If a proposed legislation by US Republican senators sails through, President Donald Trump will have power to move against China.
On Tuesday, the senators initiated the ‘COVID-19 Accountability Act’.
The legislation gives the president powers to impose sanctions against Beijing in case China fails to give ‘a full accounting’ of its role in the COVID-19 outbreak.
Senator Jim Inhofe, one of the movers of the act said that ‘the Chinese Communist Party must be held accountable for the detrimental role they played in this pandemic.’
The legislation will give the president 2 months to confirm that China has offered a full accounting of the pandemic.
Additional terms include the release of Hong Kong activists detained during post-coronavirus crackdowns and closure of high risk wet markets.
According to another sponsor of the bill, Senator Lindsey Graham, China refused to allow the international community to investigate Wuhan therefore they’ll never cooperate with a serious investigation unless forced to do so.
What’s your take on this?
Over 147,000 Americans Could Lose Their Lives by Early August
A new model on coronavirus mortality chillingly predicts that over 147,000 Americans could die from the virus by the beginning of August.
As an indication of the gravity of the situation, these deaths have been revised from the last projection of 10,000 deaths.
This forecast was released by the University of Washington’s Institute for Health Metrics and Evaluation (IHME).
According to the institute, this forecast reflects ‘key drivers of viral transmission like changes in testing and mobility, as well as easing of distancing policies.’
According to the report, this revised figure is as a result of the increasingly easing of restrictions.
This revised projection lends strength to warnings from experts that lifting the lockdown prematurely could lead to more outbreaks.
Do you believe that it is time to reopen the economy or it is still too early to ease the restrictions?
New American Financial Habits are a New Threat to US Economic Recovery
The uncertainty that surrounds the coronavirus pandemic has led Americans to change their financial habits.
Americans have reduced their spending, shrunk their credit card debt, and are hoarding cash.
The rate of savings among Americans rose to 13.1% in March from 8% in February.
Interestingly, this was the highest savings rate in 39 years (since November 1981 when Ronald Reagan was president).
In April, the rate of unemployment climbed to 14.7%, the worst unemployment crisis since the Great Depression.
This shift in consumer behavior is understandable due to the pandemic. However, experts believe that these habits pose a risk to economic recovery in a country dominated by consumer spending.
Considering the trend the economy has been taking, do you think that the savings rate is bound to rise even higher after the statistics for April are released?
Boeing Fail To Sell Even A single Plane in April
In April 2018, Boeing sold 76 new aircraft. In April 2020, the company didn’t sell even a single airplane!
According to information on the firm’s website, orders for 108 aircraft were cancelled over the previous month.
In the whole of 2020, the company has had 300 orders for new aircraft cancelled.
Additionally, contracts for 101 extra planes were downgraded and reclassified, an indication that Boeing doesn’t consider them to be reliable orders.
During a Tuesday interview, Boeing CEO David Calhoun stated that the airline sector is witnessing ‘an apocalyptic moment.’
Calhoun also predicted that more than one large US carrier will go under this year.
April being the second month in 2020 that Boeing failed to make a single sale, do you think the company will survive, especially if COVID-19 continues and airlines continue to make losses?
Faulty Russian-Made Ventilators Might Have Ignited and Caused Hospital Fire
The use of locally manufactured ventilators has been suspended after it was discovered they might have caused two hospital fires in Russia.
Six people have died in the last week and hundreds were evacuated after two hospitals in St Petersburg and Moscow caught fire.
Consequently, Russia’s federal service for surveillance in healthcare has suspended the use of the Aventa-M ventilators, pending a safety review.
Both hospitals are reported to have been using the ventilators manufactured by a factory run by the state in the Urals region of Russia.
With hundreds of coronavirus patients depending on the ventilators, do you think the Russian authorities will be able to replace the ventilators in time?