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Peter Navarro, the White House trade adviser who was among the first to warn President Trump about the potential economic damage from the coronavirus, is now warning that a prolonged shutdown could pose a more dire long-term health threat to the United States than the virus itself.

“It’s disappointing that so many of the medical experts and pundits pontificating in the press appear tone-deaf to the very significant losses of life and blows to American families that may result from an extended economic shutdown,” Mr. Navarro said in an interview with The New York Times.

In memos that he wrote in January and February that circulated in the West Wing, Mr. Navarro warned that the coronavirus was a crisis that could inflict trillions of dollars in economic damage and take millions of lives.

Mr. Trump has been criticized for being slow to heed such warnings. In recent weeks the president’s economic advisers have clashed with his health experts over how to balance containing the virus and mitigating the economic fallout. Mr. Navarro, a protectionist who has been known to engage in heated debates with the free-traders in the administration, has been locked in heated debates with Dr. Anthony Fauci, the federal government’s top infectious disease expert, whose pronouncements measures needed to slow the spread of the virus have begun to frustrate Mr. Trump’s allies.

In a tweet on Monday, Mr. Trump said a decision on when to reopen the economy “will be made shortly!”

Those earning $100,000 or more — approximately just under half the company — will have their salaries reduced by 10 to 20 percent for five months, starting in May, the memo said. Executives in the senior management team, including Anna Wintour, the artistic director and Condé Nast’s best-known figurehead, will have their pay cut by 20 percent. In addition, Mr. Lynch said he would forgo half of his salary.

The company plans to implement three- or four-day workweeks for some employees in markets such as Britain and the European Union, “in particular where government programs and stimulus packages can help supplement employees’ earnings,” Mr. Lynch wrote in the memo.

Condé Nast is not directly asking for government money, but is instead exploring the use of relief programs and stimulus packages in certain regions for furloughed or laid off employees.

U.S. stocks fell on Monday, a retreat that followed on of Wall Street’s best weeks in decades, as investors weighed the implications of a deal to cut oil production and awaited the release of quarterly earnings reports from corporate America.

The S&P 500 was down nearly 2 percent at 1:30 p.m. Major European markets were closed for the Easter holiday.

Investors on Monday were sifting through the implications of a number of developments over the long weekend. The Organization of Petroleum Exporting Countries and other major countries said on Sunday they would trim output to put a floor under crude oil prices, and shares of energy companies were higher.

Monday’s decline came after the S&P 500 had rallied more than 12 percent last week, as investors took heart in signs of progress in the fight against the coronavirus and expansive new measures from the Federal Reserve to help ensure companies and local governments can access credit markets.

But the recent optimism will be tested as big companies report earnings for the first three months of the year.

Analysts expect that S&P 500 companies will report a 10 percent drop in profits for the first quarter of 2020, compared to the same period last year. But that will only be the start prolonged period of declining profits — known as an earnings recession — that is expected to last for at least a year, according to data from Refinitiv.

Earnings for the second quarter are expected to be even worse, dropping more than 20 percent. But if commentary from companies about the coming quarter are particularly dire, those expectations could be revised sharply lower, potentially setting off another stumble in a stock market that has shown signs of stabilizing.

SoftBank warned investors on Monday that the value of its tech fund may have dropped by as much as $16.7 billion over the last fiscal year, a surprise announcement that came as the coronavirus rocked a portfolio already weakened by losses on big bets like WeWork.

SoftBank has used its $100 billion purse to make huge wagers on companies, like WeWork and Uber, that it believed could fundamentally remake industries, drive out competitors and generate gigantic profits.

One day after oil-producing nations agreed to the largest-ever production cut, the reaction in oil markets on Monday was largely muted. Although prices briefly jumped at the start of trading, they eventually lost their gains.

Brent crude, the international benchmark was unchanged at $31.47 a barrel, while West Texas Intermediate, the main U.S. marker, was up 1 percent to $22.98 a barrel.

As large as the cut is — 9.7 million barrels a day, beginning in May, reflecting about 10 percent of global output during normal times — many traders and analysts have said it is insufficient and too late to avoid a huge glut of supplies in the current quarter.

There is also skepticism about the degree to which a wide range of countries will comply to the deal. Mexico’s success in reducing its proposed share of the overall cut from 400,000 to 100,000 barrels a day may well be repeated by other countries, some analysts said.

“It’s simply too late to prevent a superlarge inventory build of over one billion barrels,” wrote analysts from Citigroup in a note to clients on Sunday.

Analysts expect oil prices, which soared above $100 a barrel only six years ago, to remain below $40 for the foreseeable future.

“This is at least a temporary relief for the energy industry and for the global economy,” said Per Magnus Nysveen, head of analysis for Rystad Energy, a Norwegian consultancy. “The industry is too big to be let to fail.”

Airlines have canceled a staggering number of flights, but thousands still take off every day, leaving many of the people needed to keep them running to reckon with whether to continue working and how to stay safe if they do.

For Molly Choma, a flight attendant for Alaska Airlines, those remaining flights provided a financial cushion. After the pandemic halted the photography business she has nurtured on the side, she took on flights from colleagues who could not, or would not, staff them.

Already, hundreds of flight attendants and pilots have fallen ill and at least five have died from the coronavirus, according to to the labor unions that represent them.

Though the industry secured $25 billion from the federal government to pay employees through September, the future remains bleak. It took several years for passenger volume to rebound after the terrorist attacks in 2001, a shock less severe than the current crisis, which is seen by many as the worst in the history of aviation.



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