The coronavirus may have a new name, but the damage done by the virus continues to have an impact on the global economy. Apple let investors know its factory in China can’t reach full-production capacity because workers continue to stay home. The Chinese government claims the COVID-19 virus slowed down, but the number of cases keeps growing, and the fatalities keep Chinese factories and businesses closed.
Federal Reserve Board Chairman Jerome Powell thinks the U.S. economy will dodge the coronavirus bullets. But China is the manufacturing capital of the world, and that capital shut down in January, and manufacturing is still not functioning at full capacity. China’s economy will take the biggest hit from the virus, but the U.S. and Europe’s economic growth will suffer too, according to Wall Street economists.
The fight to stop Huawei from dominating the global 5G market continues to create tension between China and Mr. Trump. The Chinese tried to sue the U.S. government for blacklisting Huawei, but a federal judge ruled in the government’s favor. Even though Mr. Trump continues to apply pressure to American allies in Europe, European officials may still use Huawei’s 5G services.
The U.K. signed a contract with Huawei. France and Germany may go with Huawei’s 5G platform when all the smoke clears from the internal battles.
John Bolton told a Vanderbilt University audience his testimony at the impeachment trial would not matter because his Republican Party decided to acquit Trump long before the trial started. Bolton has information that confirms accusations the president tried to use his office to change the direction of Biden’s campaign. But Bolton didn’t want to lose the support of the Republicans he did favors for while he was a member of Trump’s cabinet, according to the New York Times.
The Democrats continue to shake their heads over the eleven pardons the president granted. Most of the pardons didn’t make sense to Democrats, but several news reports claim the pardons are part of Trump’s plan to show the Democrats he is the top law enforcement official in the country.
Boris Johnson ripped a page out the Trump governing handbook when he said he would change immigration laws once Brexit was a done deal. Johnson wants to pick the immigrants he will allow in the country. Immigrants will have to speak English as well as have some sort of work skill that makes them valuable assets to the U.K.’s economy.