Left-Leaning Policies, Uberized Workforce, China Team: Eco Day

Welcome to Wednesday, Americas. Here’s the latest news and analysis from Bloomberg Economics to help you start the day:

  • President Joe Biden has surprised with left-leaning policies progressives applaud
  • Biden is filling out his China policy team with staff whose past writing and speeches align with the tough tone toward Beijing that emerged under his predecessor, adding to evidence that the new administration won’t revert to an earlier era of conciliation

    • Here’s why rare earths are an Achilles’ heel for the U.S.
  • California’s vote to classify Uber and Lyft drivers as contractors has emboldened other employers to eliminate salaried positions—and has become a cornerstone of bigger plans to “Uberize” the U.S. workforce
    • In the absence of Congressional or broader state actions to lift the minimum wage, the lowest-paid workers in the U.S. will see further relative erosion in living standards, according to Bloomberg Economics
  • U.S. Treasury yields rose to the highest since February 2020 and are at risk of climbing further, as investors start to factor in the full economic impact of a stimulus plan totaling as much as $1.9 trillion
  • How everything went wrong at once in Texas’ black-swan blackout
    • Two million? Five million? The real size of U.S. blackouts is still a mystery
    • Canadian gas commands rare premium over U.S. fuel due to freeze
  • WTO Director-General Ngozi Okonjo-Iweala urged countries to end export restrictions on vaccines and other medical goods needed to combat the Covid-19 pandemic
    • Biden said that Moderna Inc. and Pfizer Inc. agreed to sell more doses of their coronavirus vaccine to the U.S. faster than planned after he invoked federal law that could force their production
  • Mexico will save more lives with its limited Covid-19 vaccines by diverting some of them away from cities to impoverished rural communities, the nation’s health authorities said

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