Republican officials fear the risk of a new strain of coronavirus (Covid-19) affecting the US economy, thereby threatening President Donald Trump’s chances of re-election.
Business Insider sources said many Republican officials were really concerned about the risk of the Covid-19 epidemic causing the US economy’s economic growth to decline. At that time, Mr. Trump’s greatest strength in the race to the White House in 2020 will be eliminated.
“It is clear that the fall in the stock market will affect the election results,” Business Insider quoted an unnamed White House official as saying.
He revealed that members of the Trump administration’s Covid-19 epidemic response team understand the political implications of a pneumonia outbreak from Wuhan (Hubei province, China).
“We use science to protect the American people. But of course people will assess the government on how to deal with challenges like the corona virus epidemic , ”the official admitted .
This week, the US stock market plunged as the Covid-19 epidemic spread to several countries such as Korea, Japan, Italy and even the United States. On February 24 and 25, the S&P 500 slumped to 7.6 percent, blowing more than $ 2,100 billion off the US stock market.
Before the outbreak of Covid-19, the US Congressional Budget Office forecasted that this year’s US GDP growth would reach 2%. Upon entering the White House, Mr. Trump pledged to bring the US economy to a 3% annual growth rate.
If the Covid-19 epidemic is complicated, it is likely that US GDP growth will decline further. “This is a concern. However, it is possible that voters will not blame the president when the economy plunges because of an epidemic originating in China,” said a senior Republican adviser. .