Many people are suffering from the Coronavirus, and there is a lot of concern about whether it will spread around the world. In a somewhat cold but very accurate statement, the epidemic may be used to push for at the very least a divestment of US investment into China and a diversification to other nations, including potentially a return of jobs to the US.
Commerce Secretary Wilbur Ross said Thursday on Fox Business’ “Mornings with Maria” that the spread of coronavirus in China will “help to accelerate the return of jobs to North America.”
Why it matters: The virus has killed 170 people in China and infected more than 7,700 people. Worries about the virus rattled U.S. markets this week as the Federal Reserve and other financial entities debated if they should weigh in on its potential impact.
WILBUR ROSS: “Well, first of all, every American’s heart has to go out to the victims of the coronavirus. So I don’t want to talk about a victory lap over a very unfortunate, very malignant disease. But the fact is, it does give businesses yet another thing to consider when they go through their review of their supply chain. And top of all the other things, because you had SARS, you have the African swine virus there, now you have this. It’s another risk factor that people need to take into account. So I think it will help to accelerate the return of jobs to North America, some to U.S., probably some to Mexico as well.” (source)