In the U.S.: The USTR released the list of proposed tariffs on ~$50B worth of Chinese imports. The imports targeted for 25% levies included industries like medicine, aviation, semiconductors, machinery, and chemicals. On Thursday evening, President Trump reignited trade war fears following reports that he was considering an additional $100B worth of tariffs. March nonfarm payrolls rose 103K which was well below February’s revised 326K reading. The prior two months were also revised lower by 50K and the unemployment rate held steady at 4.1%. REIT Focus: Shares of data center company Switch, Inc. (SWCH) dropped sharply on Tuesday after the company gave 2018 adjusted EBITDA and capital expenditure forecasts which disappointed investors. Shares regained most of the ground lost as analysts

In the U.S.: The US and China are negotiating on a list of trade issues in order to avert a trade war. Of note, the US requested to improve access to the Chinese financial markets, reduce tariffs on US automobiles, and increase purchases of US semiconductors. REIT Focus: Pebblebrook Hotel Trust (PEB) released a series of letters where they approached Lasalle Hotel Properties (LHO) and proposed a share-for-share merger. The contemplated transaction implied a merger price of $30/share for 100% of LHO’s outstanding shares, paid in PEB common stock using a fixed exchange ratio. LHO’s board viewed the proposal as insufficient and unanimously rejected the deal. In China: North Korean leader Kim Jong Un paid an unofficial visit to Beijing

In the U.S.: The Fed raised rates by a quarter point to 1.75%. Of note, the Fed downplayed inflation concerns and changed the language on current economic activity to “moderate” from solid. President Trump announced tariffs on Chinese imports of approximately $60B of goods. The news sent the markets broadly lower as investors feared a trade war. President Trump signed the House’s $1.3T spending bill that funds the government through September. Initially, President Trump warned that he would not sign it due to the national security figures being much lower than he had wanted and the fact that he did not have sufficient time to read it. REIT Focus: Some Mall REITs could get a foot traffic boost from the

In the U.S.: The Atlanta Fed lowered its Q1 GDP growth forecast to 1.9% from 2.5%. They noted that weak consumption figures was the main factor driving the lower forecast. The White House is considering trade measures against China in retaliation for intellectual property theft. While Politico said USTR Lighthizer presented Trump with a package of tariffs targeting $30B a year in Chinese imports, Reuters noted the White House is eyeing a $60B figure instead. REIT Focus: Hilton Grand Vacations (HGV) priced 22.25M shares at $46.25 (a 1.6% discount to the $47 close) on behalf of selling shareholder HNA.  Concurrent with the offering, the selling shareholder sold 2.5M shares to HGV at the purchase price of $44.75. In China: The

In the U.S.: February nonfarm payrolls increased 313K, which was well above the 200K consensus estimate. The unemployment remained unchanged at 4.1% and the participation rate increased 0.3pp to 63.0%. Gary Cohn quit as chief economic advisor to the Trump administration after losing the trade battle with Trump over tariffs. Cohn was known to value free-trade and tried to lobby the president away from protectionist trading policies. The White House announced that President Trump will meet North Korea’s Kim Jong-un by May. The move marked a major turnaround in North Korea’s stance as Kim Jong-un pledged to refrain from any further missile tests. REIT Focus: Macerich Company (MAC) & Hudson Pacific Properties, Inc. (HPP) announced a joint venture to redevelop