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Trump 'Not Interested' in Reopening U.S.-China Trade Deal After Report of Beijing Discontent

REUTERS

President Donald Trump said on Monday he opposed renegotiating the U.S.-China “Phase 1” trade deal after a Chinese state-run newspaper reported some government advisers in Beijing were urging fresh talks and possibly invalidating the agreement. Trump, who himself has considered abandoning the pact signed in January, told a White House press briefing he wanted to see if Beijing lived up to the deal to massively increase purchases of U.S. goods. READ MORE

45% of Apparel Buyers Working with Suppliers to Cut Costs

SUPPLY CHAIN DIVE

Most apparel sourcing organizations are taking a mixed approach to the demand shock dealt by the coronavirus pandemic, reducing order frequency and size and in some cases canceling orders of finished goods, according to a McKinsey report released last week. In a survey of 116 apparel sourcing executives administered by the consultancy, 49% of respondents said they had canceled less than 25% of upcoming orders and 22% said they had canceled none. READ MORE

Getting Back to Business Post COVID-19

RETAIL CUSTOMER EXPERIENCE

In this week's HP-sponsored podcast on how COVID-19 is impacting the retail segment, Retail Customer Experience contributing podcast host Bradley Cooper shares how retailers are slowly gearing up to get back to business and expert insight on why customer loyalty is now more important than ever. READ MORE

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Refunds or Credits? Travelers and Businesses Face Off

THE NEW YORK TIMES

Travel screeched to a halt because of the coronavirus pandemic, and millions of would-be travelers are demanding refunds for canceled trips and now-unreachable destinations. But even while pressured by that sentiment, some independent businesses, from tour operators to hotel owners, are offering credits. Credits, they feel, are a fair way to roll forward trip prepayments and deposits, which under normal circumstances might be nonrefundable. And rebooking guests for the future means cash flow now, the only way to survive the period of dormancy. READ MORE

How Coronavirus Could Burst the Social Media Influencer Industry

THE HILL

Imagine becoming rich without showing up at an office or answering to a boss. You have no commute except for occasional paid flights to some of the most exotic locations on the planet for photos in the sun. Think about staying home and receiving shipments of designer clothes and jewelry to promote online. It may sound like a dream to you, but for a huge number of young adults who make money as influencers, this is their own reality. But this $8 billion social media influencer industry is probably a bubble, and the coronavirus may finally burst it. READ MORE

Two-Week Quarantine: Summer Vacations with Strings Attached

CNN

As restrictions around the world begin to ease and as economies slowly reopen, hotels, restaurants and tourist attractions prepare once again to welcome international travelers. However, it's definitely not business as usual. Australia and New Zealand were among the first nations to introduce self-isolation measures for people (both nationals and foreign visitors) entering their countries. READ MORE

Consumers Lead Industry Transformation

THE ROBIN REPORT

People are coping with their “new normal,” and their purchase behavior reflects this. When comparing March 2020 to March 2019, there has been a 397% increase in soup, 377% on packaged foods and 190% on toilet paper sales. In contrast, travel, resort wear, and event supplies have seen double-digit declines ranging from 30% to 77%. Shoppers are demonstrating that their new priorities have shifted given the uncertain climate and even brand names are less critical when making a purchase. READ MORE

DOT Again Warns Airlines Over Ticket Refunds After ‘Unprecedented’ Surge in Complaints During Pandemic

CNBC

The Department of Transportation said Tuesday that it has received thousands more complaints over airline refunds than usual during the coronavirus pandemic and issued another warning to carriers who skirt their obligations to customers. “The Department has received an unprecedented volume of complaints from passengers and is examining this issue closely to ensure that airlines’ policies and practices conform to DOT’s refund rules,” Transportation Secretary Elaine Chao said in a news release. READ MORE

COVID-19: How Leaders Can Create a New and Better Normal

WORLD ECONOMIC FORUM

Throughout the COVID-19 pandemic, organizations around the globe have demonstrated remarkable agility, changing business models literally overnight: setting up remote-work arrangements; offshoring entire business processes to less-affected geographies; initiating multi-company cooperation to redeploy furloughed employees across sectors. In each situation, the urgency for results prevailed over traditional bureaucratic responses. READ MORE

10% of Retail Demand Might Be Lost Forever

CNBC

The coronavirus pandemic is sure to leave many lasting effects on the retail industry, including bankruptcies, store closures and layoffs. It could also mean a healthy fraction of consumer demand for clothes and shoes is lost forever, according to one analyst. Five percent to 10% of pre-COVID-19 demand could be decimated permanently, as “lost store volume can’t entirely be made up online,” Wells Fargo retail analyst Ike Boruchow said in a note to clients yesterday. READ MORE

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