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In televised town hall, Trump pushes for economic reopening – The Globe and Mail

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President Donald Trump speaks during a Fox News virtual town hall from the Lincoln Memorial, Sunday, May 3, 2020, in Washington.

Evan Vucci/The Associated Press

Anxious to spur an economic recovery without risking lives, President Donald Trump on Sunday insisted that “you can satisfy both” – see some states gradually lift lockdowns while also protecting people from the coronavirus pandemic that has killed more than 60,000 Americans.

The president, fielding questions from Americans in a virtual town hall from the Lincoln Memorial, acknowledged valid fears on both sides of the issue. Some people are worried about getting sick; others are reeling from lost jobs and livelihoods.

But while Trump increased his projection for the total U.S. death total to 80,000 or 90,000 – up by more than 20,000 fatalities from what he had suggested just a few weeks ago – he struck a note of urgency to restart the nation’s economy, declaring “we have to reopen our country.”

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“We have to get it back open safely but as quickly as possible,” Trump said.

After more than a month of being cooped up at the White House, Trump returned from a weekend at the Camp David presidential retreat in Maryland for the virtual town hall hosted by Fox News Channel.

The president said of his backdrop: “We never had a more beautiful set than this.”

As concerns mount about his re-election bid, Trump stuck to his relentlessly optimistic view of the nation’s ability to rebound soon.

“It is all working out,” Trump said. “It is horrible to go through, but it is working out.”

Many public health experts believe the nation cannot safely reopen fully until a vaccine is developed. Trump declared Sunday that he believed one could be available by year’s end.

U.S. public health officials have said a vaccine is probably a year to 18 months away. But Dr. Anthony Fauci said in late April that it is conceivable, if a vaccine is soon developed, that it could be in wide distribution as early as January.

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Though the administration’s handling of the pandemic, particularly its ability to conduct widespread testing, has come under fierce scrutiny, the president defended the response and said the nation was ready to begin reopening.

“I’ll tell you one thing. We did the right thing and I really believe we saved a million and a half lives,” the president said. But he also broke with the assessment of his senior adviser and son-in-law, Jared Kushner, saying it was “too soon to say” the federal government had overseen a “success story.”

Trump’s impatience also flashed. While noting that states would go at their own pace in returning to normal, with ones harder hit by the coronavirus going slower, he said that “some states, frankly, I think aren’t going fast enough.” He singled out Virginia, which has a Democratic governor and legislature. And he urged the nation’s schools and universities to return to classes this fall.

Federal guidelines that encouraged people to stay at home and practice social distancing expired late last week.

Debate continued over moves by governors to start reopening state economies that tanked after shopping malls, salons and other non-essential businesses were ordered closed in attempt to slow a virus that has killed more than 66,000 Americans, according to a tally of reported deaths by Johns Hopkins University.

The U.S. economy has suffered, shrinking at a 4.8% annual rate from January through March, the government estimated last week. It was the sharpest quarterly drop since the 2008 financial crisis.

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Roughly 30.3 million people have filed for unemployment aid in the six weeks since the outbreak forced employers to shut down and slash their workforces. It was the worst string of layoffs on record.

The president’s advisers have nervously watched Trump’s support slip in a number of battleground states and he was presented with polls late last month that, if the election were held that day, had him losing to Democrat Joe Biden. The president’s aides believe restarting the economy, even with its health risks, is essential to a victory in November and are pushing for him to pivot away from discussions about the pandemic and onto an American comeback story.

To that, he will begin travelling again, with a trip to a mask factory in Arizona planned for Tuesday. And the grand setting of Sunday night’s town hall was meant to evoke patriotism and overcoming national adversity.

Larry Kudlow, Trump’s top economic adviser, said on CNN’s “State of the Union” that the administration would “pause” to review the effectiveness of trillions in economic relief spending before making any decision on whether additional aid is needed. House Speaker Nancy Pelosi, D-Calif., said Thursday that state and local governments are seeking up to $1 trillion for coronavirus costs,

The Senate planned to reopen Monday, despite the Washington area’s continued status as a virus hot spot and with the region still under stay-at-home orders. The House remains shuttered. The pandemic is forcing big changes at the tradition-bound Supreme Court: The justices will hear arguments, beginning Monday, by telephone for the first time since Alexander Graham Bell patented his invention in 1876.

The leaders of California and Michigan are among governors under public pressure over lockdowns still in effect while states such as Florida, Georgia and Ohio are reopening.

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Michigan Gov. Gretchen Whitmer, a Democrat, said Sunday that the armed protesters who demonstrated inside her state’s Capitol “depicted some of the worst racism” and “awful parts” of U.S. history by showing up with Confederate flags, nooses and swastikas.

Despite the opposition of Michigan’s Republican-controlled Legislature, Whitmer has extended a state of emergency declaration and directed most businesses statewide to remain closed. Trump on Sunday night singled out her and Washington Gov. Jay Inslee, also a Democrat, for criticism even as he praised the federal co-ordination with most governors.

Some people participating in other public protests across the U.S. have not kept their distance from one another and have rallied without masks, not heeding public health recommendations.

Dr. Deborah Birx, co-ordinator of the White House coronavirus task force, called that behaviour “devastatingly worrisome.” She said people will feel guilty for the rest of their lives if they end up infected and unwittingly spread the virus to vulnerable family members.

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S&P/TSX composite gains almost 100 points, U.S. stock markets also higher

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TORONTO – Strength in the base metal and technology sectors helped Canada’s main stock index gain almost 100 points on Friday, while U.S. stock markets also climbed higher.

The S&P/TSX composite index closed up 93.51 points at 23,568.65.

In New York, the Dow Jones industrial average was up 297.01 points at 41,393.78. The S&P 500 index was up 30.26 points at 5,626.02, while the Nasdaq composite was up 114.30 points at 17,683.98.

The Canadian dollar traded for 73.61 cents US compared with 73.58 cents US on Thursday.

The October crude oil contract was down 32 cents at US$68.65 per barrel and the October natural gas contract was down five cents at US$2.31 per mmBTU.

The December gold contract was up US$30.10 at US$2,610.70 an ounce and the December copper contract was up four cents US$4.24 a pound.

This report by The Canadian Press was first published Sept. 13, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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Economy

Statistics Canada reports wholesale sales higher in July

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OTTAWA – Statistics Canada says wholesale sales, excluding petroleum, petroleum products, and other hydrocarbons and excluding oilseed and grain, rose 0.4 per cent to $82.7 billion in July.

The increase came as sales in the miscellaneous subsector gained three per cent to reach $10.5 billion in July, helped by strength in the agriculture supplies industry group, which rose 9.2 per cent.

The food, beverage and tobacco subsector added 1.7 per cent to total $15 billion in July.

The personal and household goods subsector fell 2.5 per cent to $12.1 billion.

In volume terms, overall wholesale sales rose 0.5 per cent in July.

Statistics Canada started including oilseed and grain as well as the petroleum and petroleum products subsector as part of wholesale trade last year, but is excluding the data from monthly analysis until there is enough historical data.

This report by The Canadian Press was first published Sept. 13, 2024.

The Canadian Press. All rights reserved.

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S&P/TSX composite up more than 150 points, U.S. stock markets mixed

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TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in the base metal and energy sectors, while U.S. stock markets were mixed.

The S&P/TSX composite index was up 172.18 points at 23,383.35.

In New York, the Dow Jones industrial average was down 34.99 points at 40,826.72. The S&P 500 index was up 10.56 points at 5,564.69, while the Nasdaq composite was up 74.84 points at 17,470.37.

The Canadian dollar traded for 73.55 cents US compared with 73.59 cents US on Wednesday.

The October crude oil contract was up $2.00 at US$69.31 per barrel and the October natural gas contract was up five cents at US$2.32 per mmBTU.

The December gold contract was up US$40.00 at US$2,582.40 an ounce and the December copper contract was up six cents at US$4.20 a pound.

This report by The Canadian Press was first published Sept. 12, 2024.

Companies in this story: (TSX:GSPTSE, TSX:CADUSD)

The Canadian Press. All rights reserved.

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