Foreman dodged those levies when President Donald Trump announced a “phase one” agreement with Beijing. But Foreman stayed on guard, knowing that any rupture in the trade deal – or in the broader economy – could trigger a sudden blow.

Then came coronavirus. At first, Foreman worried about a supply chain backlog as Chinese factories ground to a halt. Then, once manufacturing started coming back online, the U.S. economy went into free fall, and Foreman isn’t sure whether his customers will keep their orders. A week and a half ago, he laid off 18 people.

Given the outbreak’s shock factor, inconsistent government response and economic calamity, Foreman summed up his situation bluntly: “This is like 9/11, Katrina and the financial crisis all condensed into one.”

In a matter of weeks, the pandemic has sent global markets into a nose dive, spurred hundreds of layoffs and sent the U.S. economy hurtling toward recession. From entire industries to small businesses, companies that planned to hire new employees this year or invest in updated equipment are backing off, holding onto hope that the economy will turn around once the outbreak is contained.

That may not come soon enough for businesses already hurting under Trump’s trade war, which spurred billions of dollars in tit-for-tat tariffs from the United States and China alike. In mid-January, Trump signed a partial deal that he claimed would reset an off-balance economic relationship.

But that agreement left a slew of unresolved trade issues still on the table. And many American companies saw their tariff burdens unchanged.

Even before coronavirus, experts were skeptical that both countries could follow through on their “phase one” commitments. Now with the world scrambling to counter a public health and economic nightmare, attention has shifted far away from “phase two,” experts say, leaving businesses in extended limbo.

“It’s really hard to see how they would have the bandwidth,” said economist Mary Lovely of Syracuse University and the Peterson Institute for International Economics.

On future talks with China, “ultimately the question is, does the president have the political incentive to push this before the election?” Lovely added. “And I think the answer to that is pretty clearly ‘no.'”

Multiple administration officials said this month that talks about a second China agreement have all but evaporated. Rhetoric about China from Trump and other White House officials has also hardened, complicating the prospects of a future agreement and eliciting a backlash from Beijing.

Initially, Trump lavished praise on China’s response to the outbreak. In early February, Trump said Chinese President Xi Jinping’s response to the virus was “strong, sharp, and powerfully focused” and predicted it would lead to a “very successful” result.

But as it became clear over the following weeks that China failed to contain the spread, Trump and other officials started blaming the outbreak on failures of Chinese leadership, particularly that of China’s government to accurately report how many people were infected. That issue has also raised questions about the trustworthiness of China’s commitments under the “phase one” agreement.

The Office of the United States Trade Representative did not respond to requests for comment. The White House last week referred to Trump’s Oval Office address Wednesday night. During that speech, Trump announced sharp travel restrictions to the United States from Europe for 30 days, setting off massive confusion over whether the ban applied to trade and cargo.

“Because of the economic policies that we have put into place over the last three years, we have the greatest economy anywhere in the world, by far,” Trump said during his address.

That relief hasn’t reached Tiffany Zarfas Williams, owner of the Luggage Shop of Lubbock in Texas, who got no help from the trade deal. Williams said many luggage manufacturers are trying to source products out of Vietnam and India because of the trade war. But Williams worries that the quality of the products will slip. Raising prices to balance out the cost of the tariffs seems completely off the table now.

Sales at her shop are already down 50 percent compared to last year. Williams joked that if she sold cleaning products or hand sanitizer, she’d be turning away customers.

This time of year, shoppers would normally be packing bags for spring break. Williams wonders who will be buying luggage anytime soon.

Her company used to have five employees. One recently left, and Williams said she isn’t going to fill that empty slot. She was looking forward to replacing her shop’s computer system. Now that’s on hold.

“How can things change so quickly?” Williams said. “It definitely is a double whammy when you put this on top of the tariffs.”

Deena Ghazarian launched her small business as the trade war took hold. Ghazarian is the founder and CEO of Austere, a technology accessories company.

In the spring of 2019, as Austere was ramping up production and preparing for its first shipments, the company got slammed with tariffs on HDMI chords, surge protectors, fiber-optic cables and cleaning products for screens. Because Ghazarian had already promised retailers certain prices, Austere had to absorb the cost of the 25 percent levy.

Last fall, Ghazarian met with her Chinese manufacturers to figure out how to manage costs in the long term, and she planned for a more affordable arrangement that would kick in after Lunar New Year – right when coronavirus gripped China’s economy.

Even with the supply chain backlogs, Ghazarian thinks she has enough inventory to get through mid-May at the very latest. She’s hopeful people will keep buying cleaning and protection products, plus other accessories for working from home.

But beyond that, she’s terrified about making payroll for her 15 employees.

“I think we’ll be great for the first quarter,” Ghazarian said. “I am scared to death for the second quarter.”

Joe Shamie’s company, Delta Children, manufacturers baby and kids furniture. His products are still weighed down by a 25 percent levy, and he hasn’t been able to get the government to grant him exclusions.

Shamie said he’s been able to keep high levels of inventory, and many of his customers can still buy online if they don’t want to venture to a store. But developing new products, and making sure cribs and bassinets are safe, requires physically testing products and meeting with overseas manufacturers in person.

Shamie isn’t predicting any layoffs. But he is ramping up Delta Children’s software systems, laptops and IT department in case he has to send employees home.

“With coronavirus, that means even more that individuals that can’t afford [the tariffs] need relief,” Shamie said.

Alex Camara is also wondering how he could send his machinists and plant workers home. Camara is the chief executive of AudioControl, a Seattle-based company that makes audio tools for cars and homes. The company builds its products in the Pacific Northwest, but certain components come from China. Those goods are still pinned under a 30 percent tariff.

AudioControl has absorbed most of that cost, and Camara said he can’t raise prices and risk losing out to companies that manufacture abroad. Camara worries about supply chain delays that could last months.

The economic ripples from coronavirus morph every day. But the tariffs have persistently been his company’s largest burden, Camara said – and will be for the foreseeable future.

“I think people forget about it,” Camara said. “It feels, for some people, like yesterday’s news.”

The appointment must be approved by the Bank of Thailand and Finance Minister Uttama Savanayana.

Withai will replace Chatchai Payuhanaveechai, whose term will come to an end on June 14. Withai is currently secretary-general of the Government Pension Fund, the largest pension fund.

If Withai receives final approval, he will serve as GSB president for a four-year term.

The acquisition, made through wholly-owned B Grimm Power (Chon Buri) 2 Co, consolidated BGRIM’s outstanding portfolio to 3,019 MW and raising the total number of power plants in its network to 47.

CEO Preeyanart Soontornwata said the share purchase of ATP, which operates a 123-MW co-generation facility in Chaiyaphum sub-district, Chaiyo district of Ang Thong province, is in line with the company’s on-going business expansion both at home and abroad.

The ATP interest acquired by BGRIM was held by Redman Pacific Holding Pte Ltd which is not a connected juristic person of the company.

ATP has had an accord to sell 90 MW of its power production to the Electricity Generating Authority of Thailand (Egat) for 25 years.

Preeyanart noted that there are also several projects under development and construction which will raise the company’s total installed generating capacity to at least 3,547 MW in the near future.

BGRIM targets to boost its combined generating capacity to 5,000 MW in 2022 as per the power sale commitment stipulated for the period.

Regarding impact from the global economic conditions and Covid-19 pandemic, she insisted that BGRIM’s income was only slightly affected, thanks to the “take-or-pay” nature of BGRIM’s power sales to Egat .

Furthermore, a part of its revenue comes from renewable energy power plants which are supported by the governments in countries which it operates.

She also pointed out that 25 per cent of its total revenue comes from electricity and steam sales to industrial customers whose energy demand has not shown any sign of sagging.

BGRIM’s power sales to industrial customers in the first two months of this year rose 0.8 per cent from the same period last year due to increased demand from packaging, air conditioning and other industrial segments.

BGRIM has a line-up of industrial clients with a total power purchase commitment of 31 MW with delivery to start in the second and third quarter of this year.

There is still a significant demand for reliable power supplies from BGRIM’s power plants situated near them.

These industries include data centres, petrochemical industries and the manufacturers of alternative energy equipment

There are more than 1,500 industrial operators in industrial estates, where BGRIM power projects are located, but only 130 of them are being served by BGRIM, underscoring the fact that they could become new clients of the company in the future, she concluded.

Sergio Trigo Paz, who helps oversee the $1.6 billion BlackRock Strategic Funds – Emerging Markets Flexi Dynamic Bond Fund, said he boosted the portfolio’s cash holdings to 20% by early February while trimming positions in high-yield bonds as the coronavirus outbreak in China worsened.

The London-based investor also said he started shorting some Latin American currencies, buying index credit-default swaps and piling into havens such as the Japanese yen and Swiss franc. Trigo Paz warned the probability of a near-term global recession is “high” as the virus takes its toll on almost every country.

“Cash is king,” he said in an interview on Friday. “You had an environment where the first half of 2020 looked noise-free, which was all very positive for high-yield emerging-market credits. But the coronavirus was a game-changer.”

Trigo Paz’s bond fund has returned 0.8% this year, beating 97% of peers, according to data compiled by Bloomberg. That’s quite a feat considering its top holdings in mid-2019 included notes from Angola, Ukraine and Ecuador. They also included debt from state oil companies Petroleo Brasileiro SA, Petroleos Mexicanos and Petroleos de Venezuela SA. Those are among the the hardest-hit assets from an oil price war that sent Brent crude to a four-year low.

Coronavirus cases worldwide have climbed to more than 167,000 with deaths surpassing 6,400. Schools, restaurants and events have shut down in the U.S. as the surgeon general predicted it will take at least eight weeks to get over the worst of the outbreak.

“The impact on economic activity will likely be sharp — and deep,” Jean Boivin, Elga Bartsch and Mike Pyle at the BlackRock Investment Institute, the firm’s think tank, wrote in a report on Monday.

While he’s relatively cautious for now, Trigo Paz said he’s looking to buy some emerging-market bonds that slid to less than 30 cents on the dollar and have a low risk of default.

“Those names could be attractive — definitely,” he said.

Among the requests is nearly $30 billion in grants for passenger airlines and cargo carriers, according to a document from Airlines for America, the industry’s leading trade group.

In addition, the industry is seeking $25 billion in loans and temporary tax relief in the form of a repeal of all federal excise taxes on tickets, fuel and cargo through the end of 2021 and a rebate of all federal excise taxes paid between January and March of 2020.

“This is a today problem, not a tomorrow problem, said Nicholas Calio, president and chief executive of Airlines for America. “It requires urgent action.”

President Donald Trump on Monday said his administration would support the airlines but offered no specifics.

“As far as the airlines are concerned, the airlines, we’re going to back the airlines 100%,” Trump said during his daily coronavirus task force briefing. “It’s not their fault. We’ve told the airlines we’re going to help them. We’re going to be helping them very much. It’s very important.”

The Airlines for America proposal is more than triple what the airline industry received in the days after the Sept. 11, 2001, terrorist attacks. That package included $5 billion in direct aid and $10 billion in loan guarantees. The measure that ultimately passed also included limits on executive compensation, specifying that any airline executive who made more than $300,000 in 2000 could not receive a raise for the following two years.

“You have to remember the A4A’s job is to shoot for the universe in hopes of getting the moon,” said aviation analyst Henry Harteveldt, president of Atmosphere Research Group. “And so it’s an aggressive request and it’s probably the starting point for a series of negotiations with the administration and potentially Congress for relief.”

The request comes as airlines face an unprecedented slowdown in passenger demand and newly imposed flight restrictions that affect travelers from 28 countries in Europe. Although carriers have waived change fees and discounted airfares – in some cases by as much as 90% – travelers are staying away.

In a letter to employees, Delta Air Lines chief executive Ed Bastian said the number of cancellations is outpacing the number of bookings. The carrier expects to cut capacity by 40% in the next few months.

“The speed of the demand falloff is unlike anything we’ve seen – and we’ve seen a lot in our business,” he wrote.

Over the weekend, two other carriers also announced dramatic cuts in service. American Airlines said it would cut roughly 75% of its international flights through May 6 and ground nearly all of its widebody jets.

And in a message to employees Sunday signed by United chief executive Oscar Munoz and President Scott Kirby, the airline said that more than 1 million fewer customers flew during the first two weeks of March than during the same period last year. Already, the airline is forecasting revenue this March will drop by $1.5 billion compared with last year. In response, the airline will cut capacity by 50% for March and April, they said.

The dramatic shift in tone comes less than two weeks after Trump met with airline executives at the White House to discuss their response to the coronavirus outbreak.

When a reporter asked whether the president was considering offering financial support to the airlines, Trump said the possibility had not been discussed.

“Don’t ask that question, please,” the president said. “Because they haven’t asked it.”

Lawmakers have already signaled a willingness to help the industry with House Republicans saying that the focus will go beyond just U.S. airlines.

“We are currently reviewing A4A’s proposal, as well as many other proposals from our affected stakeholders,” said Justin Harclerode, Republican spokesman for the House Transportation Committee. “Airlines may be the most visible part of our aviation system, but we have to ensure that a stabilization package addresses the needs of airports, regional and charter airlines, cargo airlines, manufacturers, and general aviation business.

“This crisis is bigger than any one proposal, and all options are on the table as we work to ensure the continued stability of our national air transportation system,” Harclerode said.

According to an analysis released Monday by Airports Council International North America, passenger traffic is forecast to drop by 49%, or 222 million enplanements in the first half of 2020. Financial losses could top $87 billion for calendar year 2020.

Kevin Burke, president and chief executive of ACI-NA, said that while airports are making cuts, “there are limits to that belt-tightening.”

Airlines aren’t the only ones in the transportation sector seeking help. Amtrak and its state partners estimate that the railroad will need $1 billion in supplemental federal funding “through the remainder of the year to make up for the unprecedented loss of ridership and revenue and to minimize employee and service impacts.”

Sen. Edward Markey, D-Mass., acknowledged that financial support may be needed, but he said it would not be a blank check.

“Any infusion of money to the airlines must have some major strings attached – including new rules to prohibit consumer abuses like unfair change and cancellation fees; protections for front-line workers like flight attendants, pilots, and airport workers; special consideration for our smaller, regional carriers not represented by the major trade associations; and the development of long-term strategies and targets to reduce the carbon footprint of the airline industry,” Markey said in a statement. “As our next coronavirus stimulus package is developed, I will demand these conditions be met before supporting any airline bailout.”

They will be the first air-conditioned boats plying the river.

The new service will help commuter to link with major trainline BTS, the company said. BTS commuters can use its Rabbit Card to pay and access Chao Phraya Riva Express at stopover piers.

The boat company is one of the subsidiaries of Supatra Group, operator of passenger boats on the Chao Phraya in Bangkok for a 100 years.

The launch is aimed at providing better transportation facilities and more convenience for people in Bangkok.

Atirat Ratanasate, deputy minister of transport, who presided over the opening ceremony on Monday, said the Ministry of Transport had pledged to develop water transportation infrastructure as part of ministry’s five-year strategy between 2017 and 2021.

The plan is aimed to extend water transport facilities and make it environmentally friendly as well as link all transport modes to become a seamless loop. The launch of the new air-conditioned boats will help strengthen strategy “from boat to train”, which will increase mass transport efficiency.

Supapan Pichaironarongsongkram, chairperson of Chao Phraya Express Boat Co, said the Supatra Group, founded by Khunying Supatra Singholaka, is celebrating its 100th anniversary.

The four new boats called Catamaran come with a large twin body designed by the world famous designer firm Schwetz Design in Australia and assembled in Thailand.

Each boat is light weight thanks to its aluminium body, 23.9-metres long and seven metre wide. It can accommodate up to 200 passengers.

Using two diesel engines with total power of 350 horsepower, the design comes with new technology that will produce lower waves, reduce wobble and be less noisy. With these technologies, the boat can demonstrate the same speed as a BTS train with international safety standards.

Each boat also features GPS (Global Positioning System), LED screen, and broadcasting system.

The air-conditioned Riva Express boat will commence operations from May 18. A ride will cost Bt50 for the entire route. During the introduction period, the company will offer a special deal of only Bt30 per person for the entire route. Service hours will be Monday to Friday.

The morning service hours will be 6.20am to 8.30am for the Nonthaburi–Sathon route. The boat will be departing from piers every 20 minutes and will stop at 8 piers.

From 9.45am to 4.15pm, the boats will be mainly operate on the Sathon-Bang Po route that connects with trains. The seven stations on this route are: Sathon (BTS Taksin station), IconSiam, Ratchawong, Rachnee (MRT Saman Chai station), Prannok, Thewes and Bang Po (MRT Bang Po station.

In the evening, the boat will serve from 5.30pm to 7.30pm on the Sathon- Nonthaburi route, and stop at 8 piers.

Due to the current coronavirus pandemic, the company is experiencing some negative impact as the number of tourists has declined. Therefore, major targeted markets are local people such as school and university student and general employees, as they still need to travel to school or to work by boat.

To comply with the government’s guidance on the Covid-19 epidemic, all four boats have been cleaned up and are well sanitised. A hand gel is also provided on the boats.

Payment for the 2600MHz licences upfront is divided into seven instalments.

The watchdog held an auction for three spectrum bands – 700MHz, 2600MHz and 2.6GHz licences – on February 16 in which five bidders participated. They were Advanced Wireless Network (AWN) of Advanced Info Service, dtac TriNet of Total Access Communication, TUC, CAT Telecom, and TOT.

TUC offered Bt17.873 billion to win nine 2600MHz licences and Bt3.577 billion to win eight 26GHz licences.

AWN offered more than Bt17.15 billion to win one 700MHz licence, over Bt19.56 billion to win 10 licences for the 2600MHz spectrum and Bt5.345 billion to win 12 licences for 26GHz.

CAT proposed Bt34.306 billion to clinch two 700MHz licences.

TOT offered Bt1.795 billion to grab four 26GHz licences.

Dtac Trinet offered more than Bt910 million to win two 26GHz licences.

The addition, to be effective as of Monday (March 16), will significantly strengthen KPMG’s current Customs and supply chain services capabilities, the company said

“KPMG in Thailand’s move on the country’s Customs scene is aimed at further enhancing how it can help businesses with the ever-increasing complexity of Customs requirements and international trade regulations while meeting the highest standards of compliance. I am delighted to welcome our new partner, Malika Bhumivarn, and her team. Their wealth of experience will further strengthen KPMG in Thailand’s Customs capabilities,” said Charoen Phosamritlert, chief executive officer, KPMG in Thailand, Myanmar and Laos.

“The synergies of our combined strengths as well as the resources of our global network will allow us to meet the unique needs of our clients,” said Benjamas Kullakattimas, partner, head of tax and legal, KPMG in Thailand.

“I am excited to be part of KPMG’s rapidly expanding service offerings. I believe my Customs and supply chain expertise, when teamed with KPMG’s network and resources, will be of strategic assistance to clients,” said Malika Bhumivarn, tax partner, KPMG in Thailand.

KPMG in Thailand, with more than 1,900 professionals offering audit, legal, tax, and advisory services, is a member firm of the KPMG network of independent firms affiliated with KPMG International Cooperative, a Swiss entity.

The mall operator plans to join hands with international partners to create a new experience and continue to increase revenue Central Pattana Plc (CPN), the operator of CentralWorld, said it has made progress im developing what it calls the ultimate ‘Urban Lifestyle’ destination. It will cover six floors and have a total space of 27,000 square metres.

CPN said it wants to elevate a shopping experience in Ratchaprasong to a whole new level in order to meet the changing lifestyles of Thai shoppers and tourists from around the world. The renovation is expected to be completed and the new ‘Urban Lifestyle’ destination will be launched in 2021.

Wallaya Chirathivat, deputy chief executive officer of CPN, said: “Isetan Department Store has always been a great partner of CentralWorld from the very first day. It has been a great 30 years in which two companies represented a Thai shopping centre and a Japanese department store as a ‘co-creation’ destination. On behalf of CentralWorld, I would like to express my sincere gratitude.

“For our future plan upon the expiry of Isetan’s lease in December 2020, CentralWorld will conduct a major refurbishment of this area… We are currently working witb new international partners and negotiating with international key anchors, and we will announce the results as soon as possible. These new partners will help complement the new shopping experience and lifestyle for Ratchaprasong in the heart of Bangkok to make it more vibrant than ever to meet the changing lifestyles of consumers,” Wallaya added.

“The area will be closed during the major renovations and will open again around the third quarter of 2021. The refurbishment will not affect CentralWorld’s revenue as Isetan lease was a long-term agreement paid in full since the building was known as World Trade Center.

Regarding Isetan’s stores and restaurants, such as the authentic Japanese restaurants, the concept will remain and most of the restaurants will open again. New stores and services will be added to meet the needs of loyal customers who appreciate the authentic Japanese lifestyle and cuisine as well. Customers are still welcome to visit Isetan department store from today until August 31,” Wallaya said

Gates, who made the announcement Friday afternoon, said in a LinkedIn post he wants to “dedicate more time to philanthropic priorities including global health and development, education, and my increasing engagement in tackling climate change.” He declined to comment beyond the post, his spokeswoman Bridgitt Arnold said.

Gates founded Microsoft in 1975 with his high school friend Paul Allen, who passed away in October 2018. His competitive zeal helped create a company that dominates the personal computing industry. In the process, Gates amassed a fortune. He is currently the second wealthiest person in the world with $102 billion, behind only Amazon founder Jeff Bezos, according to the Bloomberg Billionaires Index.

(Bezos owns The Washington Post.)

Gates began moving away from Microsoft in 2000, when he gave up the chief executive post he long held to Steve Ballmer, to serve as chief software architect and chairman. In 2008, he stepped down as chief software architect and gave up his day-to-day duties at the company to spend the bulk of his work time at the Bill and Melinda Gates Foundation. He stepped down as Microsoft’s chairman in 2014.

Gates will continue to serve as Technology Advisor to Microsoft chief executive Satya Nadella and others at the company. Microsoft isn’t filling Gates’ seat on the board.

“With respect to Microsoft, stepping down from the board in no way means stepping away from the company,” Gates wrote.

In a statement, Nadella said he looks forward to continuing to work with Gates. Microsoft declined to make Nadella available.

Gates will also step away from his one other board position at Berkshire Hathaway, the company run by his longtime friend Warren Buffett.

“Warren and I were the best of friends long before I joined and will be long after,” Gates wrote.