The word “pandemic” popped up in the World Health Organization’s office. The COVID-19 virus is a beast of a bug, and it spreads even when people don’t show symptoms. New cases in the United States, Canada, Lebanon, and South Korea prove the damage and death’s the virus continues to cause could last through March.
The Chinese claim the virus lost some of its lethal punch, but the Chinese don’t like to release the actual number of cases because their first-quarter economic growth is in the toilet. Gross Domestic Product growth in China could drop by 2.8%, according to several economists.
But it’s not just China that suffers from the Gross Domestic Product growth blues. The U.S. economy will take a hit, but the Feds didn’t wager a guess on the growth drop. Wall Street economists think between the Boeing 737 Max disaster, and the COVID-19 virus, GDP growth will drop below 2.1%. Mr. Mnuchin gave Congress a budget based on 3.0% growth, but most economists say there’s no chance the economy will grow by that much in 2020. Economists say 1.8% growth is more like it.
The battle for 5G dominance is in overdrive now that the president realizes his Huawei spying claim didn’t work on the UK or other countries. Huawei has the lead in the 5G global race, and the president wants to find a European partner to help stop Huawei’s 5G expansion program. But European leaders think the president’s request for help is more about Trump taking credit for winning the 5G race than teaming up as partners, according to the New York Times.
The president’s Huawei ban will put an end to one connected Internet and techies say that’s a bad thing. Huawei will offer its 5G infrastructure, and Ericsson, Nokia, and other tech companies will offer another infrastructure. According to tech officials, Huawei’s infrastructure is currently head and shoulders above the competition.
The COVID-19 virus also put a stop to the farm product buy detailed in phase one of the trade agreement. Chinese exporters didn’t work, and workers stayed home from factories and other businesses when the virus hit the country. China notified the Commerce Department it won’t be able to honor its $40 Billion trade commitment this year.
U.S. officials claim China’s in for a $14 billion farm buy this year. Mr. Trump told the farmers who didn’t go bankrupt last year, he’ll give them more money this year to cover the difference.