Hong Kong lawmakers warn that its status as an international financial center is in jeopardy after China announced dramatic plans to crush dissent by writing a new national security law into the city’s charter. Any attempt to impose authoritarian security laws now could reignite massive pro-democracy demonstrations that hammered the city’s economy last year and increased U.S.-China tensions. —Josh Petri

Bloomberg is mapping the pandemic globally and across America. For the latest news, sign up for our Covid-19 podcast and daily newsletter.

Here are today’s top stories

President Donald Trump is gambling on a sudden U.S. recovery with both lives and livelihoods as he fights to win another term in office this fall, writes Peter Coy in Bloomberg Businessweek. It’s a familiar concept in game theory: if you’re behind and the stakes are high, bold moves make sense even if there’s only a small chance they will pay off. If the gamble fails, he’s no worse off because he was probably going to lose the election anyway. For Americans, the cost may be grave.

Trump’s push to reopen could cost tens of thousands more American lives on top of the 94,000 who have perished on his watch. It may also cost him votes. Most of those Americans lost to the virus might be alive today had shutdowns and social distancing begun two weeks earlier.

Millions more Americans applied for unemployment benefits last week, indicating massive job losses are continuing two months after the pandemic started shuttering businesses. Initial jobless claims for regular state programs totaled 2.44 million in the week ended May 16. Treasury Secretary Steven Mnuchin on Thursday said Congress will likely need to pass more bailout legislation, though Republicans in the Senate oppose it.

The U.S. threw its weight behind one of the fastest-moving experimental solutions to the pandemic, pledging as much as $1.2 billion to AstraZeneca to help make the University of Oxford’s Covid vaccine.

A cluster of Covid-19 cases in China’s Rust Belt region has intensified worry over a second wave of infections. In the U.S., one-third of adults have delayed or avoided getting medical care during the outbreak, according to government estimates. A report from a London college estimates 4.1% of the U.S. population has been infected. There have now been over 5 million global cases of the virus, and 330,000 have died. Here's the latest.

U.S. retailers sparked a culture war last year when they asked workers to gently encourage gun-carrying customers to leave their firearms outside. The ill-defined policies put employees in a difficult, even dangerous position, thrusting them onto the front lines of a contentious national debate. Now it’s happening again. This time the issue is shoppers wearing masks inside grocery stores.

When the Fed needed Wall Street’s help with its pandemic rescue mission, it went straight to Larry Fink and BlackRock. Again.

What you’ll need to know tomorrow

• Trump plans to exit another arms control treaty with Russia.
• A growing number of companies allow employees to work remotely.
• New Yorkers fleeing the city hunt for million-dollar suburban homes.
• The U.S. may not be ready for a potential record hurricane season.
• Parents’ chores and childcare almost double during pandemic.
• Lori Loughlin and husband to plead guilty in admissions scam.
• The world's best restaurant reopens as a burger joint.

What you’ll want to read tonight in Businessweek

Big Beer Will Need Years to Recover From Virus

The prospect of once-bustling pubs reopening as ghost towns is a major problem for brewing giants such as Anheuser-Busch InBev, Carlsberg, and Heineken. While Americans prefer to drink at home—carryout sales account for about four-fifths of U.S. consumption—restaurants, bars and cafes represent about half of brewers’ revenue in much of Europe. And the woes are compounded by the shutdown of soccer and other sports, as well as the cancellation of big events such as Oktoberfest.

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