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Stocks Rise After Trump Reaffirms China Trade Deal: Live Updates Stocks Rise After Trump Reaffirms China Trade Deal: Live Updates
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President Trump on Monday suspended new work visas through at least the end of the year. The sweeping order denies employment permits for hundreds of thousands of skilled foreign workers, like programmers. Seasonal hospitality workers and work-study students are also affected.President Trump on Monday suspended new work visas through at least the end of the year. The sweeping order denies employment permits for hundreds of thousands of skilled foreign workers, like programmers. Seasonal hospitality workers and work-study students are also affected.
The president cited the pandemic, saying that the visa programs “pose an unusual threat to the employment of American workers.”The president cited the pandemic, saying that the visa programs “pose an unusual threat to the employment of American workers.”
The business world reacted with anger. “Putting up a ‘not welcome’ sign for engineers, executives, IT experts, doctors, nurses and other workers won’t help our country, it will hold us back,” said Thomas Donohue of the U.S. Chamber of Commerce.The business world reacted with anger. “Putting up a ‘not welcome’ sign for engineers, executives, IT experts, doctors, nurses and other workers won’t help our country, it will hold us back,” said Thomas Donohue of the U.S. Chamber of Commerce.
Technology firms, which account for the bulk of H-1B visas, were particularly aghast. “This is a full-frontal attack on American innovation and our nation’s ability to benefit from attracting talent from around the world,” said Todd Schulte of FWD.us, a pro-immigration advocacy group for big tech companies.Technology firms, which account for the bulk of H-1B visas, were particularly aghast. “This is a full-frontal attack on American innovation and our nation’s ability to benefit from attracting talent from around the world,” said Todd Schulte of FWD.us, a pro-immigration advocacy group for big tech companies.
Google’s chief executive, Sundar Pichai, was “disappointed” by the decision:Google’s chief executive, Sundar Pichai, was “disappointed” by the decision:
In a statement, Amazon said that “preventing high skilled professionals from entering the country and contributing to America’s economic recovery puts American’s global competitiveness at risk.”In a statement, Amazon said that “preventing high skilled professionals from entering the country and contributing to America’s economic recovery puts American’s global competitiveness at risk.”
Facebook said “highly-skilled visa holders play a critical role in driving innovation — at Facebook and at organizations across the country — and that’s something we should encourage, not restrict.”Facebook said “highly-skilled visa holders play a critical role in driving innovation — at Facebook and at organizations across the country — and that’s something we should encourage, not restrict.”
The chairman of Twitter, Patrick Pichette (who is Canadian), suggested an alternative: “A message to all you H-1B seekers; just look to the North, where we welcome you (and your family) with open arms.”The chairman of Twitter, Patrick Pichette (who is Canadian), suggested an alternative: “A message to all you H-1B seekers; just look to the North, where we welcome you (and your family) with open arms.”
According to government data, the suspended visa categories accounted for about 600,000 workers in 2019.According to government data, the suspended visa categories accounted for about 600,000 workers in 2019.
A skilled-worker visa, the H-1B is used by U.S. employers to fill roles in tech, finance, accounting and other specialized fields. New H-1B visas are capped at 85,000 a year, and about three-quarters are used by technology companies. There were 189,847 workers on H-1Bs in 2019.A skilled-worker visa, the H-1B is used by U.S. employers to fill roles in tech, finance, accounting and other specialized fields. New H-1B visas are capped at 85,000 a year, and about three-quarters are used by technology companies. There were 189,847 workers on H-1Bs in 2019.
The H-2B visa is used by U.S. employers for temporary nonagricultural jobs, such as cooks, landscapers and groundskeeping staff, cleaners and forestry and conservation workers. There were 97,623 workers on such visas last year. Officials said there would be exemptions for food processing workers under President Trump’s executive order.The H-2B visa is used by U.S. employers for temporary nonagricultural jobs, such as cooks, landscapers and groundskeeping staff, cleaners and forestry and conservation workers. There were 97,623 workers on such visas last year. Officials said there would be exemptions for food processing workers under President Trump’s executive order.
The H-4 allows spouses and families of H-1B and H-2B visa holders to live in the United States.The H-4 allows spouses and families of H-1B and H-2B visa holders to live in the United States.
The J visa category is for exchange program applicants coming to the United States to study or work, including au pairs, interns, camp counselors and researchers. There were an estimated 230,000 people on J visas in 2019. Two administration officials suggested that parents could seek waivers to the ban on au pairs.The J visa category is for exchange program applicants coming to the United States to study or work, including au pairs, interns, camp counselors and researchers. There were an estimated 230,000 people on J visas in 2019. Two administration officials suggested that parents could seek waivers to the ban on au pairs.
The L visa is for international companies who want to transfer managers or executives to U.S. branches for monthslong or yearslong stints. There were 76,988 such visas in 2019.The L visa is for international companies who want to transfer managers or executives to U.S. branches for monthslong or yearslong stints. There were 76,988 such visas in 2019.
Monday’s order also extends a 60-day prohibition on the issuance of green cards to most foreigners looking to live in the United States that the president ordered in April.Monday’s order also extends a 60-day prohibition on the issuance of green cards to most foreigners looking to live in the United States that the president ordered in April.
Administration officials said the president’s order would not affect people outside the United States who already have valid visas or seasonal farm workers, whose annual numbers have ranged from a low of about 50,000 to a high of about 250,000 in the past 15 years, the New York Times’s Michael D. Shear and Miriam Jordan reported. There will be a narrow exception under Mr. Trump’s ban for certain medical workers dealing with coronavirus research, officials said.Administration officials said the president’s order would not affect people outside the United States who already have valid visas or seasonal farm workers, whose annual numbers have ranged from a low of about 50,000 to a high of about 250,000 in the past 15 years, the New York Times’s Michael D. Shear and Miriam Jordan reported. There will be a narrow exception under Mr. Trump’s ban for certain medical workers dealing with coronavirus research, officials said.
Treasury Secretary Steven Mnuchin said on Tuesday that he could foresee another economic stimulus package passing in Congress by the end of July and that he believed that the United States economy would begin a rebound in the third quarter of this year.Treasury Secretary Steven Mnuchin said on Tuesday that he could foresee another economic stimulus package passing in Congress by the end of July and that he believed that the United States economy would begin a rebound in the third quarter of this year.
Speaking at an investing conference sponsored by Bloomberg, Mr. Mnuchin said that he would like the next stimulus legislation to focus on helping individuals and businesses that have been hit hardest by the coronavirus pandemic. He also played down the likelihood of major infrastructure investment being included in such a bill, noting that building roads and bridges would not necessarily help displaced workers get rehired quickly.Speaking at an investing conference sponsored by Bloomberg, Mr. Mnuchin said that he would like the next stimulus legislation to focus on helping individuals and businesses that have been hit hardest by the coronavirus pandemic. He also played down the likelihood of major infrastructure investment being included in such a bill, noting that building roads and bridges would not necessarily help displaced workers get rehired quickly.
“We want to make sure that the 20 million people who don’t have jobs get back to work,” Mr. Mnuchin said.“We want to make sure that the 20 million people who don’t have jobs get back to work,” Mr. Mnuchin said.
The comments came after Mr. Mnuchin told Senate Republicans at a private lunch meeting on Tuesday that he agreed with plans to wait until late July to address another coronavirus relief package, as well as another round of stimulus checks to American taxpayers.The comments came after Mr. Mnuchin told Senate Republicans at a private lunch meeting on Tuesday that he agreed with plans to wait until late July to address another coronavirus relief package, as well as another round of stimulus checks to American taxpayers.
“We’re talking about a bunch of different ideas that we may need to do in another bill, and we’re going to take our time and make sure that we’re thoughtful,” Mr. Mnuchin said after the lunch.“We’re talking about a bunch of different ideas that we may need to do in another bill, and we’re going to take our time and make sure that we’re thoughtful,” Mr. Mnuchin said after the lunch.
The Treasury secretary is considering other ways to offer relief to Americans who are still struggling with the economic downturn. Mr. Mnuchin said at the Bloomberg event that he did not plan to extend Tax Day beyond July 15, but when asked if it could be pushed back to Sept. 15, he said that was something he was considering.The Treasury secretary is considering other ways to offer relief to Americans who are still struggling with the economic downturn. Mr. Mnuchin said at the Bloomberg event that he did not plan to extend Tax Day beyond July 15, but when asked if it could be pushed back to Sept. 15, he said that was something he was considering.
Two prominent Democrats in the Senate are questioning how meatpacking companies could justify exporting record amounts to China in April while warning of an impending shortage of pork and beef across the United States.Two prominent Democrats in the Senate are questioning how meatpacking companies could justify exporting record amounts to China in April while warning of an impending shortage of pork and beef across the United States.
Senators Elizabeth Warren and Cory Booker sent a letter late Monday to the chief executives of Smithfield, Tyson, Cargill and JBS, criticizing their China exports at the same time they were lobbying the Trump administration to keep their plants open amid the pandemic because they wanted to keep feeding Americans.Senators Elizabeth Warren and Cory Booker sent a letter late Monday to the chief executives of Smithfield, Tyson, Cargill and JBS, criticizing their China exports at the same time they were lobbying the Trump administration to keep their plants open amid the pandemic because they wanted to keep feeding Americans.
The senators said the companies were putting meat workers’ lives in danger, while also raising food prices for American consumers.The senators said the companies were putting meat workers’ lives in danger, while also raising food prices for American consumers.
“This pattern of behavior raises questions about whether you are living up to your commitments to the workers who produce your pork and beef; the communities in which you operate, and the nation’s consumers that rely on your products to feed their families,’’ the senators wrote.“This pattern of behavior raises questions about whether you are living up to your commitments to the workers who produce your pork and beef; the communities in which you operate, and the nation’s consumers that rely on your products to feed their families,’’ the senators wrote.
The letter was prompted by a report in The New York Times last week detailing how pork exports to China totaled a record 129,000 tons in April, as the American meat industry took advantage of surging and profitable demand from that Asian country.The letter was prompted by a report in The New York Times last week detailing how pork exports to China totaled a record 129,000 tons in April, as the American meat industry took advantage of surging and profitable demand from that Asian country.
The meat companies say much of the meat had been produced weeks ahead of when it was shipped to China in April and before packing plants became hot spots for the virus. After President Trump signed an executive order in late April to keep the plants operating, some of the large meat companies say they have switched their production to better meet domestic demand.The meat companies say much of the meat had been produced weeks ahead of when it was shipped to China in April and before packing plants became hot spots for the virus. After President Trump signed an executive order in late April to keep the plants operating, some of the large meat companies say they have switched their production to better meet domestic demand.
Stocks on Wall Street rose along with global markets, as investors zeroed in on signs of economic recovery and the prospect for another round of stimulus spending by the government.Stocks on Wall Street rose along with global markets, as investors zeroed in on signs of economic recovery and the prospect for another round of stimulus spending by the government.
The S&P 500 rose less than half a percent. As they have done for several days recently, technology stocks fared even better than the broader market, with the Nasdaq composite returning to a record.The S&P 500 rose less than half a percent. As they have done for several days recently, technology stocks fared even better than the broader market, with the Nasdaq composite returning to a record.
The gains came after a turbulent night for financial markets around the world, after one of President Trump’s advisers seemed to suggest that a trade deal between the United States and China had been scrapped. But after Mr. Trump took to Twitter, and his surrogates appeared on television to clarify the statement, stocks quickly recovered.The gains came after a turbulent night for financial markets around the world, after one of President Trump’s advisers seemed to suggest that a trade deal between the United States and China had been scrapped. But after Mr. Trump took to Twitter, and his surrogates appeared on television to clarify the statement, stocks quickly recovered.
Lifting sentiment were initial surveys of corporate purchasing managers that echoed other signals of a rebound underway in the United States, Britain and Europe. The IHS Markit composite purchasing managers index for the United States rose to 46.8 in June, up from 37 in May. A reading under 50 still signals economic contraction.Lifting sentiment were initial surveys of corporate purchasing managers that echoed other signals of a rebound underway in the United States, Britain and Europe. The IHS Markit composite purchasing managers index for the United States rose to 46.8 in June, up from 37 in May. A reading under 50 still signals economic contraction.
“The second quarter started with an alarming rate of collapse but output and jobs are now falling at far more modest rates in both the manufacturing and service sectors,” Chris Williamson, chief business economist at IHS Markit, said in a statement accompanying the data. “The improvement will fuel hopes that the economy can return to growth in the third quarter.”“The second quarter started with an alarming rate of collapse but output and jobs are now falling at far more modest rates in both the manufacturing and service sectors,” Chris Williamson, chief business economist at IHS Markit, said in a statement accompanying the data. “The improvement will fuel hopes that the economy can return to growth in the third quarter.”
Investors were also emboldened by expectations for another round of stimulus spending by Washington. A White House economic adviser, Larry Kudlow, said that it could include “tax rebates and direct mail checks,” even as he cautioned that nothing had been settled. The trading day began on a more volatile note.Investors were also emboldened by expectations for another round of stimulus spending by Washington. A White House economic adviser, Larry Kudlow, said that it could include “tax rebates and direct mail checks,” even as he cautioned that nothing had been settled. The trading day began on a more volatile note.
On Monday evening, Peter Navarro, Mr. Trump’s trade adviser, said “it’s over” when asked in an interview on Fox News about the trade war pact that was reached between the United States and China in January. The pact had eased trade tensions between the two countries but has since become a source of investor concern. China pledged to increase purchases of American agricultural products and other goods under the pact, but its struggles with the coronavirus pandemic put those promises into doubt.On Monday evening, Peter Navarro, Mr. Trump’s trade adviser, said “it’s over” when asked in an interview on Fox News about the trade war pact that was reached between the United States and China in January. The pact had eased trade tensions between the two countries but has since become a source of investor concern. China pledged to increase purchases of American agricultural products and other goods under the pact, but its struggles with the coronavirus pandemic put those promises into doubt.
Later on Monday, Mr. Trump confirmed that the pact was still in force. “The China Trade Deal is fully intact,” Mr. Trump wrote on Twitter. “Hopefully they will continue to live up to the terms of the Agreement!”Later on Monday, Mr. Trump confirmed that the pact was still in force. “The China Trade Deal is fully intact,” Mr. Trump wrote on Twitter. “Hopefully they will continue to live up to the terms of the Agreement!”
European countries rushing to revive their economies and reopen borders after months of restrictions are prepared to block Americans from entering because the United States has failed to control the pandemic, according to draft lists of acceptable travelers seen by The New York Times.European countries rushing to revive their economies and reopen borders after months of restrictions are prepared to block Americans from entering because the United States has failed to control the pandemic, according to draft lists of acceptable travelers seen by The New York Times.
That prospect, which would lump American visitors in with Russians and Brazilians as unwelcome, is a stinging blow to American prestige and a tacit repudiation of President Trump’s handling of the virus. The United States has more than 2.3 million cases and upward of 120,000 deaths, more than any other country.That prospect, which would lump American visitors in with Russians and Brazilians as unwelcome, is a stinging blow to American prestige and a tacit repudiation of President Trump’s handling of the virus. The United States has more than 2.3 million cases and upward of 120,000 deaths, more than any other country.
Matina Stevis-Gridneff, our Brussels correspondent, reports that members of the European Union are still haggling over two potential lists of acceptable visitors based on how countries are faring with the virus. But both include China and developing nations like Uganda, Cuba and Vietnam — and neither includes the United States.Matina Stevis-Gridneff, our Brussels correspondent, reports that members of the European Union are still haggling over two potential lists of acceptable visitors based on how countries are faring with the virus. But both include China and developing nations like Uganda, Cuba and Vietnam — and neither includes the United States.
Travelers from the United States and the rest of the world have been excluded from visiting the European Union — with few exceptions mostly for repatriations or “essential travel” — since mid-March. A final decision on reopening the borders is expected early next week.Travelers from the United States and the rest of the world have been excluded from visiting the European Union — with few exceptions mostly for repatriations or “essential travel” — since mid-March. A final decision on reopening the borders is expected early next week.
Banning American travelers would have significant economic, cultural and geopolitical ramifications. Millions of American tourists visit Europe every summer, and business travel is common.Banning American travelers would have significant economic, cultural and geopolitical ramifications. Millions of American tourists visit Europe every summer, and business travel is common.
When office workers around the world went remote four months ago, many managers feared that productivity would collapse. The distractions of home — from child care to television — would wreak havoc on workdays, they thought.When office workers around the world went remote four months ago, many managers feared that productivity would collapse. The distractions of home — from child care to television — would wreak havoc on workdays, they thought.
Some individuals have had a harder time than others working from home, but many companies say productivity has remained at pre-pandemic levels, or even increased, The Times’s David Gelles writes. Without long commutes, small talk with colleagues and leisurely coffees in the break room, many workers — especially those who don’t have to worry about child care — are getting more done.Some individuals have had a harder time than others working from home, but many companies say productivity has remained at pre-pandemic levels, or even increased, The Times’s David Gelles writes. Without long commutes, small talk with colleagues and leisurely coffees in the break room, many workers — especially those who don’t have to worry about child care — are getting more done.
Companies are also discovering that processes and procedures they previously took for granted — from lengthy meetings to regular status updates — are less essential than once imagined. And though some executives are concerned about burnout, they are enjoying the gains for now.Companies are also discovering that processes and procedures they previously took for granted — from lengthy meetings to regular status updates — are less essential than once imagined. And though some executives are concerned about burnout, they are enjoying the gains for now.
“We’re seeing an increase in productivity,” said Fran Katsoudas, Cisco’s chief people officer.“We’re seeing an increase in productivity,” said Fran Katsoudas, Cisco’s chief people officer.
A Deutsche Bank survey of workers in countries hard hit by the coronavirus found that on average, those in the United States felt they were more productive than before the pandemic, whereas those in Europe felt they were less productive.A Deutsche Bank survey of workers in countries hard hit by the coronavirus found that on average, those in the United States felt they were more productive than before the pandemic, whereas those in Europe felt they were less productive.
With companies pressing to figure out how to safely reopen workplaces, makers of everything from office furniture to smart ventilation systems are rushing to sell them products and services marketed as solutions.With companies pressing to figure out how to safely reopen workplaces, makers of everything from office furniture to smart ventilation systems are rushing to sell them products and services marketed as solutions.
Some companies, like makers of thermal cameras that sense skin temperature, are rebranding their wares as virus-containment fever-scanning products. Others are creating entirely new services.Some companies, like makers of thermal cameras that sense skin temperature, are rebranding their wares as virus-containment fever-scanning products. Others are creating entirely new services.
And they have a captive market. To protect employees and reduce liability for virus outbreaks at work, companies are racing to comply with public health guidelines on issues like employee screening and social distancing. In the United States, the market for contact-tracing technologies for employers could soon be worth $4 billion annually, according to estimates from International Data Corporation, a market research firm.And they have a captive market. To protect employees and reduce liability for virus outbreaks at work, companies are racing to comply with public health guidelines on issues like employee screening and social distancing. In the United States, the market for contact-tracing technologies for employers could soon be worth $4 billion annually, according to estimates from International Data Corporation, a market research firm.
But the preventive tools and pandemic workplace rules are so new — as is the emerging science on the virus — that it is too soon to tell how well, or if, they work.But the preventive tools and pandemic workplace rules are so new — as is the emerging science on the virus — that it is too soon to tell how well, or if, they work.
“These are all untested theories and methods right now,” said Laura Becker, a research manager focusing on employee experience at I.D.C. “What is going to be the most effective component of all of these work force return strategies? We don’t know.”“These are all untested theories and methods right now,” said Laura Becker, a research manager focusing on employee experience at I.D.C. “What is going to be the most effective component of all of these work force return strategies? We don’t know.”
New York Times Company executives announced 68 layoffs Tuesday, saying the cuts were coming largely in the advertising department and not among the journalists in the newsroom. “The eliminations are taking place in parts of the company that have seen a significant immediate impact from the virus,” Mark Thompson, the chief executive, and Meredith Kopit Levien, executive vice president and chief operating officer, said in an internal email, “but they also reflect long-term trends in our business and are fully consistent with the company’s strategy.” During last month’s quarterly earnings call, Mr. Thompson forecast a steep drop in advertising revenue because of the pandemic.
Spirit Aerosystems, a key Boeing supplier, said in a securities filing that Boeing had slashed an order for fuselage parts because of the effect the pandemic has had on global aviation. Boeing now wants only 72 shipsets, down from 125. (The aerospace giant had already cut its order from 216 earlier this year.)Spirit Aerosystems, a key Boeing supplier, said in a securities filing that Boeing had slashed an order for fuselage parts because of the effect the pandemic has had on global aviation. Boeing now wants only 72 shipsets, down from 125. (The aerospace giant had already cut its order from 216 earlier this year.)
Airlines continue to amass emergency funds to get them through the pandemic. United Airlines on Tuesday said it would raise $3 billion in a bond offering backed by its loyalty program, while American Airlines on Sunday said it would raise $3.5 billion in varied financing.Airlines continue to amass emergency funds to get them through the pandemic. United Airlines on Tuesday said it would raise $3 billion in a bond offering backed by its loyalty program, while American Airlines on Sunday said it would raise $3.5 billion in varied financing.
Reporting was contributed by Alan Rappeport, David Gelles, Nathaniel Popper, Michael Corkery, Mohammed Hadi, Edmund Lee, Natasha Singer, Matina Stevis-Gridneff, Julie Creswell, Niraj Chokshi, Katie Robertson, Mary Williams Walsh and Brooks Barnes.Reporting was contributed by Alan Rappeport, David Gelles, Nathaniel Popper, Michael Corkery, Mohammed Hadi, Edmund Lee, Natasha Singer, Matina Stevis-Gridneff, Julie Creswell, Niraj Chokshi, Katie Robertson, Mary Williams Walsh and Brooks Barnes.