US President points to China for economic crisis

▴ US President points to China for economic crisis
The health crisis has led to a sudden surge of unemployment. American workers have already filed more than 25 million initial jobless claims since March 14. The economy lost more than 700,000 jobs in March, lifting the unemployment rate from a 50-year low of 3.5%.

American President Donald Trump came down heavily on China for failing to tame the coronavirus at its very origin, saying it has led to 184 countries "going through hell", as several American lawmakers demanded steps to reduce dependence on Beijing for manufacturing and minerals.

Trump has been freely censuring China for the worldwide spread of the "imperceptible foe" and propelled an examination against it. 

Pioneers of the US, the UK and Germany accept that the passings and the annihilation of the worldwide economy could have been saved, had China shared the data about the infection in its initial stages.

The infection, which started in China's Wuhan city in mid-November, has resulted in loss of life, in excess of two lakh individuals and infected more than 3,000,000 universally. The biggest number of them are in the US: almost 59,000 deaths and more than one million contaminations.

Meanwhile the White House is warning Americans to brace for a period of Great Depression-level unemployment this summer.Kevin Hassett, a senior economic adviser to President Donald Trump, warned Tuesday that the jobless rate in the United States could spike to between 16% and 20% by June.


That would be a startling spike from current levels of 4.4% and would mark the highest unemployment since the 1930s. (Unemployment spiked at 25% in 1933, according to estimates from the US Bureau of Labor Statistics.)

The economic numbers between May and July "will be as bad as anything we've ever seen," Hassett told CNN's Poppy Harlow.

From March onwards , the coronavirus pandemic crushed wide areas of the American economy. Restaurants, movie theaters, theme parks and sports arenas have shut down completely. And it remains unclear if consumers will return to those crowded places even if social distancing restrictions are relaxed.


Source CNN

Tags : #PresidentTrump #GreatDepression #USEconomy #KevinHasset #China #Wuhan

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