Canada completes the North American cycle with their ratification of the USMCA to replace NAFTA. Mexico and the U.S. ratified the new trade agreement last year and January respectively.  The Canadian parliament did so yesterday.

CANADA – Canada on Friday formally approved the United States-Mexico-Canada Agreement (USMCA), taking the last legislative step to implementation of the deal to replace the 25-year-old North American Free Trade Agreement (NAFTA).

The trade deal, ratified by the Mexican legislature last June and by Congress in January, was formally ratified by the Canadian Senate Friday, and shortly thereafter received royal assent, the Canadian governor general’s approval.

The deal was passed through the legislature before Parliament shut down for five weeks in response to the coronavirus pandemic.

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By now everyone is familiar with the abundant pictures on social media of empty shelves in local stores.  Having some familiarity with the supply chain might help people to understand some of the challenges; and possibly help locate product. (Pics from Twitter)

There are essentially two types of distribution centers within the retail supply chain for most chain markets, food stores and supermarkets.  The first type is a third party, or brokered, distribution network.  The second type is a proprietary, company owned, distribution center.  Knowing the type of distribution helps to understand what you can expect.

If your local retail store is being replenished from a third party distribution center, you can expect greater shortages and longer replenishment times; we will see entire days of empty shelves in these stores.  However, if your local retail store owns their own warehouse and distribution network, the replenishment will be faster.  In times of rapid sales, there is a stark difference.

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At approximately 1:00am this morning the House of Representatives passed the Coronavirus Response Act [H.R.6201]  (House Link Here)

The final text of the bill is also embedded below.

The Bill passed: 363-Yay/40-Nay with 26-Not Voting [Vote Tally Here]

[scribd id=451664181 key=key-TpgzK792x3tz3D3azeRw mode=scroll]

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Additionally, President Trump exercised statutory authorities to declare a national emergency in response to the coronavirus.  The unprecedented action invites States, territories, and tribes to access over $42 billion in existing funding to combat the coronavirus.

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This is a bold step for the brand.  It takes very strong leadership to make a decision like this. All Apple Inc. retail stores will be closed; however, on-line distribution centers will remain open.  Workers will continue to receive their regular pay despite the closures.

(Via CNBC) Apple said it will close all of its stores outside of Greater China until March 27 to reduce the risk of the coronavirus spreading.

The iPhone maker’s online store will remain open as well as its “Apple Store” app.

Apple CEO Tim Cook said the company had learned lessons from the outbreak in China and that is why it is taking these steps.

“One of those lessons is that the most effective way to minimize risk of the virus’s transmission is to reduce density and maximize social distance,” Cook wrote in a blog post late on Friday. “As rates of new infections continue to grow in other places, we’re taking additional steps to protect our team members and customers.” (read more)

After an evening meeting with Treasury Secretary Steven Mnuchin, HHS Secretary Alex Azar and Labor Secretary Eugene Scalia, President Trump has announced his support for House Resolution 6201 – The Cononavirus Response Act.

You can find the text of the House Bill HERE

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It took some digging but we found it. The 2020 Coronavirus Response Act is H.R.6201 [SEE HERE].

Speaker Nancy Pelosi is saying the Democrats and White House have made an agreement to pass the content of the Coronavirus Response Act.  However, there is no confirmation from the White House (yet).

President Trump is meeting with Treasury Secretary Steven Mnuchin in the White House right now.

WASHINGTON – House Democrats and the Trump administration reached agreement on a coronavirus response package Friday after a day of grueling negotiations, House Speaker Nancy Pelosi said.

“We are proud to have reached an agreement with the Administration to resolve outstanding challenges, and now will soon pass the Families First Coronavirus Response Act,” she wrote to Democrats after hours of back-and-forth with Treasury Secretary Steven Mnuchin.

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Treasury Secretary Steven Mnuchin holds a brief media availability at the White House to discuss the potential economic impacts from Coronavirus and the direction of the treasury in response.   Strong interview and Good interview.

Mnuchin notes there are some sectors who benefit and some that are negatively impacted. The key is to focus on the average American and ensure any negative impacts to U.S. workers are mitigated. Secretary Mnuchin is very sharp and he’s exactly on point in this interview.

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Speaker Nancy Pelosi is attempting to exploit the coronavirus issue to pass a litany of permanent laws inside what was supposed to be a temporary legislative bill to assist those economically impacted by the coronavirus mitigation efforts.

Two issues are stark: (1) permanent and mandatory paid sick leave; and (2) a massive and permanent increase in medicare spending to benefit health insurance companies.

(Via The Hill) […] “There’s a couple major problems with it. Here’s one glaring problem: Under [Speaker Nancy] Pelosi’s bill, the Social Security Administration will be set up to administer the paid sick leave program. Now this will take more than six months, so it won’t work in time. It will also hamper the administration from putting out Social Security for those who need it right now that are in harm’s way,” he added.

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Elania Plott is a CNN analyst who notes in her conversations with supporters of President Trump the disdain and distrust in media is worse than any time she can remember:

Perhaps this short recap video will help explain.  CNN is now claiming that anyone who uses the term “Wuhan Virus” or “Chinese Corona Virus” is being xenophobic and racist.  The Media Research Center looked into it and captured some rather stark hypocrisy:

The stock market is not the U.S. economy.  The stock market is an investment instrument.
Yes, the downstream consequences from coronavirus mitigation efforts means there is likely going to be temporary, very specific, fluxes within the Main Street economy.  Entertainment, hospitality and leisure are likely to see the strongest initial impacts. However, as noted by the release of weekly jobless claims the U.S. economy is very strong.

WASHINGTON (Reuters) – The number of Americans filing for unemployment benefits unexpectedly fell last week as employers continued to hold on to their workers.
Initial claims for state unemployment benefits dropped 4,000 to a seasonally adjusted 211,000 for the week ended March 7, the Labor Department said. Jobless claims are the most timely labor market indicator. They have declined for two straight weeks.

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