. We started the week on a high note. There was concern we would be in for some protracted recession and downturn. Those fears seemed to abate earlier in the week. Now, they are creeping back into the market. On the week, down about 3 on the s p 500. Down 2. 5 on the day. Three sectors in the s p 500 in the green now. Energy, staples, health care. That is it. The
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