Wilbur Ross Says Coronavirus Could Bring Jobs Back to the U.S.

The Chinese government has placed entire cities under lockdown to stop the spread of the coronavirus, and encouraged companies to let their workers stay home.

The moves are expected to result in a major dent in the Chinese economy — and are likely spill over to slow global growth. Jerome H. Powell, the Federal Reserve chair, said on Wednesday that “there is likely to be some disruption to activity in China and perhaps globally.”

The virus has already caused companies including Apple, Ford and Toyota to reroute supply chains and idle factories in China, while Ikea, Starbucks and other businesses have temporarily closed some Chinese stores. British Airways and Air Canada have suspended all flights to mainland China, while other major airlines have reduced the number of flights.

Mr. Ross, a wealthy investor, has been criticized for making controversial or seemingly out-of-touch statements in televised interviews before. In May 2018, he held up a can of Campbell’s soup while arguing that the administration’s metal tariffs would have a minimal effect on consumers. In early 2019, he suggested that workers who had been sent home without pay during the government shutdown should take out personal loans.

The Commerce Department, in an emailed statement, said Mr. Ross had made clear that the first step was to bring the virus under control and help victims of the disease. “It is also important to consider the ramifications of doing business with a country that has a long history of covering up real risks to its own people and the rest of the world,” the statement said.

Article source: https://www.nytimes.com/2020/01/30/business/economy/wilbur-ross-coronavirus-jobs.html?emc=rss&partner=rss