Travel, Lockdowns, and Economic Turbulence in the US

Strategic Insights -

As Thanksgiving approaches, forecasters predict a 10 percent drop in travel, but health officials urge even more people to stay at home. Meanwhile, Pfizer's coronavirus vaccine candidate shows promise, and major metropolitan areas reimpose restrictions to curb record-breaking infection rates. The European Union imposes tariffs on American goods in retaliation for the Trump administration's levies, and American officials seem uninterested in negotiating. Millions of conservatives flee to alternative social media platforms, abandoning larger platforms that crack down on false and misleading content.

Key Takeaways:

  • Pfizer's coronavirus vaccine candidate shows extremely promising results in early analysis, potentially leading to distribution to millions of Americans by the end of the year.
  • Several major metropolitan areas, including New York, Chicago, New Mexico, and Oregon, reimpose restrictions on gatherings and businesses to curb record-breaking infection rates.
  • The European Union imposes 25 percent tariffs on American goods in retaliation for the Trump administration's decision to impose levies on European planes, wine, cheese, and other items.
  • Millions of conservatives migrate to alternative social media platforms like Parler, Rumble, and Newsmax, citing bias against conservatives by mainstream platforms.
  • President-elect Biden's transition team hints at a "Team Biden" administration that will surround themselves with academics and policy experts, few of whom come from the corporate world.
  • Airlines try to win back customers while keeping them safe, with some offering rapid coronavirus testing and relaxing capacity limits.
  • The chances of a quick stimulus package dimmed again as the White House backed away from negotiations and lawmakers remained divided.

Statistics:

  • 10 percent: Predicted drop in travel for Thanksgiving.
  • 15 percent: Stock price increase of Pfizer due to the vaccine announcement.
  • $5.56 million: Amount of shares sold by Pfizer's CEO Albert Bourla on Monday.
  • 10 p.m.: Time patrons must leave gyms, bars, and restaurants in New York.
  • 10 people: Maximum size of private gatherings allowed in New York.
  • 25 percent: Tariffs imposed by the European Union on American goods.
  • $100 million: Amount of money Twitter invests in promoting racial equality.
  • 16 years: Duration of the trade dispute over illegal airline subsidies between the US and EU.

Sources:

  • "What's Up?" (Nov. 8-14)
  • The New York Times
  • Pfizer
  • The European Union
  • Twitter
  • Facebook
  • CNN
  • The Wall Street Journal
  • The DealBook Summit