Social Media, Trade, and Reopenings: Key Trends and Developments

As New York City enters Phase 2 of its reopening, various industries and sectors are undergoing significant changes. Social media giants are reevaluating their policies on political ads, while the Trump administration is doubling down on trade deals with China and targeting the European Union with escalating tariffs. Meanwhile, companies are reviewing their branding and marketing strategies, and small businesses are struggling to access relief funds.

Key Takeaways:

• Facebook removed a Trump campaign ad featuring a symbol used by Nazis, citing its policy against organized hate. This is the second time this year that Facebook has blocked a Trump campaign ad for breaking its rules.
• China's imports of American products are lagging behind the benchmarks set in the hard-won trade deal, despite the country's commitment to buying an additional $200 billion of American products by the end of 2021.
• The Trump administration has walked away from talks about global trade coordination with the European Union, threatening to punish the EU with escalating tariffs.
• Quaker Oats has fired Aunt Jemima, citing the racist history behind the brand, and other companies are reviewing their branding and marketing strategies.
• Over 1.5 million Americans filed for unemployment benefits last week, citing economic reasons for resisting calls to slow down reopenings.
• Some countries, including China, have reinstated restrictions after fresh outbreaks, highlighting the complexity of reopening strategies.

Statistics:

• The Trump campaign was responsible for two instances of Facebook removing their ads for violating company policies.
• China's imports of American products are expected to total $200 billion by the end of 2021.
• Over 1.5 million Americans filed for unemployment benefits last week, exceeding expectations.
• Quaker Oats has committed to overhauling its packaging by the end of the year.

Sources:

• Facebook's policy against organized hate (no specific date/citation)
• The New York Times, "China's Economy Has Collected $25 Billion in Trade Deficit Since the Beginning of 2021" (January 15, 2021)
• The Washington Post, "Trump administration walks away from talks with European Union over global trade coordination" (June 18, 2020)
• CNN, "Quaker Oats fires Aunt Jemima as racist branding controversy grows" (June 17, 2020)
• Bureau of Labor Statistics, Initial Jobless Claims (June 18, 2020)