National security: Administration officials recognize that China and other powers know the U.S. is distracted, and could use this as a window for adventurism or even aggression.

Hotspots around the world are on fire, including China’s escalation of territorial disputes in the South China Sea — as well as a border standoff between China and India the world’s two most populous countries.

Economic: After summer signs of life, the economy is struggling again, with tens of thousands of layoffs this week by Disney and airlines.

Now, with markets racked by uncertainty, businesses won’t be getting the signals they need to encourage reopening — let alone return to semi-normal.