The recent trade war has been used to help bring jobs back to the US. Wilbur Ross says that the Coronavirus could assist in these efforts. While the Coronavirus is a horrible epidemic mainly occurring in China, it will make companies reconsider where they want to locate their operations. He also cited that in the past, the SARS outbreak and the African Swine Fever, which both occurred in China, help prove the risk associated with operating in China. These are all risks that companies will have to take on if they want to operate in China. While jobs are already returning to the US, Wilbur Ross believes that the Coronavirus will help accelerate this change.
I believe that Wilbur Ross makes a good point to mention the amount of risk involved with operating in China. Having this risk, in addition to the tariffs implemented by the Trump administration, will cause more companies to move there operations back to the US, and new companies will be more willing to keep there operations in the US. Do you think the Coronavirus could have a positive impact on the US economy in the future due to the points Wilbur Ross has made?
https://www.nytimes.com/2020/01/30/business/economy/wilbur-ross-coronavirus-jobs.html
2 comments:
I find the article pretty interesting! This could definitely bring a positive impact on the US economy as businesses will want security and the US will be able to provide that if the right economic policies are implemented>
I think that the Coronavirus will negatively impact the world economy. We can see this already happening with stock plummeting in travel related areas. As we saw with the recession of 2008, if an economic powerhouse like the US, or in this case China, suffers an extreme economic downturn, then it affects more then just them, but everyone they are attached to as well.
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