Trump Tax Cuts, Small-Business Optimism, New York Jobs: Eco Day

Good morning Americas. Here’s the latest news and analysis from Bloomberg Economics to help get your Tuesday started:

  • President Donald Trump said he’s “very seriously” considering a capital gains tax cut, a move he decided against last September after saying it wouldn’t do enough to help the middle class
  • U.S. small-business optimism fell in July by more than forecast as spikes in virus cases around the country tempered hopes for a swift economic recovery, the National Federation of Independent Business said Tuesday
  • The U.S. will order imports from Hong Kong to be labeled as ‘Made in China’ according to a government document, in the latest escalation of trade tensions between the two nations
  • Some of New York’s largest employers say they plan to hire 100,000 “traditionally underserved” residents of the area within the next decade
  • The overall global picture remains troubling, writes Tom Orlik. China and Europe managed to control the virus early and get back to work -- but now face a slowing recovery and fears of a renewed rise in cases. The U.S. and some major emerging markets continue to wrestle with an uncontained outbreak
  • U.K. employment fell by the most since the global financial crisis at the height of the nation’s lockdown, as the number of Britons with jobs tumbled by 220,000

    • Prime Minister Boris Johnson’s pledge of putting U.K. children back in school a “national priority” has a clear rationale -- it’s the only way to get their parents back to work
  • It looks increasingly like Emmanuel Macron holds the key to whether the U.K. and European Union will get a trade deal
  • Investors unexpectedly raised their expectations for Germany’s recovery, adding to signs that Europe’s largest economy may bounce back more quickly from coronavirus restrictions than its neighbors

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