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US is going to have strong rebound from virus depression, says White House official

The US is going to have a strong rebound from the depths of the China virus depression, but the country needs to work its way through for years with structural headwinds, a top White House official on trade and manufacturing said.

PTI PTI
Washington Updated on: June 29, 2020 9:32 IST
US is going to have strong rebound from virus depression, says White House official
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US is going to have strong rebound from virus depression, says White House official

The US is going to have a strong rebound from the depths of the China virus depression, but the country needs to work its way through for years with structural headwinds, a top White House official on trade and manufacturing said. The US is under a deep economic recession as a result of coronavirus pandemic that killed more than 120,000 Americans and infected over 2.5 million people, the highest in the world.

The lockdown along with social distancing measure brought the economy to a standstill.

The country is now gradually opening up and have given jobs; to a small section of the millions of Americans who lost their jobs during this pandemic.

US President Donald Trump’s administration has accused China of cover-ups and lack of transparency regarding the pandemic, that originated from the central Chinese city of Wuhan.

“We are going to have a strong rebound from the depths of the China virus depression. But it's also true that we are going to face many years of working our way through these structural adjustments that are going to happen in our urban areas, as well as in key sectors like hospitality, entertainment, sports, and education,” Peter Navarro, Assistant to the US President for Trade and Manufacturing told Fox News in an interview.

With a little over 120 days left for the November 3 presidential elections, Trump is trailing by nearly 10 points against his Democratic rival Joe Biden.

Responding to questions, Navarro said that it is essential to re-elect Trump in November.

“It's so essential to have a man in the White House here who knows how to rebuild an economy,” he said.

“It's very clear. We're going to finish what this president started. And let me just run down the list. This is the jobs president, the greatest jobs president in history. This is all about jobs. What that means is, all those jobs and supply chains that Joe Biden offshored during his 40 years of failure, we're going to continue to bring them home,” he said.

“Second thing, endless wars. All the endless wars that Joe Biden, Barack Obama, George Bush and others helped start, this president is going to put an end to the endless wars,” he added.

The US is going to have a merit-based system of immigration that's going to protect American workers from the depressive effects of cheap foreign labour, Navarro said.

“So, that's where we're at. Now, the big thing here is going to be the SpaceX economy, the SpaceX fourth industrial revolution, that we're going to need to work our way through these structural headwinds, as the China virus has had its way with just killing certain sectors, like hospitality and transportation, now even our education system at risk,” said the top White House official.

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