Details of trade and what lies ahead after the outbreak with a packed show today so lets go and die write it. And the United Nations on tuesday called for a large scale coordinated and comprehensive response to the coronavirus pandemic while speaking about the intergovernmental organizations plans u. N. Secretary general antonio terras said the world needs to come together to fight the spread of the virus. It is essential that. Those less developed to bolster their Health Systems and their response capacity to stop to this mission. Otherwise they still nights when it is easy spivey like wildfire globals always gives. Yes and the prospect of that is emerging when it was previously suppressed. And the secretary general also addressed the Economic Impact of the pandemic saying this could be the most challenging crisis in 75 years he has an Economic Impact yet you bring a reception at reception that probably is no parallel in the recent past the gobi nation of the 2 facts and the research that it contributes to. Immense use of the. Same vast and concrete seems that make us believe that this is indeed the most challenging crisis we have faced the 2nd war and this all comes as the International Monetary fund says we are in a global recession at least as bad as the last economic crisis mentioning the i. M. F. Expects a recovery in 2021 the total number of cases of crow virus around the world is quickly closing in on 1000000 and here in the United StatesPresident Donald Trump said modeling shows that between 10240000 people could die before this crisis is over now we want to take another global look at how countries around the world are being affected and for that were joined by our t. V. Correspondents are Tavenner Sayah thank you so much you know brian today were seeing a Record Number of deaths recorded in a single day in the u. S. As 865 people lost their lives to the disease now that number of deaths puts americas death toll to over 4309 moving over to europe the virus has now claimed more than 30000 lives and europe olan and what the head of the United Nations has the scribes of humanitys worst crisis since world war 2 and heres a graph that i want you to look at and may have them once they put that up for you that i want to go over with in terms of whats flattening out now here you see u. S. Spain and italy and you see all those cases are going up not the only story countries currently that are actually flattened out are japan south korea and china and look at the u. S. Spain italy you know those are actually just unique to those countries almost every other country around the world youre going to youre seeing you want to see cases going up but only these 3 countries you see some sort of numbers actually flattening out and not increasing so that is good news at the moment. Now can you give us a little bit of an update on some of these countries that maybe we didnt talk about recently and maybe are getting as much attention when it comes to the number of cases that theyre seeing. Lets go to south africa which is actually some of the toughest krone virus lockdown regulations in the world but in forcing them has not been easy you know right now Security Forces are actually firing rubber bullets at anyone defying orders to stay at home and that puts south africa the country more than 1300 reported cases with 55 deaths and then all that the number might appear low compared to some other countries its still the most in any other country in africa and that main issue is that authorities are worried that the virus could actually spread to the poor areas where would be almost impossible to provide proper medical attention and then there is jordan which has been under total lockdown since march 14th you know after just a few cases began to appear around the country the government took extraordinary measures including implementing very strict emergency laws where the Jordan Armed Forces and police were deployed to the patrol the kingdom streets and forcing very strict curfew and because of all these immediate measures jordan has about 274 confirmed cases and 5 deaths and thats very low compared to its neighbors like israel that has more than 5500 confirmed cases of which 22 deaths and then as saudi arabia would have over 700 confirmed cases and 16 deaths now bring you back to whats happening in latin america and the caribbean can you tell us about whats going on there well brand from mexico city to Port Au Prince all the way to santiago chile this is taking root in the worlds most on equal social class systems where the 1st cases of a virus actually. Arrived by the wealthy returning from vacations or work from places like europe and the u. S. Where its now spread to the poor areas in the country but im like many of the well to you are recovering medical experts are really worried that the virus could kill thousands of the poorest people and im referring to the ones who must work every single day to feed their families living in such extreme conditions that they even lack clean water and power paramedic medical care for example in haiti the western hemispheres poorest country reported its 1st 2 cases of the virus on march 20th the 1st was actually brought into the country by haitis most successful r. And b. Singer who had just returned from france and is now currently and quarantined but for hundreds of thousands of haitians who earn just a few dollars a day of selling goods on the streets you know quarantine would mean a near like starvation and then there is chile a which has seen cases grow to more than 3000 but most have been in the upper class neighborhoods in people just back again from europe particularly italy and then there is in mexico where Authorities Say at least 17 of the country has wealthiest people return after being infected during a ski trip to Vail Colorado which puts mexicos confirmed cases to over a 1200. 00 with 29. 00 deaths so brands although the u. S. Is leading the number of confirmed cases you might not take long before that spreads even further globally because just 6 weeks ago here in the u. S. The only had 60 cases so fascinating information will look for more updates from you so i dont thank you so much and as a reminder you can always find the latest news and information or regarding the coronavirus on portable t. V. Coronavirus tracker r t correspondent site savage or thank you so much. Following the worst quarter in decades equity markets are starting the 2nd quarter well theyre starting on a slide so lets go ahead and bring in some of the expert analysis we love here on boom bust tobin smith c. E. O. Of transforming research joins us tobin thank you so much what are we seeing i mean the dow was down at times more than a 1000 points today and people are said were saying that we were at the bottom clearly thats not the case what are we seeing in the market today. What were seeing is its a 4 step process and you know people always automatically for the last basically 12 years 11 years you would buy the dip right we get a correction the market come down maybe 10 or 20 percent we buy that we be back up but were not in that world were in a world where we have not only a global recession that same time we didnt pour diesel fuel on the 2nd amik fire by having an energy you know complete war price war so now its cascading and were not done cascading as i think i told you before we went to the coverage at the end of january we went all in cash about february 15th with our subscribers and Money Management clients because we were getting information from our context around the world that china had completely under played how bad this was the number 2 that they completely under play how many people you know were traveling out of china and now we have this pandemic so it is too early to be a bit buyer we assume were going to test the that new low that we had you know call it 2120 to 50 range and then i think were going to burst through that because no one has any idea about how many bodies are going to be piled up and until we do really bend that curve its just like a stock you have to earn you know you have a price moving average we have a death moving average and an infection moving average and until that turns down. Its not safe to buy stocks and oh by the way the bankruptcies are just starting to hit and the in the earnings numbers will hit about 1520 days i mean now so what youre telling me here is youre expecting the same amount of market volatility in april as we saw in march and maybe moving into may and june as well. Yeah absolutely and all you have to do is read the vix the v. I. X. That shows the amount of fear in the market for lack of a better or simpler explanation and weve never had the vix not only go to 85 its average has been 16 but it was at 12 when we got into this but its not coming down and the reason why its not coming down is its projecting every day at work clothes today its projected that every day well have 5 percent volatility up or down and the issue is is that were going to have that volatility but the slope of that volatility is lower lows not you know lower highs and toba now what are the markets not pricing in at the moment what are the unknown variables that are left on the table as you talked about i mean the problem is its hard to see a response because we dont know where this is going we dont know where this ends we dont know where any of this happens so its hard to look its really hard to look for but its also hard to look at right now because you dont know whats real and whats not real i mean im otherwise i dont mean were out of our affairs. Right no i mean. Economic wise we just do models right because thats the only thing you can sort of do and were modeling about 30 to 40 percent unemployment for the Service Industries for certainly the month of april and probably may you know the great governor of florida decided today maybe were going to have a coronavirus problem well theyre going to have a pandemic down there like nobodys business secondarily we look at it cash flows and you know cash flows are dropping to 0 in businesses Small Businesses that its going to take 3 or 4 weeks for them to get the loan i just was on the talk with the s. B. A. Today and its going to take 3 to 4 weeks to get that money out and i just tell you as Service Businesses theyve got you know 1520. 00 days of cash so theres going to be an auto wreck they are so i dont see the known knowns the only known knowns we know are that china clamped down a 25000000 people and they bent the curve we know that italy after going through all these problems lock down and they are starting to bend the curve we have done none of that we have we have been basically smoking our own dope thinking that somehow that you know what this is all go away and its the lame stream media thats pushing this thing thats turned out to be the biggest lie of the century and there are deaths of people that occurring every day today because our government ignored the problem and got way like you know korea had the same amount of people basically in new york city in the solar area they got up and testing in 10 days were the only country that didnt accept we rejected the World Health Organization testing kits because they were good enough for us and we will need them anyway so i mean when the history is written on this this is going to be the biggest government screw up in the history of screw ups and weve got a lot of screw ups. That for sure and sadly may be true the fed is now pulling out all the stops to support the economy what can you tell us about how theyre going to continually move this forward i mean it seems like theyve said weve got a bottomless checkbook and were ready to continue to support it but how long can that go. Well it can go as long as they want because they literally remember if it was a church he said thats ok they push a button at the new york fed all of a sudden you know they create 10 1000000000. 00 or 10 trillion dollars its its Electronic Transfer right but the issue is not like the financial crisis where where we could solve the financial crisis for it by putting money in we have a Health Crisis we have Small Business crisis we have people who would you know in new york city are could be able to pay their rent they depend on 20000000000. 00 a year scuse me a month in new york for taxes so this is the Ripple Effect and unless the fed is going to step up and start pumping 2500. 00 to 4000. 00 a month into a 45000000. 00 people Checking Account it is going to get a lot worse before we hit a real bottom tobin smith c. E. O. Of Transformative Research its sobering to hear you but thank you so much for giving us that insight. The dear baby. Time now for a quick break but here because when we return with the lions share of focus aimed at the trade if you have fallen by the wayside straight ahead we dig into the new details of trade and what lies ahead right after the break and as we go to break here are those numbers of what. I. Call the alternative all. Because i say the stage show. Was called real choices i. E. The binary choice and only choices if you. Will both binary think. A chunk of the states to school to provide a new all picture of by the cold ted and start negotiations with. Israel then on invited to negotiate them by 2 to see whats being put on the table. To. Ask i wouldnt. Take i could. Not have a. Clue. How do you make it a secret if the. Well its the kook on standards in the uk now as you had done this. Morning with a. New and. Much of this in the center tonight. So we have the movie tried to use in to do. Remember the departed. One of them with your house on the moon. And welcome back the trumpet ministration will defer us tears 1st most favored nations for 3 months says the white house attempts to mitigate the Economic Impact of the krona virus pandemic according to multiple reports now the u. S. Had previously allowed exemptions for medical supply but these new exemptions will include some forms of apparel as well as light trucks according to the reports now the exemptions will not apply to the levy is put on 360 1000000000. 00 in chinese imports which were enacted due to the trade war and i want to bring somebody in here to give us some insight on the impact of these tariffs exemptions and that would be professor Richard Wolfe host of economic update and author of understanding socialism now professor wolf weve talked about sanctions relief in the past year on the show with you how big of a deal is it to remove all of these economic barriers including tariffs when were dealing with this pandemic. It is like so much of the policy were watching way too little and way to really cannot make a significant difference this year and our economic meltdown as do your previous guest made it very clear. What is. Gone now and so this is just a bigger action ted my suspicion and i think its a theres if its done to look like youre doing something funny it is more theatrical and that is. Our problem and now professor wolf what were also seeing as expected Manufacturing Activity basically grind to a halt throughout the world series of purchasing Managers Index is surveys on wednesday showed steep declines in germany and japan for the month of march now the u. S. Was also down as well which was to be expected that youve been on the show saying that were already in this recession is this manufacturing actually going to be able to come back after the the pandemic is supposedly over or is this a new normal were going to see until well into 2021. Very very hard heres what we can be sure this is the worst economic downturn. That riyad had probably said since the Great Depression and if you just eat it and. Im of it and. Yet. It. Is. So of our Credit System and you know we asked understood understood that was it still close. And then again in response to this. Crisis of 2009 the Federal Reserve pumped huge amounts unpressured their money in this and dropped interest not close to what he says in deterrent what did was to give the every business large medium and small an excuse to cover all the weakness just cover over a band it investment and. Limited. It. At. The compressor 2 well 4 or have just were having a little trouble with professor wolfs connection as has been the case as we try to everybody tries to adhere to social distancing so what were going to do is bring back in our friend tobin smith who is still joining us from scottsdale arizona. There were some questions i was going to ask professor wolf and we can have you feel them for us as well and i think this is a big one here you know were looking at unemployment here in the u. S. As we talk about this economic downturn and theyre saying they expect you know 3500000 unemployment claims next week theyre saying it could get as high as 5500000 claims in a week what are you seeing here. Well were going to see more than that you know just do the math we have 155000000. 00 people in the workforce about 70 percent of that is in the service right so thats nearly 100000000 blue called 90000000 right. Of those businesses about 40 percent of them are large but 60 percent are small and when we put the economy into a coma here and theyre shut down yeah theyre going to try to get cash to them but were just way too late french is absolutely right all the stuff were doing now is sort of like the house is on fire then we pour diesel fuel on the fire and now were starting to you know were sit there water guns and try to tamp it down so its cascading effect theres this concept in economics which is about cascading stops or a cascading stop means is that once you hit one thing it sets off another thing which sets off another thing and we cant just stop that unless literally there was there was you know 25000. 00 i mean my payroll if i could make my payroll i would be 25000 dollars jumped in tomorrow if i didnt have savings or