It looks like the United States just became a third wheel. Recent economic data from the E.U.’s statistical office shows that China is now the European Union’s biggest trading partner of goods, knocking the U.S. from its prime spot. While the European Union has been China’s biggest importer for some time, the relationship only became mutual during the pandemic, likely due to the increase in demand for Chinese medical products in the E.U. In turn, demand for European goods in China also grew.
With the coronavirus spreading throughout the US, the CARES Act is intended to stop people from finding employment in high transmission jobs, spreading COVID-19 further. How effective is this act? Wayne Chien takes us further with this article.
Despite recent metrics around the globe showing severe production declines as a result of coronavirus, Chinese GDP growth continues to be one of the fastest among developed and developing nations. That’s not a new story. While the rest of the world experienced recessions and layoffs, China blew through the 2008-2012 years, reaching an all-time productivity growth peak of 11 percent in 2011. By all official accounts, China is on track to surpass aggregate U.S. output and take the mantle of economic hegemony within the next several decades.