Business & Economy

On The Money: Markets soar on Pfizer vaccine news | EU imposes tariffs on $4B of US goods over Boeing | Business groups applaud Biden’s push for masks

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THE BIG DEAL—Markets soar, breaking records on Pfizer vaccine news: Stocks skyrocketed Monday morning, breaking intraday records on the news from Pfizer that late-stage clinical trial data for its COVID-19 vaccine candidate was over 90 percent effective.

The Hill’s Niv Elis has more here.

Optimistic rally: The news sets up a potential timeline and eventual end game for eradicating the global pandemic, which has caused one of the worst recessions on record. 

Differing presidential reactions: 

Read More: 5 things to know about the Pfizer vaccine news

LEADING THE DAY

EU imposes tariffs on $4B of US goods over Boeing: The European Union on Monday announced that it was putting in place tariffs on $4 billion of American products based on a trade dispute over aerospace company Boeing.

The World Trade Organization (WTO) last month sided with Europe in the years-long dispute, faulting the U.S. government for breaking trade law by providing tax breaks and subsidies to Boeing, and opening the door for Monday’s decision.

“Regrettably, due to lack of progress with the U.S., we had no other choice but to impose these countermeasures,” European Commission Vice President Valdis Dombrovskis said.

Dombrovskis called for the U.S. and EU to strike a deal that would remove the trade barriers.

“Removing these tariffs is a win-win for both sides, especially with the pandemic wreaking havoc on our economies,” he said. 

Business groups applaud Biden’s push for masks: Business groups are commending President-elect Joe Biden for calling on all Americans to wear masks, making the case Monday that the move is part of a shared civic duty.

Since he was declared the winner of last week’s vote, Biden has focused on putting together a task force to implement his COVID-19 plan. His message on masks stands in stark contrast to President Trump, who has talked down their importance.

That’s won Biden praise from business groups, even some who’ve traditionally found more allies on the other side of the aisle.

The Hill’s Alex Gangitano tells us why here.

GOOD TO KNOW