President Trump’s reaction to the COVID-19 outbreak in the United States doesn’t compare with the reactions of other world leaders. Italy’s government locked down the country when Italy became a hotspot for the spread of this strain of the coronavirus. British officials think Trump’s tepid response is all about his reelection campaign. The president wants his economy to appear strong despite the fact Gross Domestic Product growth in the states is on its way to the toilet.
Wall Street economists continue to mention the word recession, but most economists think GDP growth in the first quarter will still be on the plus side. According to government economists, the economy will grow by 1.5% at the end of March, but other economists claim 1% is the true growth number. China’s economic growth will take a bigger hit in March. The new GDP growth projection in China is 2.0%. That’s a 4% decline in China’s 2019 growth.
Chinese economists think the economy will bounce back in the second quarter. But Wall Street thinks it will take China’s manufacturing sector longer to recover. The Bank of England decided to cut interest rates to the bone. Bank members cut rates by 50 basis points. Interest rates were 0.75% before the cut. But some members of Parliament think the rate cut is a waste. Those lawmakers want the government to step in and help people who can’t work during the COVID-19 pandemic.
Huawei and UK lawmakers are still at odds over Boris Johnson’s decision to allow the Chinese company to build part of the country’s 5G cellular network. Some members of Johnson’s Tory Party want to throw Huawei to the tech curb, but Johnson won that battle after the party voted.
British lawmakers still think Trump’s claim Huawei spies for the Chinese government makes sense, but Trump has no proof. Huawei plans to build a 5G factory in France to service Europe and the UK despite Trump’s threats. The UK stands to lose U.S. intelligence and military assets unless Johnson throws Huawei out with the stale fish and chips, according to the New York Times.
But Jonson canceled his White House trip after Trump slammed the phone down during a recent conversation about Johnson’s decision to use Huawei’s 5G expertise. Johnson isn’t the only Brit under fire. Prince Andrew decided he won’t help the FBI investigate the Jeffrey Epstein debacle. The prince is neck-deep in that debacle, but Andrew claims he’s innocent, according to the British press.