Trump's administration has announced the planning of development measures to get the US economy back on track. The White House announced that the implementation of which would depend upon rapid testing conducted nationwide for the coronavirus. US President Donald Trump also manifested his expectation on a swifter economic recovery of the country.
The White House has announced that it would begin rapid testing for coronavirus in smaller cities, towns, and states that were not heavily hit by the pandemic. According to Fortune, the announcement labeled cities like Detroit, New Orleans, and New York along with other places as 'hot spots'. These jurisdictions would remain shuttered.
The development plan was revealed to be in its early stages. Encouraging economic manifestations were seen in New York after the implementation of aggressive but economically costly social-distancing measures. Hence, US President Donald Trump and his economic advisers have been talking about guiding Americans in resuming their roles in the labor sector.
Last Tuesday, Trump told Sean Hannity of Fox News that the government is looking to impose a concept of opening some sections in the country to promote rampant business activity. According to the director of the National Economic Council Larry Kudlow, the reopening might be implemented within four to eight weeks.
Kudlow said that the US government tailors its policies in consideration of health experts' recommendations. He also announced that once the government implements the reopening of the economy, the plan would be successful.
Last Monday, the S&P 500 improved by seven percent indicating promising investor optimism that the US and other countries may revert their economies to normal and achieve slowing death tolls caused by the pandemic. The index, however, fell slightly last Tuesday.
In other news, the Washington Post reported that Trump and two of his closest advisers predicted that the US economy would improve later this year despite China's sluggish recovery from the pandemic. The report claimed, however, that the US officials' perceptions might be misplaced.
Most factories and businesses in China have reopened, but fears of a fresh wave of infections still haunt China. The fear was linked to the Chinese government's allowance of international travel and the lifting of the flight restrictions to and from Wuhan where the pandemic began.
According to the senior adviser at McLarty Associates and a former US diplomat in Beijing James Green, a V-shaped recovery may be more difficult to envision for the US given the circumstances.
