Coronavirus Benefits US Economy- Commerce Sec.

The US Secretary of Commerce Wilbur Ross believes that the outbreak of the coronavirus in China may positively affect the US economy.

Ross told Fox News that the spread of the virus could help return investments and accelerate the return of jobs and manufacturing to the United States.

He added that the virus may prompt firms to bring investments back to the US, which could be positive for the economy and help accelerate the return of jobs to North America.

Meantime, the rapid spread of the deadly virus killed 213 people, infected thousands of people in China, and caused worldwide panic.

"I do not want to talk about a victory because of an unfortunate matter and a serious disease, but the fact is that Corona gives companies an additional command to study it in relation to their supply chains," The US secretary continued.

Ross made the remarks weeks after US President Donald Trump signed the first phase of the trade deal with China, which eased tensions between the two biggest economies.

Also, earlier this week, a top trade adviser to the US President, Peter Navarro, rejected the idea of ​​canceling customs duties on Chinese imports.

Moreover, Trump said yesterday that the problem of the virus is very small for the United States, and that the US government has been working closely with China to contain the outbreak of the corona.

However, Simon Baptist from the Economist Intelligence Unit in Singapore said that the secretary's comments are 'weird'.

"Companies are not going to make serious and long-term investment decisions on the basis of an outbreak of a disease that might last three to six months," he said.

"In fact, the US is going to be a net loser because despite everything, China is still a big market for the US, so if the Chinese economy slows significantly that's going to have a blow back effect on the US as well," Baptist concluded.