2020 Black Swan, China Virus Impact May Help US Job Market

2020 Black Swan, China Virus Impact May Help US Job Market

Thursday, US Commerce Secretary Wilbur Ross said he does not want to take a “victory lap” concerning the deadly coronavirus outbreak, but he speculated that the disease will help “accelerate” the return of jobs to the United States.

The fact is, it does give businesses yet another thing to consider when they go through their review of their supply chains,” Secretary Ross said in a TV interview. “It is another risk factor that people need to take into account. I think it will help to accelerate the return of jobs to North America, some to the US, probably some to Mexico as well.”

Secretary Ross said that coronavirus is a “very unfortunate, very malignant disease, and he thinks that every American’s heart has to go out to the victims.”

Companies will have to have an alternative once they shut down things in China is what he said.

You have already heard Apple talking about figuring out how to replace some of the Chinese production,” said Secretary Ross. “You had others also doing the same thing. And so I think there’s a confluence of factors.

A Commerce Department spokesperson said that Secretary Ross made it clear that the “1st step is to bring the virus under control and help the victims of this disease.”

Secretary Ross also discussed the new United States-Canada-Mexico trade agreement (USMCA) saying the chances of a recession in Y 2020 are virtually impossible

Stay tuned…

The following two tabs change content below.
HEFFX has become one of Asia’s leading financial services companies with interests in Publishing, Private Equity, Capital Markets, Mining, Retail, Transport and Agriculture that span every continent of the world. Our clearing partners have unprecedented experience in Equities, Options, Forex and Commodities brokering, banking, physical metals dealing, floor brokering and trading.