Donald Trump pushes for economic reopening

Agencies
May 4, 2020

Washington, May 4: Anxious for an economic recovery, President Donald Trump fielded Americans' questions about decisions by some states to allow nonessential businesses to reopen while other states are on virtual lockdown due to the coronavirus.

After more than a month of being cooped up at the White House, Trump returned from a weekend at the Camp David presidential retreat in Maryland and participated in a “virtual” town hall, hosted Sunday night by Fox News Channel, from inside the Lincoln Memorial.

He pushed for an economic reopening, one his advisers believe will be essential for his reelection chances this November.

“We have to get it back open safely but as quickly as possible," Trump said.

The president acknowledged fear on both sides of the issue, some Americans worried about getting sick while others are concerned about losing jobs.

Though the administration's handling of the pandemic, particularly its ability to conduct widespread testing, has come under fierce scrutiny, the president defended the response and said the nation was ready to begin reopening.

“I'll tell you one thing. We did the right thing and I really believe we saved a million and a half lives,” the president said.

But he also broke with the assessment of his senior adviser and son-in-law, Jared Kushner, saying it was “too soon to say" if the federal government was overseeing a “success story."

Trump's impatience also flashed. While noting that states would go at their own pace in returning to normal, with ones harder hit by the coronavirus going slower, he said that “some states frankly I think aren't going fast enough" and singled out Virginia, which has a Democratic governor and legislature.

And he urged the nation's schools and universities to return to classes this fall.

But many public health experts believe that cannot be done safely until a vaccine is developed.

Trump declared Sunday that he believed one could be available by year's end although his own pandemic task force has predicated it could be another 18 months.

Federal guidelines that encouraged people to stay at home and practice social distancing expired late last week.

Debate continued over moves by governors to start reopening state economies that tanked after shopping malls, salons and other nonessential businesses were ordered closed in attempt to slow a virus that has killed more than 66,000 Americans, according to a tally of reported deaths by Johns Hopkins University.

The U.S. economy has suffered, shrinking at a 4.8 per cent annual rate from January through March, the government estimated last week. It was the sharpest quarterly drop since the 2008 financial crisis.

Roughly 30.3 million people have filed for unemployment aid in the six weeks since the outbreak forced employers to shut down and slash their workforces. It was the worst string of layoffs on record.

Larry Kudlow, Trump's top economic adviser, on Sunday predicted a “spectacular 2021” — with “the right set of policies” — on top of a rebound from July through December of this year.

He said on CNN's "State of the Union" that the administration would "pause” to review the effectiveness of trillions in economic relief spending before making any decision on whether additional aid is needed.

House Speaker Nancy Pelosi, D-Calif., said Thursday that state and local governments are seeking up to USD 1 trillion for coronavirus costs, The Senate planned to reopen Monday, despite the Washington area's continued status as a virus hot spot and with the region still under stay-at-home orders.

The House remains shuttered. The pandemic is forcing big changes at the tradition-bound Supreme Court: The justices will hear arguments, beginning Monday, by telephone for the first time since Alexander Graham Bell patented his invention in 1876.

Congressional Republicans are resisting calls by Democrats for emergency spending for states and local governments whose revenue streams all but dried up in recent weeks.

The GOP is counting on the country's reopening and the rebound promised by Trump as their best hope to forestall another big round of virus aid.

The leaders of California and Michigan are among governors under public pressure over lockdowns still in effect while states such as Florida, Georgia and Ohio are reopening.

Michigan Governor Gretchen Whitmer, a Democrat, said Sunday that the armed protesters who demonstrated inside her state's Capitol “depicted some of the worst racism” and “awful parts” of US history by showing up with Confederate flags, nooses and swastikas.

Trump had tweeted “LIBERATE” and named Michigan and other states in mid-April. In a new tweet Friday, he urged Whitmer to “make a deal” with the protesters. “These are very good people, but they are angry.

They want their lives back again, safely!” Trump said.

Despite the opposition of Michigan's Republican-controlled Legislature, Whitmer has extended a state of emergency declaration and directed most businesses statewide to remain closed.

Some people participating in other public protests across the US have not kept their distance from one another and have rallied without masks, not heeding public health recommendations.

Deborah Birx, coordinator of the White House coronavirus task force, called that behavior “devastatingly worrisome.”

She said people will feel guilty for the rest of their lives if they end up infected and unwittingly spread the virus to vulnerable family members.

“We need to protect each other at the same time we're voice our discontent,” she told CNN's “State of the Union.”

An overwhelming majority of Americans support stay-at-home orders and other efforts to slow the virus' spread, according to a recent survey from The Associated Press-NORC Center for Public Affairs Research.

Asked about states that are reopening before they meet benchmarks laid out in federal guidelines she helped write, Birx said the guidelines “are a pretty firm policy of what we think is important from a public health standpoint.”

She added that she and others have made it clear that people must continue practising social distancing, “scrupulous” hand washing and other measures to protect themselves and others.

Fox News Channel said it asked viewers to submit questions about reopening the country on the network's Twitter, Facebook and Instagram accounts for a chance to appear on the rare broadcast from the Lincoln Memorial. Trump spoke from the memorial's steps last July Fourth.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
February 29,2020

New Delhi, Feb 29: India’s economy expanded at its slowest pace in more than six years in the last three months of 2019, with analysts predicting further deceleration as the global Covid 19 coronavirus outbreak stifles growth in Asia’s third-largest economy.

The gross domestic product (GDP) data released yesterday showed government spending, private investment and exports slowing down, while there is a slight upturn in consumer spending and improvement in rural demand lent support.

The quarterly figure of 4.7% growth matched the consensus in a Reuters poll of analysts but was below a revised - and greatly increased - 5.1% rate for the previous quarter.

The central bank has warned that downside risks to global growth have increased as a result of the coronavirus epidemic, the full effects of which are still unfolding.

Prime minister Narendra Modi’s government has taken several steps to bolster economic growth, including a privatisation push and increased state spending, after cutting corporate tax rates last September.

In its annual budget presented this month, the government estimated that annual economic growth in the financial year to March 31 would be 5%, its lowest for last 11 years.

Modi’s government is targeting a slight recovery in growth to 6% for 2020/21, still far below the level needed to generate jobs for millions of young Indians entering the labour market each month.

The annual GDP figure for the September quarter was ramped up from an earlier estimate of 4.5%, while the April-June reading was similarly lifted to 5.6% from 5%, data released by the Ministry of Statistics showed on Friday.

Capital Investment Drop

In the December quarter, private investment grew 5.9%, up from 5.6% in the previous quarter, while government spending rose by 11.8%, against 13.2% in the previous three months.

However, corporate capital investment contracted by 5.2% after a 4.1% decline in the previous quarter, indicating that interest rate cuts by the central bank have failed to encourage new investment. Manufacturing, meanwhile, contracted by 0.2%.

“It appears growth slowdown is not just cyclical but more entrenched with consumption secularly joining the slowdown bandwagon even as the investment story continues to languish,” said Madhavi Arora of Edelweiss Securities in Mumbai.

Many economists said that the government stimulus could take four to six quarters of time before lifting the economy and the impact of those efforts could be outweighed by the global fallout from the coronavirus epidemic that began in China.

“The coronavirus remains the critical risk as India depends on China for both demand and supply of inputs,” said Abheek Barua, chief economist at HDFC Bank.

Indian shares sank on Friday for a sixth session running, capping their worst week in more than a decade. The NSE Nifty 50 index shed 7.3% over the week, while the Sensex dropped 6.8%, the worst weekly declines since the 2008-09 financial crisis.

Separately, India’s infrastructure output rose 2.2% year on year in January, data showed on Friday.

A spike in inflation to a more than 5-1/2 year high of 7.59% in January is expected to make the RBI hold off from further cuts to interest rates for now, while keeping its monetary stance accommodative.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
June 3,2020

Washington, Jun 3: US President Donald Trump's administration on Tuesday announced investigations into foreign digital services taxes it says are aimed squarely at American tech firms.

Following a similar trade investigation against France last year, the US Trade Representative office now is looking into taxes in Britain and the European Union, as well as Indonesia, Turkey and India.

"President Trump is concerned that many of our trading partners are adopting tax schemes designed to unfairly target our companies," USTR Robert Lighthizer said in a statement.

"We are prepared to take all appropriate action to defend our businesses and workers against any such discrimination."

Washington opposes the efforts to tax revenues from online sales and advertising, saying they single out US tech giants like Google, Apple, Facebook, Amazon and Netflix.

The US and France have agreed to negotiate till the end of the year over a digital services tax Paris approved in 2019, after USTR found them to be discriminating and threatened retaliatory duties of up to 100 percent on French imports such as champagne and camembert cheese.

Trump has embroiled the US in numerous trade disputes since taking office in 2017, including a months-long trade war with China that cooled with the signing of a partial deal in January.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
March 18,2020

Washington, Mar 18: Hundreds of distressed Indian students, stuck in the Philippines, are seeking help through video messages as they are unable to fly back home due to the travel restrictions imposed by India to contain the spread of the deadly novel coronavirus, according to friends and relatives of some of these students in the US.

The Indian government on Tuesday banned the entry of passengers from Afghanistan, Philippines and Malaysia to India with immediate effect amid stepped up efforts against the spread of COVID-19.

In a video message by one of these students Akhil Bala Nair, around 200 Indian students had booked their flight tickets for India in the next few days. But all of them have been cancelled due to the new policy.

Most of the students, she said, had booked their flights for March 17 and rest were schedule to travel to India on March 19 and 20. But the flights were cancelled and scores of Indian students are now stuck at the airport in Manila, Nair said in the video message sent to Prem Bhandari, head of the Jaipur Foot USA.

“It is need of the hour that the Indian government send a plane to bring these Indian students back home,” Bhandari, who in the past has worked for the cause of the Indian diaspora, and who was approached by these students told PTI.

According to these students, some 100 of them have been at the airport since Tuesday.

They all have confirmed tickets but the airport authorities are not allowing them to check in because of the new travel regulations.

While the airport authorities have asked them to go back to their respective place of residence, the students said they were unable to travel because of the absence of local taxi or shared ride services.

The students said that they are running out of time as the Philippines government has given them 72 hours time to exit the country, which started from March 16, after which the country will go into lockdown.

“This means we would not be able to travel anywhere outside Philippines after March 20,” Nair said in her message.

The students said that there are many of them who have applied for renewal of their visas and are unable to travel to India.

There are nearly 1,000 Indian students presently in Manila who are willing to travel back home, they said.

Meanwhile, the Indian Embassy in Manila, in a tweet, said that they, along with the Ministry of External Affairs, are trying to work out a solution.

“It is requested to all to kindly have patience,” the embassy said.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.