Good day,
Fewer than one in five (18%) of Americans view foreign trade as a threat to the country’s economy – a number that is down from 34% in 2016, as recorded by a Gallup poll. Around 79% of Americans welcomed foreign trade, calling it “an opportunity for economic growth through increased U.S. exports.” People generally consider international trade to be a threat during times of recession, with the 2007-2009 period seeing more Americans finding imports to be a threat than an opportunity. The current favorable view towards foreign trade is also reflected in the Senate, with 82% of Democrats and 78% of Republicans viewing international trade as an opportunity for growth rather than a threat from imports.
Did you know?
Tesla reported only one autonomous drive in California in 2019. It stretched a mere 12.2 miles. In comparison, Waymo reported nearly 1.5 million miles and Cruise recorded over 830,000 miles in 2019.
Quotable
“Shale production economics in the U.S. continue to point to a Brent price floor around $50 per barrel or a WTI price floor of $45 per barrel.”
– Bank of America Merrill Lynch in its report (while stating that the U.S. shale industry won’t likely rebound from its current slump).
In other news
Shipping’s smaller operators are most susceptible to the coronavirus financial impact
While big cargo carriers idle ships, niche operators critical to secondary trade lanes have little room to hide in a downturn. (WSJ)
Shale decline inevitable as oil prices crash
The U.S. shale industry continues to show signs of slowing down, with production declining in major shale basins outside of the Permian. (Oilprice)
The U.S.-China trade war unintentionally prepared companies for coronavirus
Because of the protracted trade war, some U.S. companies sought to get shipments out of China ahead of previously scheduled tariffs and before the virus outbreak. (Yahoo Finance)
Waymo doesn’t like California’s benchmark for self-driving research
The Alphabet subsidiary echoes Cruise’s criticisms of “disengagements.” (Engadget)
China’s top container ports unclog backlog as virus curbs ease
Chinese workers return to their posts after coronavirus travel curbs. The curbs that kept them away and jammed up global supply chains have been eased. (Reuters)
Final thoughts
A new study on the impact of on-demand ride-hailing has found that these trips create 69% more emissions on average than the trips they displace. The industry would need to realize the harm it creates and implement strategies that address these issues – including, but not restricted to – electrification, carpooling and complementary mass transit. Governments must also push for regulations that make it easier for ride-hailing companies to realize changes to their operations.
Hammer down everyone!