Economic boost expected while US coronavirus cases surpass 760,000

Economic boost expected while US coronavirus cases surpass 760,000
Source: RTHK

Reported novel coronavirus (SARS-CoV-2) cases in the United States now stand at 764,265 while the death toll has hit just above 40,565, as of April 20.

The US remains at the top of the worst-hit nations across the globe, representing more than a third of the world’s total confirmed coronavirus cases. As of now, New York State remains the epicenter of the outbreak, with 247,215 cases and 18,298 deaths.

Protests erupt

This comes during protests across the US as Americans band together to rally against the lockdown regulations which have left the domestic economy depressed, claiming the jobs of over 22 million Americans.

It also comes around the same time when intraparty political factions between state and federal governments have created more angst and confusion amid an unprecedented time and among an already deeply divided nation.

Economic boost

In an effort to bolster the economic hardships, on Sunday, US President Donald Trump stated that the government is close to coming to an agreement to financially assist small businesses, a deal that could be implemented as soon as Monday.

Democrats reportedly plan to inject more funding for small businesses to ensure that financial support is extended to all communities. Financial aid for state and local governments as well as hospitals and food for the poor are also sought after.

However, Republican Senate Majority Leader Mitch McConnell and Treasury Secretary Steven Mnuchin have both stated that additional funding would not be implemented. That being said, possible formal legislation to create a US$500 billion fund to help state and local governments respond to the crisis is reportedly in the works, with the chamber possibly meeting as early as Wednesday to come to an agreement.

In an attempt to relieve some of the economic hardship faced by businesses, the Trump Administration have also announced that it would allow importers to defer for three months any tariff tax payments owed to the government.

As of April 20, confirmed coronavirus cases have surpassed 2,400,000 worldwide, with 165,153 deaths and 629,390 recoveries.


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